Tuesday, 30 August 2016
Last updated 31 min 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%.