Fortress Cited as Top Forecasting Institution by Central Bank of Brazil
Company Release - 1/12/2011 4:30 PM EST
NEW YORK--(BUSINESS WIRE)-- Fortress Investment Group LLC (NYSE: FIG) received the highest ranking from the Central Bank of Brazil for the accuracy of its interest rate forecasts.
The Top Five Forecasting Institutions Report, produced monthly by the Central Bank of Brazil, is derived from the Bank’s weekly survey of expectations and includes forecasts from more than 100 institutions. The report was created to highlight the institutions that have had the most accurate forecasts in a given period and is intended to encourage increased “investment in macroeconomic research.”
In the December report, Fortress received a number one ranking for its medium-term forecasting and a number two ranking for its short-term forecasting of interest rates (six month and three month time-frames, respectively).
“Analytical rigor is a cornerstone of our macro trading strategies, and this ranking reflects the very substantial analytical resources and expertise on our team,” said Michael Novogratz, Fortress Principal and co-CIO of the firm’s flagship Fortress Macro Funds. “We are very pleased to receive such recognition from a significant and objective institution like Brazil’s Central Bank.”
Fortress is a leading global investment manager with approximately $44.0 billion in assets under management as of September 30, 2010. Fortress offers alternative and traditional investment products and was founded in 1998. For more information regarding Fortress Investment Group LLC or to be added to our e-mail distribution list, please visit www.fortress.com.
Source: Fortress Investment Group LLCContact:
Fortress Investment Group LLC
Gordon E. Runté, 212-798-6082