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

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...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

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