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Fortress Reveals Second Quarter Struggles at Macro Fund

Hedge fund group Fortress Investment has announced its second quarter results, showing continued struggles for its macro fund which was managed by former Citi global head of FX Jeff Feig before he exited the fund last month. 

Fortress’ results show that the macro fund dropped 6.5% net of fees in the three months to June 2015, after losing 4.7% in the previous quarter when it was widely reported to be on the wrong side of the Swiss franc surge on January 15. In 2014, the macro fund ended the year down 1.6%.

Assets under management for the macro fund also suffered, falling to $2.326 billion at end-June from $2.779 billion at end March 2015 and $3.249 billion at the end of 2014.

Overall Fortress’ Liquid Hedge Funds business, of which Feig was president, saw assets under management decline to $7.377 billion at end-June, from $7.838 billion at end March 2015 and $8.128 billion at end-2014.

All seven funds in the Liquid hedge Funds business recorded losses in the second quarter, worst performer being the Drawbridge Global Macro Fund which dropped 6.6%.

Michelle Hemstedt

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