Fortress Investment Group reports $46 million in earnings; Novogratz, Briger, Edens, Kauffman Nardone sign 5 year agreements

August 5th, 2011
| More
Fortress Investment Group LLC released lower than anticipated earnings for the second quarter this week, while at the same time announcing that it will once again start paying a dividend, after a three year lapse. According Reuters, Fortress reported pretax earnings of $46 million. The hedge fund manager had earned $73 million over the same period of last year.

Pushing down Fortress Investment Group’s earnings were poor performance numbers for its hedge funds, as well as lower than expected returns for the firm’s credit-focused private equity funds.

On the bright side, Fortress announced that its asset under management had increased to $43.8 billion as of 6/30/2011. Additionally, the firm revealed that it had secured five-year employment agreements with its top principals: Michael Novogratz, Peter Briger, Wesley Edens, Robert Kauffman and Randal Nardone. The new compensation structures include a mix of cash, stock, and performance linked equity payments.
For Detailed Investor Profiles on these Investors, click below:
Fortress Investment Group
Related People: Daniel Mudd*; Jude Driscoll; Michael E. Novogratz; Randal Nardone; Robert Kauffman*; Wesley Edens; William F. Callanan*
Related Entities: Drawbridge Global Macro Funds; Fortress Commodities Fund LP; Fortress Partners Funds; Fortress Value Recovery Funds ; Logan Circle Partners; Newcastle Investment Corp
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News


More Recent Headlines

Volatility hedge funds outperform on the back of market turmoil

Top 100 US Equity Hedge Funds oversee $557 billion in AUM

AQR Capital Management Launches Multi-Strategy Alternative Mutual Fund

Dot Com Startups Find New Friends in Tiger Global Management and Lone Pine Capital

Morgan Sze's Azentus Capital to raise $2 billion for Asia investments

Benjamin Fuchs to Launch His Own Nomura-backed Hedge Fund

GLG Founder Pierre Lagrange to offer flagship fund to UK market

Clinton Group’s Ellen Wang plans to launch hedge fund Academy Investments

Greenlight Capital’s David Einhorn, Still Waiting for Answer on Mets Deal

Hedge Funds Betting On Spread of Sovereign Debt Crisis in Euro Zone