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Fortress CEO: The black box is dead
Famously secretive hedge funds may have to stop being so secretive if they are to continue attracting all that money from their wealthy clients.
Chief executive of Fortress Investment Group, the $41.7 billion hedge fund and private equity group, said investors are demanding a lot more transparency these days.
“The era of the black box has passed,” Fortress chief executive Daniel Mudd said at the Barclays Capital Global Financial Services Conference in New York on Tuesday.
“Those investors I’ve talked to have made it pretty abundantly clear that there’s no such thing as too much insight,” Mudd added.
Fortress, of course, is one of the only publicly traded hedge fund firms, and is already providing more disclosure to its investors than many of its peers, Mudd noted.