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NEW YORK, Nov 6 (Reuters) - Fortress Investment Group LLC , a listed hedge fund and private equity giant, posted a third quarter loss on Friday as management fees tracked a decline in total assets. Fortress' net loss attributable to Class A shareholders was $59 million, or 43 cents a share, in the quarter, compared with a loss of $57 million, or 66 cents, in the year-earlier period. Revenue fell to $143.7 million from $185.2 million a year earlier, mainly on lower management fees. Analysts had expected revenue of $123 million, according to Thomson Reuters I/B/E/S, and overall earnings of 9 cents a share. Like other hedge fund firms, Fortress was hit hard last fall as waves of cash-strapped investors tried to withdraw their money. At the end of the quarter Fortress managed $32 billion in assets, down from $34.3 billion a year earlier, even as it moved to block redemptions. Yet markets rebounded this year and hedge funds returns are again luring in new money. Many industry watchers say last year's worst-ever returns and record redemptions are safely behind them. Fortress shares rose to 7 cents to $4.57 in Thursday trade. The stock has plunged 81 percent since going public at the peak of the buyout bubble in early 2007, though it has surged four-fold from a record low in December last year. (Reporting by Joseph A. Giannone and Ross Kerber; Editing by Derek Caney) Keywords: FORTRESS/ (ross.kerber@thomsonreuters.com; +1 617 856 4341; Reuters Messaging: ross.kerber.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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