Wednesday, 1 April 2015
Last updated 2 hours ago
Nov 5 2010 | 11:43am ET
Fortress Investment Group’s private equity business was quiet in the third quarter, but the firm rode strong growth in its hedge funds to a 37% jump in profit.
New York-based Fortress said that pre-tax distributable earnings totaled $78 million during the quarter, up from $57 million in the same period last year. Almost all of that can be attributed to the performance fees earned by its hedge and credit funds, which were $75 million.
Fortress’ $1.8 billion jump in assets under management was also attributed almost entirely to its hedge fund business: The firm raised $1.2 billion last quarter, but all of the $551 million that found its way into Fortress’ assets under management went to credit and hedge funds.
Private equity funds, by contrast, grew by less than 1% to $11.6 billion. All told, the firm manages $44 billion.
“Our hedge funds produced significant incentive income,” CEO Daniel Mudd said. “Our credit business remains in a sweet spot.”
Including charges and compensation excluded from its pre-tax figures, Fortress’ quarterly loss actually increased to $95 million from $59 million last year.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…