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Fortress Says Second-Quarter Profit Tripled on Hedge-Fund Fees

Bloomberg – Fortress Investment Group LLC (FIG), the first publicly traded private-equity and hedge-fund manager in the U.S., said second-quarter profit tripled because of higher fees paid to the firm for managing its funds.

Pretax distributable earnings, which exclude some compensation costs and other items, increased to $148 million, or 30 cents a share, from $50 million, or 9 cents, a year earlier, New York-based Fortress said today in a statement. Analysts had expected adjusted profit of 20 cents a share, according to the average of seven estimates in a Bloomberg survey.

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