Randal Nardone is the co-founder of Fortress Investment Group LLC and was appointed as the Chief Executive Officer in 2013. He is currently 553rd in the list of Billionaires of the World, published by Forbes.He is one of the esteemed principals who steered the company towards success since its inception in 1998. He is a member of the Board of Directors and the Management Committee of Fortress.
He is an experienced and brilliant asset manager and actively takes part in the company’s course of action. With more powers comes bigger responsibility and as a CEO of Fortress Group, Randal Nardone is entrusted with the job of taking the company to new heights. His job makes him responsible for the client’s money which accounts for an estimate of $40 billion every year, and he has lived up to their expectation with his efforts and smart work. He supervises the financial as well as legal matters of the company.
He earned degrees in both English and Biology from the University of Connecticut and later, earned a Doctor of Jurisprudence from the Boston University.
He worked as a lawyer at the law firm Thacher Proffitt & wood. Later, he joined BlackRock Financial and became a principal there. Randal Nardone also had experience as a Managing Director in UBS, for a brief stint of one year. His next step involved brewing up an idea with like-minded people which revolutionized the market structure, the founding of Fortress Investment Group LLC. in the year 1998. It was the first alternative asset management company that came into existence and was also the first to offer their shares with an IPO in 2007.
In 2017, SoftBank Group Corporation, a multinational based in Japan, acquired Fortress Investment Group for $3.3 billion on the condition the Fortress would work and an independent entity. Randal Nardone’s views on SoftBank’s acquisition of Fortress LLC were very optimistic stating how it would beneficial for the company. With this acquisition, he believes the company would expand with access to more credit sources that would lead to rapid growth. Shares were bought at $8.08 each, and the top management of Fortress Investment Group made a whopping $1.39 billion after the acquisition. The earnings were split based on their holdings in the company. Fortress Group is currently managing assets worth $69.6 billion with 50% in fixed income and the rest split based on the market trend in permanent capital vehicles, credit hedge funds, private equity.
Randal Nardone is handling big responsibilities in the subsidiaries of Fortress Group. He holds top positions in FMA LLC, FM Falstaff Advisors, Florida East Coast Railway, Eurocastle Investment to name a few.
For details: www.crunchbase.com/person/randal-nardone