NEW YORK--(BUSINESS WIRE)--Fortress Investment Group LLC (“Fortress”) today announced the appointment of Timothy J. Sloan, former Chief Executive Officer of Wells Fargo & Company, as a Senior Advisor to the firm. Mr. Sloan will provide advice and counsel to the senior leadership team of the firm and will be active on its investment committees. Mr. Sloan is based in the firm’s Los Angeles office.
“Tim is one of the most talented executives in financial services and we are excited that he has joined our team,” said Pete Briger, Fortress Principal, co-CEO and head of the Credit Funds business. “Our funds and our investors will benefit from Tim’s deep experience, his intellectual rigor and proven commercial instincts, and the breadth of his industry relationships around the globe.”
“I’ve had a close relationship with Fortress for over two decades and have the utmost respect for its leadership team, its investment discipline and performance, and the experience and resources it can apply on behalf of its investors,” said Mr. Sloan. “The Fortress team has built a business founded on investment discipline and an uncompromising focus on risk management. I am excited to join a business so well-positioned for today’s complex and fast-evolving investment markets, in which hazard and opportunity are so closely intertwined.”
Mr. Sloan began his career at Wells Fargo & Company in 1987. He held leadership roles in the company’s credit and real estate operations, and headed groups including Commercial Banking, Commercial Real Estate and Specialized Financial Services. Mr. Sloan was appointed Chief Administrative Officer in 2010, Chief Financial Officer in 2011, head of Wholesale Banking in 2014, and President and Chief Operating Officer in 2015. In 2016, Mr. Sloan was appointed CEO, President and member of the company’s Board of Directors. He retired from Wells Fargo in 2019 after 31 years of service.
Mr. Sloan is a member of the Board of Trustees of the California Institute of Technology, serving as Chair of the Board’s Investment Committee. He is a member of the Advisory Board of the University of Michigan’s Ross School of Business, from which he received an MBA in 1984. Mr. Sloan also serves on the Board of Governors of the Huntington Library, Art Museum and Botanical Gardens, and on the Capital Campaign Committee of the Union Rescue Mission in Los Angeles.
Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $41.5 billion of assets under management as of September 30, 2019. Founded in 1998, Fortress manages assets on behalf of over 1,750 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.