Businessweek – Fortress Investment Group LLC, the buyout and hedge-fund firm run by Dan Mudd, said third-quarter profit fell 45 percent as hedge-fund performance weakened and it earned less from its investments.
Pretax distributable earnings, which exclude some compensation costs and other items, were $43 million, or 8 cents a share, compared with $78 million, or 15 cents, a year earlier, the New York-based company said today in a statement. The results beat the 4-cent average estimate of six analysts surveyed by Bloomberg.
