isn a big event in our view because Mudd is not a key man

Fortress Investment says CEO Mudd takes leave of absence

Last week the Securities and Exchange Commission charged Mudd and other top executives at Fannie Mae and Freddie Mac with understating the lenders exposure to risky subprime mortgages.have canada goose factory sale requested Canada Goose Parka a Canada Goose Online leave of absence from my position as canadian goose jacket chief executive officer to ensure that any time or Canada Goose sale attention I need to focus on matters cheap Canada Goose outside of Fortress will not uk canada goose outlet affect the business or operations of the company, Mudd said in a statement.Mudd, who had been forced out at Fannie Mae, said last week that he Canada Goose Coats On Sale would fight the SEC charges, and Fortress said the matter was not having an impact on Fortress operations.But its share price, under pressure all year, sank even lower this week as investors worried about his future and outside canada goose coats analysts speculated that Mudd presence might become a further liability for the company.In mid morning trading on Wednesday the shares were 1.2 percent lower at $3.30, leaving them down 41 percent for the canada goose clearance year. coque samsung galaxy s8 Rival Och Ziff, another one of the small buy canada goose jacket cheap number of publicly traded hedge funds, has lost more than 47 percent this year.bigger issue facing the firm right now read more here canada goose outlet , more so than a departure of Dan Mudd, is the canada goose performance issues in the private equity business and the liquid hedge funds, said Campbell Anthony, an analyst at Macquarie. coque iphone 7 isn a big event in our view because Mudd is not a key man. coque telephone samsung j3 We would be much Canada Goose Outlet more concerned if something were to happen to portfolio managers like Wes Edens or Michael Novogratz or Peter Briger.doubt Mudd leaving will cause any kind of redemptions at an LP level, Anthony added.Mudd, who came to New York based Fortress in 2009 with a mandate to develop canada goose black friday sale the company global growth strategy after co founder Wes Edens had run the company since its public stock listing in 2007, said it was his choice to step Canada Goose online back. He did not say how long he would be gone and the company turned to another co founder, Nardone, a trained lawyer, to run it.are grateful to Dan for his service and leadership over the past two and a half years and support his decision to take a leave of absence at this point in time, said Nardone in an company statement. look forward to Dans canada goose uk outlet return in the hope that matters are resolved favorably and expeditiously.While the move is meant to improve the outlook for Fortress, which oversees some $46 billion in assets, it may raise more questions than it answers, industry experts said.this leave, people will ask the board what was their rationale cheap canada goose uk in bringing Dan Mudd on, said Charles Elson, director Canada Goose Jackets of the University of Delaware Center for Corporate Governance, the board will have to explain its thinking, he added.Given the troubles at Fannie Mae, Elson and others said it was a relevant concern uk canada goose for the hedge fund company board to look closely at the cloud hanging over Mudd.someone has a problem at one place doesn mean they will have one at the next place. etui samsung a8 2018 buy canada goose jacket But it does put canada goose uk shop you on notice to be careful in bringing that person on board, Elson said. is something to be concerned canada goose store about.When Mudd came in he was supposed to free up Edens and the other founders to concentrate more on running the company hedge fund portfolios, which had been hurt during the global financial crisis.Now the original team will have to have to take the reins back, several industry analysts said.founders have a major investment in the firm and they want to protect it, so they need to step back in and it would not be reassuring for investors canada goose uk black friday if they did not. coque iphone That would be expected in any money management firm in canada goose clearance sale a leadership crisis.