Ex-Fortress Money Manager Seeks Investors for Macro Fund

  • Jeff Feig in talks to raise money after establishing firm
  • Team includes investing veterans Chris Fahy and Steve Luttrell

Jeff Feig, who helped run Fortress Investment Group’s main hedge fund before it shut down amid heavy losses, is meeting with investors to start a fund focusing on macroeconomic events.

Feig has teamed with former Fortress colleague Chris Fahy and Steve Luttrell, who co-founded Drake Management, to form Jed Or Capital, according to an investor presentation obtained by Bloomberg. The firm is seeking a limited number of clients and expects to focus on two or three large directional investment themes for periods of one to three months, the documents show.

Macro funds are attracting investors seeking to benefit from heightened volatility in global markets by wagering on currencies, bonds, stock and commodities. Macro strategy funds were a top performer in June amid market turmoil around Britain’s vote to leave the European Union. The strategy gained 3.3 percent for the first half of this year, according to Hedge Fund Research Inc.

Feig declined to comment.

Jed Or Capital also plans to trade exchange-traded products, according to the presentation. The fund would aim for annualized returns of 15 percent. A person familiar with the plans said the meetings are preliminary and may not result in the fund starting.

Feig, who ran the Fortress fund with Michael Novogratz, left in July 2015. His departure came after the macro fund dropped 7.1 percent in the first five months of the year, hurt in part by the Swiss National Bank’s surprise decision to remove the cap on its currency. Fortress closed it after losses mounted to 17.5 percent in the first nine months of 2015.

Feig joined Fortress from Citigroup Inc., where he was global head of foreign exchange.

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