Fortress opens in Singapore and appoints Asia president(2)

Thomas Chan-Soo Kang has joined the firm. He will be based in Singapore, the site chosen for the New York-headquartered alternative investment firm’s third Asian office.

New York-based Fortress Investment Group has appointed Thomas Chan-Soo Kang as president of its Asia operation, Fortress Asia.

Based in Singapore, where the firm recently opened its third Asian office, Kang will be responsible for business development, capital formation, strategy and management/ administration in the Asia region, the firm said in a statement. Kang will also become a member of Fortress’ management committee.

“Tom’s role underscores our deep commitment to the region and will support the continued strategic expansion of our Asia business,” Daniel Mudd, Fortress CEO, said in the statement.

Kang most recently served as CEO of Korean investment firm Kang & Company. Prior to founding the firm, he was chairman and CEO of Seoul Securities. According to the statement, Kang had expanded Seoul Securities from a retail-focused brokerage firm into a full-service investment management company with the capabilities of investment banking and money management. Prior to Seoul Securities, Kang was a managing director at financial advisory services provider BT Wolfensohn, where he focuses on M&As of financial services companies.

Founded in 1998, Fortress manages approximately $44 billion in assets as of 30 September last year across four business lines – private equity, credit, liquid markets and traditional asset management. The firm has two other Asian offices in Tokyo and Sydney.

In June 2010, Fortress closed its first yen-denominated real estate fund at its cap of $800 million to invest in distressed debt opportunities in the country.