New York (HedgeCo.net) – After announcing last month that it was selling off its investments in other hedge funds, alternative investment Fortress Investment group is expected to announce the closure of its macro fund.

The fund has been struggling almost the entire year after getting hit by the detachment of the Swiss franc to the euro in January and hasn’t been able to get its footing since. According to a report from Reuters the year to date losses were at 17% through the end of September.

Fortress attempted to revive the fund with a management team shakeup back in July when they appointed Michael Novogratz the chief investment officer. The report from Reuters stated that Novogratz is expected to leave the firm.
Unfortunately for Fortress, this is just another blow in a long year of poor performance, executive departures and redemption requests by investors. Fortress is one of a handful of alternative investment firms that are publicly traded. The stock fell almost 40% from April through its low in August.

Rick Pendergraft
Research Analyst
HedgeCoVest