Hedge fund titan Novogratz to leave Fortress after a brutal year

Fortress Investment Group is planning to close its macro hedge fund, Bloomberg News reports, citing a person familiar with the matter.

The Fortress Macro Fund, run by Michael Novogratz, fell 4.67% in September and was down 17.49% year-to-date, the firm said in an 8-K filing Friday.

The average macro hedge fund is down 0.64% this year, according to Hedge Fund Research.

Novogratz, chief investment officer of the macro fund, will leave the firm, according to The Wall Street Journal. He has been at Fortress since 2002. Before that, he spent 11 years at Goldman Sachs.

The share price fell 3.2% to $5.44 during trading hours, and was down a further 2.6% in after-hours trading at $5.30.

We've reached out to a Fortress representative for comment.