Sunday, 5 July 2015
Last updated 50 min ago
May 8 2008 | 12:47pm ET
Fortress Investment Group posted a loss in the first quarter despite a big jump in assets under management and revenue.
The firm said it lost $69 million in the first three months of the year, compared to a $62.1 million profit a year earlier. Pre-tax distributable earnings fell almost three-quarters to $58 million from $220 million in the first quarter of 2007. The drop was attributed to payments to the firm's principals.
But the news was not all bad: The alternatives giant said assets under management soared 46% to $34.2 billion, while quarterly revenue rose 48% to $145 million.
Fortress, which went public last year, said it raised $2.6 billion in capital in the first quarter, and has raised another $1.8 billion since.
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…