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

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...