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Fortress Second-Quarter Profit Triples on Hedge-Fund Fees

BusinessWeek – Fortress Investment Group LLC, the first publicly traded private-equity and hedge-fund manager in the U.S., said second-quarter profit tripled as fees for beating certain benchmarks rose.

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. The average estimate of seven analysts surveyed by Bloomberg was an adjusted profit of 20 cents a share.

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