Tuesday, 27 January 2015
Last updated 11 hours 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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…