Fortress Cancels Third-Quarter Dividend

Sep 25 2008 | 12:22pm ET

Fortress Investment Group has some more bad news for its shareholders. The New York alternatives firm has scrapped plans to pay a third-quarter dividend, saying the turmoil on Wall Street could present opportunities to deploy that capital elsewhere.

“Retaining capital inside the firm increases our ability to act on these opportunities and is the right thing for us to do,” Fortress CEO Wesley Edens said in a statement. “To the extent that these opportunities become less attractive, we will review our dividend policy.”

Fortress paid a 22.5 cent dividend in the second quarter, though last month Edens warned that Fortress might cut the third-quarter dividend.

Fortress shares, which actually rose in the wake of the announcement, have been battered since the firm went public in February 2007. The stock has fallen more than 13% this year, and is down almost 30% since their initial public offering.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Compelling Opportunities In The Alternatives Space

Jul 29 2014 | 9:33am ET

In an environment where many asset classes seem expensive by historical standards...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note