Fortress posts $57 million loss

Fortress Investment Group LLC posted a third-quarter loss of $57 million, or 66 cents per share, as the alternative-asset management firm proved susceptible to financial market turmoil. The New York-based hedge fund firm posted a net loss of $38 million, or 52 cents per share, in the year-ago period, which included a non-cash charge of $54 million related to its principals' agreement. Analysts surveyed by Thomson Reuters of New York had forecast earnings of 10 cents per share. Despite recording $184 million in redemptions during the quarter, assets under management increased 10%, to $34.3 billion, compared with the year-ago period. Management fees for the quarter increased 23%, to $154 million.