August 2, 2012 / 11:15 AM / in 5 years

Fortress profits rise as funds made gains

Aug 2 (Reuters) - Fortress Investment Group’s profit rose in the second quarter as its hedge funds and private equity portfolios recorded strong performances.

New York-based Fortress, one of a handful of publicly traded alternative asset managers, said on Thursday that pretax distributable earnings had increased by about 8.7 percent to $50 million, or 9 cents per share, from $46 million, or 9 cents per share, a year earlier.

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

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.

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