Thursday, 18 December 2014
Last updated 15 hours ago
May 2 2014 | 12:21pm ET
Fortress Investment Group’s first-quarter profit fell slightly as the alternative investment giants’ hedge and private equity funds failed to keep up with its credit business.
Fortress’ pre-tax distributable earnings were $97 million in the first three months of the year. In the first quarter of 2013, the firm earned $100 million.
The decline was attributed to increased expenses and decreased performance-fee income. Fortress’ p.e. funds shed 0.2% on the quarter, while Fortress’ macro strategy shed 5.5%. Those declines were partially offset by the firm’s credit business, the only Fortress unit to post a gain with a 24% increase in distributable earnings year-on-year.
“Obviously, we’re disappointed with our 2014 results to date,” CEO Randal Nardone said. “We have eight months left of the year and a hole to fill. We think we’ll fill it.”
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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