Adam Levinson, chief investment officer of Fortress Investment Group Inc. (FIG:US)’s Asia Macro funds, is in talks with the $58 billion alternative-asset manager about starting his own hedge-fund firm, according to one person familiar with the matter.
No decision has been made and a possible spinoff may not take place until early 2015, said the person, who asked not to be identified because the information is private. Fortress would probably own a portion of the firm and provide back-office support and research, according to the person.
Gordon Runte, a spokesman for New York-based Fortress, declined to comment on the discussions, as did Levinson.
The move would mark the first time Fortress, the first publicly traded private-equity and hedge-fund manager in the U.S., is seeding a spinoff, said another person familiar with the matter. Levinson, 43, chief executive officer of Fortress’s Singapore unit, manages $1.8 billion in the Fortress Asia Macro Fund, which rose 13 percent this year through Oct. 25, one of the people said. The fund gained 21 percent in 2012, while the HFRI Macro Index was almost unchanged.
Macro hedge funds seek to profit from macroeconomic trends by trading currencies, stocks, bonds and commodities.
Levinson started the Asia-focused macro hedge fund in March 2011 after moving to Singapore, where he works with about 20 others, from New York. He started at the firm in June 2002 as co-CIO of the Fortress Macro Funds, which Michael Novogratz, principal at Fortress, founded and co-runs. That $3.4 billion flagship hedge-fund strategy rose 10 percent this year through Oct. 25, according to one of the people, and 18 percent in 2012.
Levinson was previously a fund manager at Paul Tudor Jones’s hedge-fund firm Tudor Investment Corp. and a proprietary trader at Goldman Sachs Group Inc., spending nine years in the bank’s Hong Kong, Tokyo and London offices managing portfolios focused on Group-of-10 and emerging-market risk.
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