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Fortress eyeing acquisitions: report

    (Reuters) - Fortress Investment Group , among the largest private equity and hedge fund firms, is looking to go on an acquisition drive, the Financial Times said, citing a memo passed to Fortress staff.

    Chief executive Daniel Mudd, who joined Fortress from Fannie Mae earlier in July, will head the acquisition plan, which includes buying banks, insurers, traditional money management groups, as well as other hedge funds, the newspaper said.

    Founder Wes Edens notified the staff of Fortress' intentions to pounce on smaller rivals by buying other hedge funds and the assets of funds that are being wound down, the Financial Times reported.

    Fortress is also expected to join a group of investors who will extend a $3 billion rescue package toward lender CIT Group Inc , the paper said, citing sources familiar with the matter.

    Fortress did not immediately respond to a Reuters email seeking comments.

    (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Muralikumar Anantharaman)

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