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

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Videos

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    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…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.