Fortress Macro Fund to shut down; shares rally

Michael Novogratz will leave Fortress Investment Group LLC and the private-value and support stock investments firm will close the leader large scale fence investments he pursues it endured substantial misfortunes and reclamations, as indicated by individuals acquainted with the matter. All capital will be returned to investors at year-end.

The fund started the year off with heavy losses after being wrong-footed on a bet on the Swiss franc and it has been unable to recover since, losing 17 percent this year through September, according to a regulatory filing.

Run by Mr. Novogratz, a former college wrestler known for his high-profile public predictions about global economic trends and a colorful sartorial style, the Fortress Macro fund has been in a serious slump for over a year.

Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI) rose 1.42% or 0.21 points on Friday and made its way into the gainers of the day.

Following co-manager Jeff Feig’s departure in July, Novogratz became the sole manager of the macro strategy.

Fortress Investment Group is halted for news pending. “Due to investment losses and client withdrawals, the fund manages about $1.6 billion today, down from more than $8 billion in 2007”. The information is based on open market trades at the market prices.

“We are obviously disappointed in this outcome, and we are grateful for Mike’s many contributions to Fortress over the years”. A former United States army helicopter pilot, Mr. Novogratz gained attention for his quips at conferences and his often unusual attire.

As reported yesterday, Fortress Investment Group (NYSE:FIG) is shuttering Fortress Macro Funds and managed separate accounts.

Mr. Novogratz joined the firm in 2002 after working at Goldman Sachs for 11 years. Year-to-Date the stock performance stands at -9.43%.On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, Atkeson Jonathan, CFO of Fortress Transportation & Infrastructure Investors Llc, executed a transaction worth $332,400 on May 18, 2015.