Friday, 29 May 2015
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.”
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…