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City Financial Investment to take over Fortress Investment's Convex Asia strategy

inked a deal to turn over control of its Convex Asia strategy to London-basedCity Financial Investment Co.Ltd., Bloomberg News reported April 28, citing a FortressInvestment Group letter to investors.

Inthe second quarter, City Financial Investment will assume control of theFortress Convex Asia Fund and its management team in Singapore, according tothe report. Terms of the deal were not disclosed in the letter.

Thenews outlet reported that Fortress Investment is turning its attention toevent-driven strategies after poor performance from most of its hedge-fundstrategies. Divesting control of the Convex Asia strategy is part of theFortress liquid market business' strategic repositioning, which also involvesclosing the Fortress Macro Fund and focusing on the event-driven FortressCentaurus Global Fund.

ConvexAsia managed $184 million of February and had booked losses every year sincestarting in 2012, although the fund had gained in the year to-date, Bloombergadded.