Fortress Profit Up 75% In Q1

May 2 2013 | 10:37am ET

Fortress Investment Group's profit jumped with the markets in the first quarter.

New York-based Fortress posted pretax distributable earnings of $100 million, up from $57 million in the first quarter of 2012. The 20-cent-per-share profit easily topped analysts' estimates of 15 cents.

"Investment performance, the most fundamental driver of our long-term success, has been strong in each of our businesses, and has supported our success in both deepening existing investor relationships and attracting new investors to Fortress strategies," CEO Randal Nardone said.

Fortress' flagship macro strategy rose 3.8% in the first quarter, and its Asia macro fund added 2.8%. That helped push up incentive-fee income; management fees and expense reimbursements also rose on the quarter. Revenue rose 42% to $244.4 million, while expenses fell slightly.

The firm's net income, which includes costs associated with its initial public offering, was $14.3 million, a swing into the black from the year-earlier period's $29.5 million loss. Fortress' assets under management rose 4% from the end of December to $55.6 billion—a 20% jump from the first quarter of 2012.


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

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

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.