{"id":37451,"date":"2009-11-06T12:16:18","date_gmt":"2009-11-06T17:16:18","guid":{"rendered":"http:\/\/www.pehub.com\/?p=54950"},"modified":"2009-11-06T12:16:18","modified_gmt":"2009-11-06T17:16:18","slug":"fortress-posts-third-quarter-loss","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/37451","title":{"rendered":"Fortress Posts Third Quarter Loss"},"content":{"rendered":"

NEW YORK (Reuters) – Fortress Investment Group LLC (FIG.N), a listed hedge fund and private equity giant, posted a third quarter loss on Friday as management fees tracked a decline in total assets.<\/p>\n

Fortress shares were down 5 percent or 23 cents at $4.34 in morning trading.<\/p>\n

Fortress said its net loss attributable to Class A shareholders was $59 million, or 43 cents a share, in the quarter, compared with a loss of $57 million, or 66 cents, in the year-earlier period.<\/p>\n

Revenue came in at $143.7 million, down from $185.2 million a year earlier, mainly on lower management fees. Analysts had expected revenue of $123 million, according to Thomson Reuters I\/B\/E\/S, and pretax distributed earnings of 9 cents a share. Pretax distributed earnings were 11 cents a share, the company said.<\/p>\n

Like other hedge fund firms, Fortress was hit hard last fall as waves of cash-strapped investors tried to withdraw their money. At the end of the quarter Fortress managed $32 billion in assets, down from $34.3 billion a year earlier as it tried to block redemptions.<\/p>\n

On a conference call with analysts, Fortress Chief Executive Daniel Mudd was upbeat, noting its assets under management were 21 percent higher than their low of $26.5 billion at the end of March. “After all the gloom and doom, I think we may be going into a golden age of alternatives,” he said.<\/p>\n

Other hedge fund managers have also reported the return of new money as markets rebounded this year. Many industry watchers say last year’s worst-ever returns and record redemptions are safely behind them.<\/p>\n

The stock has plunged 81 percent since going public at the peak of the buyout bubble in early 2007, though it has surged fourfold from a record low in December last year.<\/p>\n

(Reporting by Joseph A. Giannone and Ross Kerber; Editing by Derek Caney, Phil Berlowitz)<\/p>\n

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NEW YORK (Reuters) – Fortress Investment Group LLC (FIG.N), a listed hedge fund and private equity giant, posted a third quarter loss on Friday as management fees tracked a decline in total assets. Fortress shares were down 5 percent or 23 cents at $4.34 in morning trading. Fortress said its net loss attributable to Class […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-37451","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/37451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=37451"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/37451\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=37451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=37451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=37451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}