Tuesday, 21 October 2014
Last updated 3 hours ago
Nov 2 2012 | 1:57pm ET
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.
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 ...