Wednesday, 23 July 2014
Last updated 11 hours 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%.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…