December 9, 2024 – Fortress Investment Group today announced key leadership appointments for the firm’s newly created Client and Product Solutions Group (“CPSG”), which will replace the firm’s prior Capital Formation Group (“CFG”) in January 2025.
Scott Werthamer, a 17-year Fortress veteran and formerly Deputy Head of CFG, and Seth Ruthen, who joins Fortress on January 6, 2025, will co-head CPSG, reporting to the firm’s Managing Partners. Leading the Client and Product Solutions Group globally, Scott and Seth will oversee Fortress’s fundraising strategy, relationship management and sales, Private Wealth Solutions business, product specialists, client service, and client marketing teams.
Fortress veterans Peter Hausmann and Maggie Rosengarten, who have held senior positions focused on key client relationships for a combined 30 years, have been appointed Co-Heads of Institutional Sales within CPSG.
In a joint statement, Drew McKnight, Co-CEO and Managing Partner, Josh Pack, Co-CEO and Managing Partner, and Jack Neumark, Managing Partner, said, “Refreshing our Client and Product Solutions Group is an important part of our strategy to continually refine and expand Fortress’s offerings as we anticipate and meet the needs of a diverse and growing global client base. From our position today as an industry leader in providing capital solutions to our clients, we plan to strategically expand the breadth of our products in the coming years while increasing our geographic diversification and continuing to grow our Private Wealth Solutions and Insurance Solutions businesses. As Co-Heads of our Client and Product Solutions Group, Scott and Seth will work with their teams to create products and structures that allow us to diversify significantly the cost, duration and type of capital we raise – which in turn will allow us to target an even broader set of investment opportunities as we seek to deliver strong risk-adjusted returns to our investors. We are also very pleased to announce the appointments of Peter and Maggie to lead our institutional sales efforts, as we continue to answer robust demand for Fortress products and solutions across a large and growing institutional client base.”
Within the Client and Product Solutions Group, Seth will focus on sales and product management efforts across our institutional and Private Wealth Solutions teams, expanding our global reach. Scott will focus on our investor relations strategy, driving growth with our investors and engaging with them across Fortress’s diverse product offerings.
Scott has been with Fortress since 2008, most recently as Deputy Head of the Capital Formation Group. He has contributed significantly to our strong results, managing key client relationships during that time. Seth will join Fortress with more than 25 years of experience in the asset management industry, most recently serving as a Partner in Apollo Global Management’s Client and Product Solutions Group. Before Apollo, Seth served as an Executive Vice President with PIMCO.
Todd Ladda, Fortress’s Global Head of Capital Solutions for the past 18 years, is leaving Fortress in December 2024. In a joint statement, the Fortress Managing Partners added, “We are grateful to Todd for his achievements during his tenure, especially his dedication to our mission and our people. We wish him much success in his new endeavors.”
During 2024, Fortress expects to raise over $11 billion of investable capital – the organization’s most successful year of fundraising ever – while significantly diversifying its investor base through the selective addition of products that leverage and complement the core strategies that have driven the firm’s success for more than two decades. This includes more than $1 billion raised through Fortress Private Wealth Solutions, a business created in December 2022. More new products and strategies will be added in the coming year.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $49 billion of assets under management as of September 30, 2024, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. For more information, please visit www.fortress.com.
Contacts:
Gordon E. Runté, grunte@fortress.com, C: +1 917.981.1246
Mark Lane, mlane@fortress.com, C: +1 917.842.4228