Investors No Longer Into Buying Shares On Fortress's Face

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Andrew Ross Sorkin reports that the bukkake party is officially over. A year after Fortress Investment Group's HISTORIC!!!! IPO, which lifted off at the high end price of $18.50 and proceeded to rocket out of the gates with a debut on the market at $35, the hedge fund/private equity firm has fallen to $13.64 (if you're not too saddened by the notion of Fortress no longer the splooge-fest it once was, take a few seconds to try and spot DealBook's math error*). FIG's quarterly profit dropped 74 percent, with revenue declining 54 percent to $177 million (specifically, the firm's pe funds, publicly traded investment vehicles, liquid hedge funds and hybrid hedge funds plummetd 64 percent, 33 percent, 50 percent and 93.5 percent, respectively). In more uplifting news, Fortress is rumored to be considering listing on the Tokyo stock exchange, where FIG CEO Wesley Edens has heard the business community is much more likely to have large numbers line up to buy shares on one's face.
Fortress Falls on Yet Another Drop in Profits [DealBook]
*the answer [GP]

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