Tuesday, 23 September 2014
Last updated 4 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 McKitich, CIO of Petty 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…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.