BOSTON (Reuters) – Fortress Investment Group LLC (FIG.N), one of the world’s largest publicly traded hedge fund and private equity fund firms, reported a smaller quarterly net loss and said assets climbed as it took in new money from investors.
Fortress, which went public three years ago, said its net loss attributable to Class A shareholders narrowed to $84 million, or 58 cents a share, from $140 million, or $1.50 a share, a year earlier.
Assets under management, which are used to calculate how much a money management firm earns, climbed to $31.8 billion at the end of December from $29.5 billion a year earlier. The company said that it had raised $1.4 billion in new third-party capital.
Fortress said distributable earnings climbed to $60 million during the quarter from $7 million a year earlier.
Hedge fund companies often highlight distributable earnings — income from their funds segment minus adjustable income taxes — as the best measure of their performance. (Reporting by Svea Herbst-Bayliss; Editing by Lisa Von Ahn)