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Fortress Won't Pay Dividends For Q4
January 6, 2009
Investors in Fortress Investment Group got a further dose of bad news last month from the firm, which said that it is not paying a dividend for the fourth quarter of 2008.
The firm said its board elected to retain capital for potential future investment opportunities and for working capital purposes. The $34 billion alternative asset manager last month also suspended redemptions from its Drawbridge Global Macro Fund and its feeder funds.
The fund, which managed some $8 billion on Sept. 30, has received $3.51 billion in withdrawal notices for its Nov. 30 and Dec. 31 redemption dates. But the firm estimates the fund will have just $3.65 billion on Jan. 1, although the withdrawal bar will cover both the November and December redemption dates.
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