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Fortress Investment Group expects to shutter its macro hedge fund and trader Michael Novogratz will leave the firm, sources close to the firm told CNBC.
The fund, managed by Fortress Principal and Director Novogratz, is down 17.5 percent so far this year through September—compared to a 0.6 percent loss from macro hedge funds on average, Dow Jones reported.
Fortress did not immediately respond for comment on the matter.
Shares in the firm closed the day down more than 3 percent, and fell an additional 2.5 percent in after-hours trading.