Wednesday, 24 December 2014
Last updated 11 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.