Wednesday, 27 May 2015
Last updated 4 hours ago
Feb 29 2012 | 4:32am ET
Last year ended with a thud for Fortress Investment Group.
The alternative investments giant said the fourth quarter of 2011 was bad just about all around. Distributable profit plummeted 60% as hedge fund fees dried up, with earnings missing analysts' expectations.
Fortress' pretax distributable earnings for the last three months of last year were $50 million, down from $125 million in the fourth quarter of 2010. The firm placed most of the blame on its credit hedge fund business, which saw its distributable earnings fall by more than 70%, from $32 million to just $9 million.
Distributable earnings from fund manager dropped 29% to $253 million.
Including compensation costs and other charges excluded from distributable earnings, the picture is even bleaker, with the firm's quarterly loss yawning to $91 million from $13 million.
Fortress said its assets under management fell 2% in 2011.
Despite all of the bad news, Fortress did announce a 5 cent per share dividend.
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…