Fortress Investment To Close Flagship Hedge Fund: WSJ

Fortress Investment Group LLC will close its flagship hedge fund due to sizable losses and withdrawals, The Wall Street Journal reported, citing people familiar with the matter. Michael Novogratz, who managed the fund, will also leave Fortress, the newspaper said. The fund, launched in 2002, is down 17.5% year to date, much worse than the average 0.6% loss for other macro hedge funds, according to the Journal.

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