Tuesday, 30 September 2014
Last updated 3 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.”
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…
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