Wednesday, 4 March 2015
Last updated 29 min ago
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.
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…