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MENAFN - 04/11/2012

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(MENAFN) US private equity firm Fortress Investment Group LLC (FIG) reported a 49 percent increase in quarterly profit on higher fees for managing its funds, Bloomberg reported.

The company said it made a pretax distributable profits, which exclude some compensation costs and other items, of USD64 million during the third quarter, up from USD43 million a year earlier.

The company attributed the higher earnings in the quarter to rising stock markets, which lifted the value of fund holdings and the fees for managing them.

Profit from Fortress's macro hedge fund grew 11 percent during the first three quarters of 2012, compared to 9.4 percent loss a year earlier.

Incentive income, which investors typically pay managers once their fund reaches a certain threshold, was USD65 million, compared with USD14 million a year ago, Fortress said.

 






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