Monday, 27 April 2015
Last updated 8 hours ago
May 6 2010 | 1:50pm ET
Fortress Investment Group said its distributable earnings soared tenfold in the first quarter as the alternative investment giant saw big jumps in assets under management and revenue.
All told, New York-based Fortress actually posted a larger quarterly net loss of $84.3 million, compared to $67.2 million in the year-ago period. But excluding share-based and other compensation, the firm’s pre-tax distributable earnings soared from just $9 million to $96 million.
Fortress said its revenue rose 31% from the first quarter of 2009 to $160.2 million. Its assets under management rose 15% to $30.2 million—and the firm has added another $11.4 billion in assets through its acquisition of Logan Circle Partners on April 16.
Redemptions also dropped to a relative trickle at the firm, although there remain $1.5 billion in withdrawal requests outstanding. Fortress paid out on $271 million in redemptions on the quarter, down from $2.49 billion a year earlier.
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…