Fortress Elects to Retain Capital
Company Release - 9/25/2008 10:00 AM EDT
NEW YORK, Sept. 25 /PRNewswire-FirstCall/ -- Fortress Investment Group LLC (NYSE: FIG) announced today that it elected not to pay a dividend in the third quarter of 2008.
Wesley Edens, Fortress's Chief Executive Officer and Chairman, said, "We have decided at this time to retain capital and not pay a dividend this quarter. Given the significant dislocations in the world's financial markets, we see tremendous opportunities for the firm to invest capital and to grow and diversify our business -- in particular, we are focused on potential investments in banks, insurance companies and other asset management businesses. Retaining capital inside the firm increases our ability to act on these opportunities and is the right thing for us to do. To the extent that these opportunities become less attractive, we will review our dividend policy. We look forward to speaking to you in early November, and we hope to be in a position to update you on a few of the areas of focus for us."
As of September 24, 2008, Fortress has approximately $300 million in cash and debt of approximately $800 million. Our business continues to generate significant operating income.
Fortress is a leading global alternative asset manager with approximately $35.1 billion in assets under management as of June 30, 2008. Fortress raises, invests and manages private equity funds and hedge funds. Fortress was founded in 1998. For more information regarding Fortress Investment Group LLC or to be added to our e-mail distribution list, please visit www.fortress.com.
SOURCE Fortress Investment Group LLCContact: Lilly H. Donohue, for Fortress, +1-212-798-6118