Fortress Investment Group reported Thursday assets under management of $55.6 billion as of March 31, up 4% from the previous quarter and up 19.7% from a year ago, according to its earnings release.
Logan Circle Partners — the company's fixed-income unit — saw record net inflows of $1.2 billion during the quarter. Logan Circle assets under management ended the quarter at $21.9 billion — up 6% from the fourth quarter and up 36% year-over-year.
Private equity assets rose 9% to $15.5 billion, and liquid markets assets rose 8% to $5.5 billion.
Credit assets fell 6% during the quarter to $12.7 billion, largely from negative foreign exchange movements, according to the firm's earnings call Thursday.
The company raised $1.7 billion of capital across its alternatives businesses during the first quarter, with $1 billion raised in its private equity segment and approximately $700 million in new third-party capital in its liquid hedge funds segment, according to the earnings release.
During the first quarter, Fortress generated GAAP net income of $24 million, down from net income of $222 million in the fourth quarter of 2012 but up from a net loss of $24 million during the first quarter of 2012.
