Fortress Profit Jumps 13%

Feb 27 2014 | 12:49pm ET

Fortress Investment Group said today that its fourth-quarter profit rose 13% as performance fees rose.

The private-equity firm’s pre-tax distributable earnings were $121 million in the last three months of the year, compared to $107 million in the year-earlier period. Incentive income was up 53%; Fortress’ macro fund returned 4.8% on the quarter, and its Asia macro fund rose 4%.

Under generally-accepted accounting principles, Fortress earned 4146 million on the quarter, up from $102 million in the fourth quarter of 2012.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…