Fortress makes senior FX hires from Citi and Deutsche

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Fortress Investment Group hired two foreign-exchange specialists including Citigroup's Jeffrey Feig, taking advantage of turmoil at global currency dealers to bolster its hedge funds.

Bloomberg News reports that Feig, 47, will be co-president of Fortress’s Liquid Markets business and co-chief investment officer of the Fortress Macro Fund, the company said today in a statement. Fortress also hired former Deutsche Bank currency trader Christopher Fahy for the liquid-markets business, which oversees $7.7bn including the firm’s macro funds, said Gordon Runte, a Fortress spokesman.

Feig’s 'expertise in global markets is an ideal fit for the macro fund and his experience with investors will be invaluable', Stu Bohart, co-president of Fortress’s liquid-markets unit, said in the statement.

Foreign-exchange traders are leaving global banks as cost-cutting, automation and more scrutiny from regulators roils their industry. Authorities on three continents are investigating whether people working at currency dealers tried to rig the $5.3tril-a-day foreign-exchange market. Citigroup and Deutsche Bank, the two largest, have dismissed or suspended several traders.

Feig’s hiring seeks to broaden the investment management talent at Fortress’s macro funds, according to the statement. 

To access the complete Bloomberg News article hit the link below:

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