Tuesday, 5 May 2015
Last updated 4 min 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.
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…