Fortress Loss Drops As Assets Rise

Feb 25 2010 | 1:33pm ET

Fortress Investment Group cut its fourth-quarter loss by more than a third as assets under management rose and hedge fund performance improved.

The New York-based alternative investments giant suffered a $261 million net loss last quarter, down from $426 million in the year-earlier period.  Distributable earnings were $60 million, up from $7 million in the fourth quarter of 2008.

The firm’s assets under management climbed to $31.8 billion, up 7.8% from $29.5 billion at the end of 2008. Fortress raised $616 million from investors on the quarter—nearly half of the $1.4 billion it raised all of last year—with two-thirds of that going to its liquid hedge funds.

Incentive fee income rose $57 million on the quarter. In the fourth quarter of 2008, it lost $107 million.


In Depth

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note