Fortress Investment co-CEO Josh Pack dead at 51 – Business News(*51*)
Josh Pack, the co-chief government officer of Fortress Investment Group, has died at 51, the company mentioned Tuesday.
The New York-based different asset supervisor, which oversees $53 billion, confirmed Pack’s death in a assertion however didn’t present a trigger.
“We are devastated by this loss,” Fortress mentioned.
Josh Pack, the co-chief government officer of Fortress Investment Group, has died at 51, the company mentioned Tuesday. Fortress Investment Group
“Josh was a gifted investor, a thoughtful strategist, a compassionate leader — and a deeply cherished friend to many.”
“Everyone at Fortress is grieving the loss of one of our most exceptional leaders,” the firm mentioned.
“Most importantly, Josh was a devoted husband and father. We extend our heartfelt condolences to his family and ask that their privacy be respected during this tragic time. We are doing all we can to support the Pack family.”
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No particulars on funeral preparations have been launched.
Pack’s sudden death comes simply months after he introduced plans to relocate from Dallas to London to spearhead Fortress’s European enlargement.
In May, he instructed Bloomberg News that the transfer was half of an aggressive push to rent senior executives, increase personal credit operations and lure institutional buyers throughout Europe and the Middle East.
Pack’s sudden death comes simply months after he introduced plans to relocate from Dallas to London to spearhead Fortress’s European enlargement. Fortress Investment Group
Fortress was based in 1998 and has long been recognized for its bets in company credit, real estate, personal equity and asset-based finance.
Under Pack’s management, the firm strengthened these methods and ramped up growth “probably faster than we had initially planned,” he instructed Bloomberg earlier this yr.
The enlargement was additionally aimed at hedging in opposition to uncertainty within the US market, the place President Donald Trump’s commerce insurance policies and a weakening greenback have been weighing on investor sentiment.
At the time, Pack described Fortress as “very focused on the Middle East” and eyeing Asia, notably personal wealth purchasers. He mentioned European buyers made up much less than 10% of property below management, in contrast with more than 50% from the US.
Fortress mentioned co-CEO Drew McKnight will proceed in his position alongside Jack Neumark, who’s being elevated to share management.
The New York-based different asset supervisor, which oversees $53 billion, confirmed Pack’s death in a assertion however didn’t present a trigger. Fortress
Executive Chairman Pete Briger may also tackle higher day-to-day involvement.
Pack joined Fortress 23 years in the past from Wells Fargo, beginning in its credit funds unit earlier than overseeing a extensive portfolio of investments.
He performed a central position in Fortress’s transition from a public company in 2007, to its take-private by SoftBank Group Corp. a decade later, and to final yr’s stake sale to Abu Dhabi’s Mubadala Investment Co.
He attended the US Air Force Academy earlier than graduating from California State University, San Marcos, with a degree in economics.
