Fortress Pays Executives for Expenses to Manage Fortunes
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Fortress Investment Group LLC gave four of its top executives $63 million in compensation last year. As part of the package, the first publicly traded private-equity and hedge-fund firm is paying to help manage their fortunes.
Principals Wesley Edens, Peter Briger, Randal Nardone and Michael Novogratz were given a combined $902,496 in 2012 and 2013 for expenses connected with their “family office” staff, according to filings from Fortress. The number reflects non-cash allocations for the use of Fortress offices and equipment by family office employees, said Gordon Runte, a spokesman for the New York-based money manager.