Fortress Investment Group reported a fourth-quarter net loss of $140 million, compared with a loss of $29.3 million during the same period a year earlier.
Fortress managed $29.5 billion in at yearend, with $7.16 billion in hedge funds and $6.49 billion in hybrid strategies. In the fourth quarter, Fortress earned management fees of $84 million on its hedge fund assets – but no incentive fees. The flagship Drawbridge Global Macro fund lost about 20% in 2008.
The firm is also no longer earning fees on about $2.4 billion in liquid hedge funds that were subject to suspended redemption