Hedge Funds

High-yield specialist Cheng joins Fortress


In a move aimed at strengthening its fixed-income and high-yield portfolio team, New York-based Fortress Investment Management has hired Ben Cheng. The incoming Fortress managing director most recently worked as a portfolio manager for CI Mutual Funds.

Insiders say Cheng's exit came as something of a surprise to the Canadian mutual fund giant. Only a couple of weeks ago, CI announced it had raised some $200 million for a structured product linked to two of its funds including the CI Signature High Income Fund - co-managed by Cheng, whose specialty is in high yield securities - and North