Fortress Profit Triples

Aug 1 2013 | 10:57am ET

Fortress Investment Group's second-quarter profit nearly tripled, buoyed by higher hedge fund fee income.

The New York-based firm's pretax distributable earnings rose to $148 million from $50 million a year earlier. The number easily toped analysts' estimates by 50%.

Under generally-accepted accounting principles, Fortress posted a loss of $2.1 million, compared to $5 million in the year-earlier period.

Fortress credited higher management fee income for the big gains.

The firm said it would be a 6 cent per share dividend for the quarter.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Artivest Announces Funding Round Led by KKR & Co.

May 4 2015 | 9:56am ET

Artivest, a startup that provides individual investors with access to private equity...

Guest Contributor

Starting a ‘40 Act Fund Family? Don’t Forget Your Board

Apr 30 2015 | 7:18am ET

The convergence of the hedge fund and mutual fund worlds continues unabated, as...

 

Editor's Note