Tuesday, 21 October 2014
Last updated 8 hours ago
Oct 31 2013 | 11:20am ET
Fortress Investment Group said today that its third-quarter profit rose 1.6% on stronger investment returns.
The alternative-investments giant, the first such publicly-traded firm in the U.S., said its pretax distributable earnings rose to $65 million. Under generally-accepted accounting principles, the firm's profit soared to $42 million, up from $1 million in the year-earlier period.
Still, at just 13 cents per share, the pretax earnings missed analysts' estimates of 15 cents per share.
Fortress' assets under management jumped 6% to $58 billion on the quarter.
The firm's private-equity valuations rose 10% in the third quarter, but Fortress posted more mixed returns for its hedge funds: Its Drawbridge Special Opportunities Fund added 3.8%, but its Macro and Asia Macro funds lost ground.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...