Fortress dips on IPO costs

The Chicago-based private-equity and hedge fund firm posted a net loss of $37.6 million, or 52 cents a share.
NOV 13, 2007
Fortress Investment Group LLC posted a third-quarter net loss due to the cost of issuing stock to employees and executives in its initiation public offering. The Chicago-based private equity and hedge fund firm posted a net loss of $37.6 million, or 52 cents a share, in the third quarter, from earnings of $64.7 million a year earlier. Fee-paying assets under management at the end of the third quarter increased 62% to $31.2 billion, according to a statement. Excluding a $54 million accounting charge from a principals' agreement connected to the company's February IPO, quarterly profit totaled $17 million. Fortress collected $219 million for managing clients' investments, compared with $122 million in fees in the third quarter of 2006. Assets under management totaled $39.9 billion at the end of the third quarter, up from $29.9 billion during the year-ago period.

Latest News

IRA assets swell to $19.2 trillion as 401(k) rollovers drive growth
IRA assets swell to $19.2 trillion as 401(k) rollovers drive growth

IRAs now hold nearly twice the assets of 401(k) plans — and most of that money didn't arrive through annual contributions.

Women feel confident about saving, but many still keep cash in low-yield accounts
Women feel confident about saving, but many still keep cash in low-yield accounts

A new survey finds that many women prioritize financial security but continue to leave savings in accounts that may not keep pace with inflation.

SEC seeks comment on prediction-market ETFs after May pause
SEC seeks comment on prediction-market ETFs after May pause

Roundhill, Bitwise and GraniteShares funds remain on hold while the agency weighs how novel ETFs should be regulated.

Dump investment banks, buy alternative asset managers, says Oppenheimer
Dump investment banks, buy alternative asset managers, says Oppenheimer

"Shares of alternative assets managers have lagged this year as investors grow wary of private-credit exposure."

TaxStatus rolls out rules-based tool to flag advice gaps
TaxStatus rolls out rules-based tool to flag advice gaps

The fintech platform is touting a new AI-free Planning Observations feature, which draws on IRS tax records to uncover opportunities for advisors.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.