Monday, 24 October 2016
Last updated 2 days ago
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.