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.

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