Fortress profit sinks in first quarter

Thu May 3, 2012 6:48am EDT

May 3 (Reuters) - Fortress Investment Group's profit fell in the first quarter as incentive and management fees declined on weak performance in the firm's hedge, credit and private equity funds.

New York-based Fortress, one of a small group of publicly traded investment managers, said on Thursday that pretax distributable earnings fell about 45 percent to $57 million, or 11 cents per share, from $103 million, or 20 cents per share, a year earlier.

The firm announced a first-quarter dividend of 5 cents per share.

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