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Alternative Market Briefing

Jeff Feig is leaving Fortress Investment as macro fund co-investment head

Tuesday, July 07, 2015

Komfie Manalo, Opalesque Asia:

Less than a year after he was designated as co-chief investment chief of Fortress Investment Group’s macro hedge fund, Jeff Feig is said to be leaving the firm, leaving Michael Novogratz as the sole CIO, Reuters reported citing three sources with information on the subject.

The 48-year-old Feig joined the $70 billion publicly-traded hedge fund after leaving Citigroup in September 2014 where he was serving as a foreign exchange specialist. Feig was assigned to co-president of Fortress’s Liquid Markets business with Novogratz as well as co-CIO of the firm’s macro funds.

But over the last six months, Fortress has introduced several re-organizations involving its key personnel. The Reuters sources said the streamlining of Fortress structure was aimed at giving Novogratz more leeway in running the hedge fund and at the same time showcase his strong trading skills.

Feig’s tenure at Fortress has not been smooth-sailing as he joined the firm still reeling from losses due to the Swiss franc move. Sherif Sweillam, chief risk officer, and Tye Schlegelmilch, a portfolio manager, resigned from Fortress in January.

Novogratz dropped Fortress’ stock-picking strategy as a part of its macro fund in January thi......................

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