Oct
12

Fortress Said to Plan Wind Down of Flagship Hedge Fund

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Fortress Investment Group will close down its $1.6 billion flagship hedge fund following heavy losses and investor withdrawals, according to two people briefed on the matter.

Michael Novogratz, a former wrestler and one of Wall Street’s most outspoken traders, ran the hedge fund and is expected to leave the firm, the people said. The move follows several departures at the top of the hedge fund division earlier this year, including Jeff Feig, who was briefly co-chief investment officer, and Stuart Bohart, who was president of the hedge fund unit.

The flagship fund, which made bets on shifting macroeconomic trends, had lost investors more than 17 percent so far this year, as of the end of September. Fortress has received requests for hedge fund redemptions totaling more than $1 billion in the past year…

Fortress Said to Plan Wind Down of Flagship Hedge Fund

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