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Nov-06-2009Fortress shares fall on 3rd-quarter loss(topic overview)
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At the end of the quarter Fortress managed $32 billion in assets, down from $34.3 billion a year earlier as it tried to block redemptions. On a conference call with analysts, Fortress Chief Executive Daniel Mudd was upbeat, noting its assets under management were 21 percent higher than their low of $26.5 billion at the end of March. "After all the gloom and doom, I think we may be going into a golden age of alternatives," he said. Other hedge fund managers have also reported the return of new money as markets rebounded this year. Many industry watchers say last year's worst-ever returns and record redemptions are safely behind them. [1] NEW YORK (Dow Jones)--Fortress Investment Group LLC's (FIG) third-quarter loss widened slightly on declines in assets under management and management fees, though the firm increased assets compared with last quarter and continues to see success in its hedge funds this year. One of the three major public U.S. hedge-fund managers, Fortress said that it's within 5% to 8% of recapturing high-water marks in its macro hedge funds for most investors and that the high-water marks already have been exceeded.[2] NEW YORK (Reuters) - Fortress Investment Group LLC ( FIG.N ), a listed hedge fund and private equity giant, posted a third quarter loss on Friday as management fees tracked a decline in total assets.[1]
Fortress Investment Group's (NYSE: FIG ) CEO was on Squawk on the Street and discussed why he thinks the quarter was good for FIG and why the future will continue to get better. Fortress's CEO Daniel Mudd said it earned most of its income from their base fees and it was approaching the point where FIG received some incentive income. Mudd believes Fortress is in good shape and well positioned to take advantage of this market. In the press release, Mudd said this will be the "golden age of investments" because the macro economic news keeps changing and that's the exact messy environment that alternative asset managers like Fortress and Blackstone (NYSE: BX ) excel in.[3]
Fortress shares were down 5 percent or 23 cents at $4.34 in morning trading. Fortress said its net loss attributable to Class A shareholders was $59 million, or 43 cents a share, in the quarter, compared with a loss of $57 million, or 66 cents, in the year-earlier period. [1] Analysts had expected revenue of $123 million, according to Thomson Reuters I/B/E/S, and pretax distributed earnings of 9 cents a share.[1] On average, 6 analysts polled by Thomson Reuters expected earnings per share of $0.09 for the quarter.[4]
Pretax distributed earnings were 11 cents a share, the company said. Like other hedge fund firms, Fortress was hit hard last fall as waves of cash-strapped investors tried to withdraw their money.[1]
SOURCES
1. Fortress shares fall on 3rd-quarter loss | Reuters
2. UPDATE: Fortress Investment 3Q Loss Widens As Assets Fall - WSJ.com
3. Mudd Says Fortress Investments Is Positioned Perfectly | Benzinga.com
4. RTTNews - Latest Earnings,Upcoming Earnings, Pos Pre Announcements, Pos Pre Announcements , Positive Surprises, Negative Surprises, Hot Stocks, Stock Split Calendar, Stock Buybacks, Dividends, Negative, Positive PreAnnouncements,Surprises .
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