Fortress goes public in historic transaction

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Fortress Investment Group this week became the first U.S. hedge fund and private equity manager to offer shares in its management company to the public.

In a deal that was widely anticipated, Fortress sold 8.6% of its shares to the public at $18.50 per share, the high end of its expected price range of $16.50 to $18.50. The offering was oversubscribed by 25 times. Shares opened on the New York Stock Exchange this morning at $35 under the symbol FIG. By mid morning, in thin aftermarket trading, the stock rose to more than $37 before giving up some