Fortress Profit Jumps On Huge Increase In Fees

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.


In Depth

Star Fund Managers Battered By Rocky Ride In Yields, Currencies

May 28 2015 | 6:05am ET

Some of the biggest names in the investment world have been whipsawed by the recent...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

The Road To Tax Alpha

May 28 2015 | 5:36am ET

Tax-related alerts are increasingly helping investment managers harvest tax alpha...

 

Sponsored Content

Editor's Note