Saturday, 27 December 2014
Last updated 2 days ago
Aug 2 2012 | 11:44am ET
Fortress Investment Group said its second-quarter profit rose by 9% as some of its funds, particularly its credit hedge funds, turned in strong performances, boosting incentive fee income.
The New York-based alternative investments giant said its pre-tax distributable earnings, which exclude costs related to its 2007 initial public offering, was $50 million on the quarter, up from $46 million in the second quarter of last year. The number was in line with analysts' expectations.
Fortress said net income attributable to Class A shareholders was $5 million, up from a $95 million loss in the year-earlier period. The dramatic change is due the expiration of a principals agreement at the end of last year.
While Fortress' main funds were all up in the third quarter, more than doubling its performance fee income to $47 million, the news was not all good. Management fee income fell as investors pulled $600 million, including from Fortress' commodities fund, which the firm shuttered in May. In addition, pre-tax distributable earnings from its private equity and hedge fund businesses fell.
Still, Fortress was able to report that assets under management rose 3% on the quarter to $47.8 billion.
Fortress said it would pay a five cent per share dividend.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.