Fortress Announces the Fortress Global Macro University Challenge; Two Student Winners Will Intern at Fortress and Share in $15,000 Prize Pool
Company Release - 9/4/2013 10:15 AM EDT
NEW YORK--(BUSINESS WIRE)-- Fortress Investment Group LLC (NYSE:FIG) announced that it will be the exclusive sponsor of the Fortress Global Macro University Challenge, in which undergraduate and graduate students from 20 top universities and colleges will individually compete by managing hypothetical investment portfolios. The two winners will earn summer internships on Fortress’s Macro Fund investing team in 2014 and share in a prize pool of $15,000.
The competition’s focus will be global macro investing across various countries and asset classes, including equity, currency, fixed income and commodities. Upgrade Capital will manage the University Challenge for Fortress, provide the trading and analytic platform used by the participants, and select more than a thousand students to take part in the 2013/2014 competition. Participants will be judged based on a multi-faceted analysis of quantitative and qualitative factors, including investment returns, trading histories, risk management skills, and how they translate their market insights into portfolio management strategies.
Participating colleges will include the University of California–Berkeley, Brown, Carnegie Mellon, University of Chicago, Columbia, Cornell, Dartmouth, Duke, Harvard, MIT, University of Michigan, Northwestern, New York University, Notre Dame, University of Pennsylvania, Princeton, Queen’s University (Canada), Stanford, Texas A&M, and Yale.
“We are pleased to sponsor an educational competition that will enable students to learn more about global markets, investing and economics,” said Mike Novogratz, Director and Co-CIO of Macro Funds at Fortress. “We hope the competition helps give rise to the next generation of great macro investors, and we look forward to welcoming two outstanding interns to our Fortress Macro team next summer.”
Fortress’s 2013 Summer Intern Program employed 54 interns worldwide, including 11 within the Liquid Markets business. The Fall and Spring semester competitions will begin on October 7th and January 13th, respectively.
Fortress Investment Group LLC is a leading, highly diversified global investment firm with approximately $55 billion in assets under management as of June 30, 2013. Founded in 1998, Fortress manages assets on behalf of over 1,500 institutional clients and private investors worldwide across a range of private equity, credit, liquid hedge funds and traditional asset management strategies. Fortress is publicly traded on the New York Stock Exchange (NYSE:FIG). For additional information, please visit www.fortress.com.
About Upgrade Capital
Upgrade Capital Americas Inc. is a talent scout specialized in identifying exceptional young investors through in-depth analysis of trading performance records and investment research. It provides all students at its twenty Core Universities with equal opportunity to become better investors and to be recognized by top-tier financial firms. For additional information, please visit www.upgradecapital.com.
Fortress Investment Group
Bruce Corwin, 212-497-2817
Source: Fortress Investment Group LLC