Logan Circle Partners, a subsidiary of Fortress Investment Goup, said Monday that it has hired a Goldman Sachs Asset Management lead investment officer to head a new growth equities team.

David Shell, now CIO at Logan Circle, will take “on investing and managing concentrated portfolios of publicly traded U.S. equities for institutional clients,” the April 1 announcement said.

While at the Goldman Sachs money management business, Shell was a co-CIO of the New York-based firm’s growth equities investment team. He was responsible for over $20 billion in client assets, the press release said.

At press time, inquiries placed to Goldman Sachs seeking comment on Shell’s departure were not immediately returned.

From Tampa, Fla. offices, Shell will lead an effort to “build out the growth equities investment business” of the firm which has about $21 billion in assets under management in various fixed-income strategies. His appointment is effective immediately.

“David is an outstanding addition to our team, with 25 years of industry experience, a strong track record of investment performance, and a proven ability to build a robust institutional equity business,” Logan Circle CEO Jude Driscoll said, in the Monday announcement.

He added that firm was “excited to expand [its] product offerings and bring [its] limited partners a best-in-class institutional equity offering.”

Presently, parent company Fortress has more than $53.4 billion in assets under management with over 1,400 institutional clients and private investors. Its investment strategies include private equity, credit, liquid, hedge funds and traditional products.

“This is a significant milestone in our efforts to expand and diversify a strong and highly scalable Logan Circle business into a broader traditional asset management platform,” said Fortress Principal and interim CEO Randal Nardone. “…Active management of public equities is a natural extension of our skills and reflects our commitment to offer a wider range of traditional and alternative investment options to our institutional clients.”

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