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Friday, November 06, 2009
Fortress Investment Loss Widens
By Darryl R. Isherwood
FOXBusiness
Fortress Investment Group's (FIG) third-quarter loss widened on a drop in assets under management and management fees, but the firm has seen continued success in its hedge funds.
Fortress, one of the three major public hedge-fund managers, is within 5% to 8% of reaching high-water marks in its hedge funds for most investors and has exceeded it for most investors.
Management fees fell 31%, while incentive income increased over last year to $7.6 million from $718,000 when the market was hammering funds.
Assets under management fell 6.7% from a year earlier to $32 billion, but were up $1 billion the second quarter.
