Fortress Investment Group said its third-quarter profit rose by almost half on increased fee income.
The private equity giant's pre-tax distributable earnings jumped 49% to $64 million, it said today. That topped analysts' estimates by a penny per share.
Fortress' performance fee income soared by more than 300% to $65 million, thanks to strong returns. It's private equity portfolio was up 9.4% last quarter. And the gains aren't limited to Fortress' p.e. funds; it's flagship hedge fund is up 11% this year, erasing its loss from last year.
"With no corporate debt, and substantial balance sheet value, we have never operated from a position of greater financial strength," co-founder Randal Nardone said.
Assets under management rose 8% to $51.5 billion.