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

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Why Is The Shipping Industry Underwater?

Jul 31 2014 | 7:31am ET

Anyone who’s taken a look at the global shipping industry recently probably knows...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    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…

Publisher's Note