Fortress Investment's assets grow 4% in quarter, 22% in 2012

Fortress Investment Group reported $53.4 billion in assets under management as of Dec. 31, up 4% from the third quarter and up 22% from the previous year.

Liquid markets saw the largest gain in the fourth quarter in AUM, according to the alternative investment manager's fourth-quarter earnings report. Liquid markets assets were $5.06 billion as of Dec. 31, up 15.6% from the previous quarter and down 8% from the previous year, while credit totaled $13.41 billion, up 14.1% from the previous quarter and up 10% from the previous year.

Private equity dropped 3% from the previous quarter, with $14.27 billion as of Dec. 31, but was still up 14% from the fourth quarter of 2011.

Assets at Logan Circle Partners, the fixed-income manager that Fortress acquired from Guggenheim Partners in 2010, stayed flat at $20.685 billion, up 0.2% from the previous quarter and up 53% from the previous year.

In the fourth quarter, Fortress reported $222 million in GAAP net income, up from $7 million the previous quarter. The firm had posted a GAAP net loss of $234 million in the fourth quarter of 2011.

Management fees for the company totaled $131 million in the fourth quarter, up from $121 million in the fourth quarter of 2011 due to higher management fees from the credit private equity funds and Logan Circle, which were partially offset by lower management fees from the liquid and credit hedge funds.