Fortress profit climbs 114 pct in Q4
Feb 27 (Reuters) - Fortress Investment Group LLC's profit rose significantly in the fourth quarter as many of its funds recorded gains that helped to boost incentive income as well as management fees.
New York-based Fortress, one of a handful of publicly traded alternative asset managers, said on Wednesday that pretax distributable earnings rose 114 percent to $107 million, or 20 cents per share, from $50 million, or 9 cents per share, a year earlier.
For the full year, pretax distributable earnings rose roughly 15 percent to $278 million, from $242 million in 2011.
Fortress said pretax distributable income is the best way to measure its performance because it excludes large quarterly compensation costs stemming from the equity interest of principals who took the company public in 2007.
The firm announced a fourth-quarter dividend of 6 cents per share.
The firm said management fees were $131 million in the fourth quarter of 2012, up from $121 million for the fourth quarter of 2011.
The firm's assets under management increased 4 percent from the previous quarter to $53.4 billion as of December 31, 2012.