Monday, 27 April 2015
Last updated 39 min ago
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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…