Fortress Investment Names Former Fannie Chief as CEO

Asset-based investment management company Fortress Investment Group (FIG: 4.11 -2.38%), which manages private equity and hedge funds, appointed the former head of mortgage giant Fannie Mae (FNM: 1.02 -0.97%), Daniel Mudd, as CEO.

Mudd also served as CEO of GE Capital in Japan and held positions in financial services and management consulting at the World Bank, Ayers Whitmore and Co. and Xerox Corp.

“We have known Dan since 1997 when he was at GE, and have had worked closely with him as a valued member of our board,” said Wesley Edens, the new co-chairman of the Fortress board of directors, in a corporate release. “Dan is a seasoned investment professional with deep operational and leadership skills and we are excited to have him join our firm.”

Fortress partnered Edens and Peter Briger as co-chairmen of the board as part of their upper management restructuring. Fortress principals will continue to head their investment businesses and serve on the board, but the new management will allow them to focus on managing investment opportunities, according to the release.

“I have known the principals for a long time, have worked with them as a partner and a board member, and I have great respect for what they have done to build Fortress thus far,” Mudd said in the release. “I look forward to helping the team manage and grow this institution.”

Write to Jon Prior.