Hedge Funds

Paul to head Drawbridge fixed-income for Fortress

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Thomas Paul, the former head of fixed-income for North America at Deutsche Bank, will head up the effort for a new fund at Fortress Investment Group.

Paul, who joined at the end of last year, will run a relative value, fixed-income fund which is said to have already launched.

Drawbridge RV Plus will combine both systematic and discretionary trading techniques throughout a wide range of fixed-income-related strategies.

Paul will also be contributing to Drawbridge Global Macro, the firm's flagship fund, which is managed by Fortress partner Michael Novogratz. It invests in the global fixed-income, currency, equity and commodity