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Fortress Investment has bigger quarterly loss

Reuters – Fortress Investment Group LLC , one of the few publicly traded U.S. alternative asset managers, said on Monday its quarterly loss more than quadrupled, hurt by writedowns in some private equity funds.

The net loss was $140 million, or $1.50 per share, compared with a reported net loss of about $29 million, or 43 cents, a year earlier, New York-based Fortress said.

Results reflected a $265 million loss in principal investments. This included a $228 million for investments in private equity firms, a $27 million loss on investments in hedge funds, and $10 million of interest expenses.

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