Saturday, 25 October 2014
Last updated 1 day ago
Feb 27 2013 | 1:38pm ET
Fortress Investment Group's fourth quarter profit doubled on higher fees after its main hedge fund posted double-digit returns.
The New York-based alternative investments giant said its pretax distributable earnings jumped to $107 million from $50 million in the year-earlier period. Revenue rose 51% to $417.6 million, while expenses fell the same proportion to $254 million, due to the expiration of a principals' compensation agreement. Assets under management were up nearly $2 billion to $53.4 billion in the fourth quarter alone.
"Investment performance in 2012 was strong across our credit private-equity and hedge-fund strategies," co-chairman Peter Briger said. "We will remain patient and opportunistic investors."
Fortress' flagship Macro fund rose 18% last year, and its Asia Macro fund 21%. The firm's credit funds posted earnings of $46 million pretax, up 59% from the fourth quarter of 2011, while its liquid hedge funds earned $30 million, up 41%.
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…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.