Tuesday, 21 October 2014
Last updated 5 hours ago
May 5 2011 | 11:59am ET
Fortress Investment Group said that its distributable earnings rose 7% in the first quarter on higher fee income even as its net loss grew by 23%.
The New York-based private equity giant said that its net loss rose to $103.4 million on higher compensation and income tax costs. But pretax distributable earnings increased to $103 million as Fortress' assets under management rose alongside its management and performance fee revenues.
The former soared 42.7% to $43.1 billion, primarily from Fortress' acquisition of credit hedge fund Logan Capital Partners, which had $12.5 billion in assets under management. Management fees rose 12% and incentive fees 19%; "the increase in incentive income in the hedge funds was the result of substantially all of the capital eligible to earn incentive income within the main credit and liquid hedge funds being above their respective high-water marks," the firm explained.
Total fee income revenue increased 18% to $244 million, including $60 million in hedge fund incentive fees, compared to $14 million in the year-earlier period.
Private equity investments also did well, appreciating 10.4% during the first quarter.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...