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.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...