Fortress Investment suspends dividend

By Lisa Kerner

Charlotte, N.C., Sept. 25 - Fortress Investment Group LLC announced it will not pay a dividend in the third quarter of 2008 in order to retain capital.

"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," Fortress chief executive officer and chairman Wesley Edens said in a company news release.

"Retaining capital inside the firm increases our ability to act on these opportunities and is the right thing for us to do," Edens added.

Fortress, a New York-based alternative asset manager, has approximately $300 million in cash and debt of approximately $800 million as of Sept. 24. The business "continues to generate significant operating income," according to the release.

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