| April 28
April 28 Fortress Investment Group LLC,
the U.S. alternative asset manager to be acquired by Japan's
SoftBank Group for $3.3 billion, is exploring divesting
bond fund manager Logan Circle Partners, according to people
familiar with the matter.
While Logan Circle accounts for close to half of Fortress'
$69.6 billion in assets under management, it generated a tiny
fraction of its $362 million in pre-tax distributable earnings
in 2016, making it a non-core asset in the eyes of SoftBank.
Fortress is working with Bank of America Corp on an
auction for Logan Circle, but the process is still in early
stages, the sources said this week.
Logan Circle may be valued at around $250 million in a sale,
the sources added, asking not to be identified because the sale
process is confidential.
Fortress and Bank of America declined to comment.
Founded by Chief Executive Jude Driscoll in 2007 as a joint
venture between management and Guggenheim Partners LLC, Logan
Circle was bought by Fortress in 2010 for an initial $21
Asset manager Fortress' investments span real estate, hedge
funds and private equity. The all-cash sale to SoftBank,
expected to close in the second half of 2017, is the Japanese
group's first major investment in an asset manager after
previously focusing on telecoms and technology firms.
(Reporting by Mike Stone in Washington and David French in New
York; Editing by Dan Grebler)