Fortress Appoints Leadership Team for New Client and Product Solutions Group
Fortress Investment Group has announced key leadership appointments within its newly formed Client and Product Solutions Group (CPSG), marking a significant shift in the firm’s organizational structure as it prepares to replace its Capital Formation Group (CFG) in January 2025. The changes, which aim to enhance client services and expand product offerings, will position Fortress for continued growth and diversification in a rapidly evolving global market.
Scott Werthamer and Seth Ruthen have been named Global Co-Heads of CPSG. Scott, a 17-year veteran of Fortress and the former Deputy Head of CFG, will lead the group alongside Seth, who will join Fortress on January 6, 2025. The two will oversee the firm’s global fundraising strategy and manage its suite of client-facing operations. Both leaders will report directly to Fortress’s Managing Partners.
Additionally, Peter Hausmann and Maggie Rosengarten, both seasoned professionals with extensive experience in managing client relationships, have been appointed Co-Heads of Institutional Sales within CPSG. Together, Peter and Maggie bring over 30 years of combined experience to their new roles, having held senior positions at Fortress that focused on strategic client relationships.
A New Chapter for Fortress
In a joint statement, Drew McKnight, Josh Pack, and Jack Neumark, Co-CEOs and Managing Partners of Fortress, emphasized the importance of the new leadership structure and CPSG’s role in the firm’s long-term strategy. “Refreshing our Client and Product Solutions Group is a crucial step in refining and expanding Fortress’s offerings as we continue to meet the diverse needs of our growing global client base,” they said. “We aim to strategically expand our product range, deepen our geographic footprint, and further grow our Private Wealth Solutions and Insurance Solutions businesses. The appointments of Scott and Seth to co-head CPSG will allow us to develop more diversified capital structures and products, which in turn will enable us to target broader investment opportunities and deliver strong risk-adjusted returns to our investors.”
Scott and Seth will focus on distinct aspects of the firm’s client and product strategy. Seth will drive sales and product management efforts, with an emphasis on institutional and private wealth solutions while expanding Fortress’s global presence. Scott, on the other hand, will focus on investor relations, ensuring continued growth through strong relationships with existing and new investors across Fortress’s diverse product offerings.
Leadership Experience and Industry Expertise
Scott Werthamer, who has been with Fortress since 2008, has played a significant role in the firm’s success, particularly in managing key client relationships as Deputy Head of the Capital Formation Group. His extensive experience in fundraising and client management will be critical as CPSG works to further strengthen Fortress’s position in the global market.
Seth Ruthen, who will join Fortress in January, brings over 25 years of experience in the asset management industry. Before joining Fortress, Seth was a Partner at Apollo Global Management, where he was part of the firm’s Client and Product Solutions Group. He also served as an Executive Vice President at PIMCO, further adding to his deep knowledge of institutional and private wealth markets. Seth’s experience in developing and managing product solutions at leading firms will complement Fortress’s ongoing efforts to diversify its product portfolio and attract a broader range of investors.
Leadership Transition and Growth Strategy
Todd Ladda, Fortress’s Global Head of Capital Solutions for the past 18 years, will leave the firm in December 2024. Fortress’s Managing Partners expressed their gratitude for Todd’s contributions, particularly his leadership in shaping the firm’s capital solutions strategy. “We are grateful to Todd for his achievements during his tenure, especially his dedication to our mission and our people,” they said. “We wish him continued success in his future endeavors.”
Under the leadership of the new CPSG team, Fortress is set to build on its recent fundraising success. In 2024, the firm expects to raise over $11 billion in investable capital, marking its most successful year in fundraising to date. This milestone highlights the growing demand for Fortress’s investment products and its ability to attract diverse institutional investors.
As part of its strategy for 2025 and beyond, Fortress plans to continue expanding its investor base by introducing new products that complement its core strategies. One of the standout successes of 2024 has been the Fortress Private Wealth Solutions business, which raised over $1 billion since its creation in December 2022. This initiative aims to offer customized solutions to high-net-worth individuals and families, and it will play an integral role in Fortress’s long-term growth.
