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.
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 captained the wrestling team.
Fortress' share price fell 3.2% to $5.44 during trading hours, and was down a further 6% in after-hours trading at $5.30.
We've reached out to a Fortress representative for comment.
Join the conversation about this story »
NOW WATCH: This is what separates the Excel masters from the wannabes