Thursday, 18 September 2014
Last updated 7 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.