Fortress Investment Group has confirmed that it is closing itsmacro fund and that Michael Novogratz will retire at the end of theyear. Novogratz, the macro fund’s chief investment officer, will be paid $255.6 million for his shares in the publicly traded investment-management firm. Fortress’ macro fund has had a brutal year. The fund fell 4.67% in September and was down 17.49% year-to-date, the firm said in a recent securities filing.“This was a difficult decision given my confidence in both the research positions we hold and the talent of our team,” Novogratz said in a statement. “But we have had an extremely challenging two years, and I do not believe the current environment is conducive to achieving our best results.” Novogratz has been at Fortress since 2002. He previously spent 11 years at Goldman Sachs. Before Wall Street, Novogratz served as a helicopter pilot in the US Army. He graduated from Princeton, where he was captain of the wrestling team. Fortress’ stock was halted shortly after 11 a.m. ET. After trading resumed, the stock was last up about 4% at $5.69 a share. Fortress Investment Group LLC today announced that it will close the Fortress Macro Funds and managed separate accounts… Read full this story
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