Feb 27 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
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
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.