AFTER FIVE YEARS, STUART BOHART, PRESIDENT OF FORTRESS INVESTMENT GROUP LLC’S HEDGE FUND UNIT LEFT THE FIRM.
This was written on September 2, 2015 by Jenny Strasburg and Gregopry Zuckerman in the Wall Street Journal.
“Mr. Bohart’s departure follows a rough period for Fortress’s ‘macro’ trading business, or its unit that trades in various markets based on global economic trends. Fortress’s so-called liquid hedge-fund investments, run by Michael Novogratz, one of the firm’s four principals, have been hurt by disappointing performance and investor withdrawals.
Investors have fled the macro fund following heavy losses. Redemptions are expected to shrink the fund to around $1.5 billion in assets, compared with $3.2 billion at the start of the year, a person familiar with the fund said.”
This follows a Reuters article on January 28, 2015 by Nishant Kumar and Svea Herbst-Bayliss that “Two executives at hedge fund Fortress Investment Group are leaving the firm after its macro fund suffered heavy losses in the wake of the recent currency market upheaval, three sources familiar with the moves said.
Chief Risk Officer Sherif Sweillam and portfolio manager Tye Schlegelmilch resigned this month, the sources said.
Meanwhile, on August 6, 2015 All Aboard Florida (AAF), which is owned by Fortress, announced it had temporarily closed grade crossings in Lakeworth.
On August 19 it announced it had temporarily closed grade crossings at NW 10th Street & NW 11th Street in the City of Miami.
On August 26 it was Wilton Manors and Hollywood.
On September 21 it was Boynton Beach.
On October 5 in was Hollywood.
Are these announcements worthy of news releases?