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
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

Mesirow acquires part of flexPATH in second retirement deal of 2026
Mesirow acquires part of flexPATH in second retirement deal of 2026

Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.

Advisor moves: LPL lands $350M veteran advisor duo in Florida
Advisor moves: LPL lands $350M veteran advisor duo in Florida

Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.

SEC accuses crypto firm founder of running $425 million Ponzi scheme
SEC accuses crypto firm founder of running $425 million Ponzi scheme

It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.

MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products
MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products

Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.

Fintech bytes: Wealth tech firms target advisor productivity with new integrations
Fintech bytes: Wealth tech firms target advisor productivity with new integrations

Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

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