Wally Weitz, the mutual-fund manager who beat 90 percent of rivals in the past five years by buying stocks he deemed cheap, says bargains are so scarce these days that he’s letting his cash holdings swell.
Newcastle Investment Corp., the mortgage-asset buyer run by Fortress Investment Group LLC, is “very optimistic” it will participate in a big investment in mortgage-servicing rights with other entities its manager oversees, Chairman Wesley Edens said.
Fortress Investment Group LLC plans to create a newspaper and website company, New Media, through the bankruptcy of its GateHouse Media Inc. and the recently purchased assets of Newcastle Investment Corp.
Private-equity managers from Fortress Investment Group LLC to Blackstone Group LP, which made billions by buying low and selling high, say now is the time to exit investments as stocks rally and interest rates start to rise.
Fortress Investment Group LLC plans to seek $1 billion for a global infrastructure fund, building on similar investments made by its private-equity pools, two people with knowledge of the situation said.
Daniel Mudd will take a leave of absence as chief executive officer of Fortress Investment Group LLC after he was sued by the U.S. Securities and Exchange Commission over his role as former CEO of Fannie Mae.