(Bloomberg) Fortress Investment Group LLC is exiting its Convex Asia strategy, the latest to divest control of a business amid the hedge-fund industry’s biggest shakeout since the 2009 financial crisis.
City Financial Investment Company Ltd., based in London, has agreed to take over the Fortress Convex Asia Fund and its management team in Singapore in the second quarter, according to a Fortress letter to investors obtained by Bloomberg News that didn’t disclose the terms of the deal. The move is part of a reorganization at Fortress, which includes a bigger focus on event-driven strategies, the letter said.
