Randal Nardone’s Impressive Career in Investment Management

Randal Nardone wears many hats at one go. He is an established lawyer, financial investor, and businessman who has achieved a considerable amount of success. Nardone is the co-founder and principal of Fortress Investment Group, a large-scale private equity company. The company was founded in 1998 where he served as the interim CEO before being confirmed to the same position in 2013 to date. Nardone holds a J.D. from the law school of the University of Boston. He also has a Bachelors of Arts degree from Connecticut University.

Before embarking on the field of finance, Randal Nardone started out as a partner in the Thacher Proffitt & Wood law firm where he worked as an attorney. After a short stint there he decided to switch to the finance world as a principal at Blackrock Financial Management. He later then went on to work for Union Bank of Switzerland as a managing director. In 1998 he formed a partnership with his two other co-founders to establish a private equity firm that birthed Fortress Investment Group. One of the company’s highlights was in 2007 when it went public on the New York Stock Exchange. The IPO made the Nardone to be featured in 2007 Forbes Billionaires list at position 557 with an approximate net worth of $1.8 million.

Fortress has grown immensely under Randal Nardone’s leadership to be able to manage over $43 billion in assets for over 1750 investors. They have diversified to other fields such as capital markets, mergers & acquisitions, operations management and asset-based investing. By managing many diverse portfolios, the company has accumulated significant knowledge in a wide range of industries. One of their strengths is their management team who has a vast financial experience from big company’s they used to work. In their expansion Fortress have acquired several companies such as Penn National Gaming, Florida East Coast Industries, Springleaf Financial Services, and Rail America.

In 2017 SoftBank Group Corp, a leading Japanese Bank showed interest in acquiring Fortress. The deal went through, and SoftBank bought all outstanding shares for $3.3 billion. The bank decided to retain the management team led by Randal Nardone. Nardone believes the acquisition will strengthen the company more by enabling them to access more creditors. The purchase was a big plus for the shareholders as the shares were trading at $5.83 when SoftBank bought them for $8.08 per share. Presently Fortress Investment Group and its subsidiaries are estimated to have more than $69.6 billion in assets under management.

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