Fortress Investment Group, the US hedge fund to private equity firm, has hired equity manager Ben Cheng from Toronto-based CI Mutual Funds as a managing director.

Cheng was best known at CI for his management of high income equity portfolios, as part of a team and sole manager of a C$3bn (€1.9bn) fund. His responsibilities will be taken over by other members of the team, including chief investment officer Eric Bushell.