Thursday, 31 July 2014
Last updated 15 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.
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…