Fortress, Conseco, Nationwide and more

Fortress Investment Group reported a first-quarter loss of $68.9 million compared to a gain of $62.1 million a year ago.
MAY 08, 2008
By  Bloomberg
Fortress Investment Group LLC, Conseco Services LLC. and The Phoenix Companies Inc. all suffered first-quarter earnings losses while Nationwide Financial Services Inc. saw a profit decline, and the newly merged Nasdaq OMX Group Inc. saw an earnings increase. Nationwide Financial Services saw profits drop 78% due to losses on structured products and alternative investments stemming from the declining capital markets. The Columbus, Ohio-based company reported a first-quarter net income of $44.5 million, or 32 cents a share, compared with $208.3 million, or $1.42 a share, in the same period last year. Analysts polled by Thomson Reuters had forecasted a profit of $1.11 per share. Conseco suffered a first-quarter loss of $5.8 million, due in large part to a decline in pretax operating earnings, after achieving a net income of $500,000 in the year-ago period, Analysts polled by Thomson Reuters of New York had expected the Carmel, Ind.-based insurance company to achieve revenue growth of $1.19 billion for the quarter. Fortress Investment Group reported a first quarter loss of $68.9 million, or 74 cents a share, compared to a net income of $62.1 million, or 87 cents a share in the first three months of 2007, due in large part to losses in hedge fund investments. Assets under management at the Chicago-based company rose 46% from the first quarter of 2007 to $34.2 billion. The Phoenix Companies suffered a quarterly loss of $19 million compared to a net income of $50.6 million for the 2007 first quarter. Assets held under management by the Hartford, Conn.-based insurance company dropped to $34.5 billion at the end of the quarter, compared with $45.7 billion on March 31, 2007. Nasdaq OMX Group posted a rise in first-quarter profit due to record trading volume. During the first quarter NASDAQ merged with Stockholm, Sweden-based OMX AB and the combined New York-based company saw profits rise to $121.4 million, or 69 cents per share, from $18.3 million, or 14 cents per share, in the year-ago results for just Nasdaq.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.