New-York listed Fortress Investment Group reported assets under management of $44 billion at the end of September 2010, up 38 per cent year-over-year.

Losses at the group widened, from a GAAP net loss of $190 million for the third quarter of 2009 to $272 million for the same quarter this year. Fund management distributable earning increased however, from $51 million in the third quarter of last year to $71 million this year.

“Our segment distributable earnings increased period-over-period while our GAAP results decreased. This is primarily a result of the way we record incentive income from PE style funds, as well as from hedge funds in interim periods,” the firm said in its earnings release.

In other recent news about Fortress, in August it hired a former co-head of Morgan Stanley’s asset management unit, Stuart Bohart, as president of its liquid markets unit.