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.

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