Coal For Christmas: No Fortress Dividend In Q4

Dec 20 2010 | 9:30am ET

Stop us if you’ve heard this before: Fortress Investment Group is not paying a dividend to investors this quarter.

The New York-based alternative investments giant said it would “retain capital for future potential investment opportunities and for working capital purposes.” It is the tenth-straight quarter without a dividend from the $44 billion firm.

Fortress also said that director Howard Rubin would resign from its board at the end of the year. It appointed David Barry to fill Rubin’s post.

The firm did not offer any biographical information about Barry, who it said would be an independent director. Barry will also take over Rubin’s seats on Fortress’ audit and nominating committees; Rubin serves on the former as well as Fortress’ compensation committee.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…