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New York (HedgeCo.Net) – Fortress Investment Group, who oversees more than $18 billion in assets, is starting a new hedge fund that will invest in markets throughout the Middle East and North Africa. 

The new fund, Fortress MENA, is set to launch near the end of September and seeks returns of 20 percent annually, according to insider documents obtained by Bloomberg.  Headed by Philippe Peres, who has run the company’s Drawbridge Global Macro funds for the past five years, the fund will use a “significant” amount of its employee’s personal capital to launch.  The documents did not state how much money the fund aimed to raise up front.

Fortress MENA will deal with equities, fixed-income securities and currencies throughout regions seeking to reduce their oil dependencies.  This includes countries such as Lebanon, Qatar, Pakistan and Turkey. 

This will be the fifth hedge fund in the company’s portfolio.  Fortress went public in February, but has seen shares decrease 36 percent this year compared to the 13 percent decline of the Standard & Poor’s 500 Index.  Shares are trading almost 50 percent below their initial offering of $18.50.

Julie Scuderi
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Zawya – The Lionhart Group, an alternative investment management group that specialises in global multistrategy arbitrage, aims to attract $2 billion (Dh7.4bn) of investment from the Gulf in the next few years through its new branch at the Dubai International Financial Centre.

The regional office has two main roles. The first is to pull in cash from the Middle East and North Africa (Mena) for its investment and hedge funds, and the second is to expand the group’s investments in regional markets.

"We have had relations with GCC investors for a long time," Jim Quinn, Chief Operating Officer of Lionhart Middle East, told Emirates Business. "Around 10 per cent of our assets under management are from the region and these relations started 10 years ago.

"We are planning to build on these relations to attract around $2bn of GCC investments into our funds during the next two to three years. "We are opportunistic and the Mena region is witnessing major economic developments. We have two flagship investment funds with total assets under management of $500m.

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