Fortress IPO: flying Fortress

Buying Fortress was a no-brainer. The first alternative asset manager to list in the US offered a small float at a reasonable price. That was a sure recipe for a quick run-up. Fund managers would have been daft not to ask for an allocation. But its 90% initial rise has created New York’s first hedge fund bubble. Sure, Fortress Investment Group is a good bet within the alternative asset class. It has built its asset base rapidly, and its business is somewhat diversified since it runs both privat...