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Mutual Fund News

Shares of first U.S.-listed fund soar in public debut

Reuters, DJ

The first U.S.-listed hedge fund soared 68 per cent yesterday to $31 (U.S.) in a debut that is seen as likely to encourage others to list. Fortress Investment Group LLC's shares opened at $35 after pricing at $18.50 the day before, in the best debut for a U.S. initial public offering since commodities exchange Nymex Holdings Inc. more than doubled on its first day of trading last November. Fortress has ballooned from its inception in 1998, growing assets to $29.7-billion at the end of September, 2006, from $1.2-billion at the end of 2001.

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