Bloomberg – Fortress Investment Group LLC, the asset manager formerly run by Daniel Mudd, said fourth-quarter profit fell 60 percent as hedge fund fees declined.
Pretax distributable earnings, which exclude some compensation costs and other items, were $50 million, or 9 cents a share, compared with $125 million, or 24 cents, a year earlier, the New York-based company said today in a statement. That fell short of 10 cents, the average estimate of five analysts surveyed by Bloomberg.
