Randal Nardone Co-founded the Fortress Investment Group in 1998. Ever since its founding, he has worked hard in conjunction with his co-founders to put the company in the global map as the major alternative investment managers. In December 2011, he was appointed the interim CEO of Fortress Group. In 2013, he was permanently appointed the CEO of the company, a position he serves in to date together with other two co-CEOs.
Randal Nardone is a very charismatic leader. He possesses a wide range of experience in the investment sector. Prior to co-founding Fortress Investment Group, he was a partner at Thacher Proffitt and Wood. He also worked as a principal officer at BlackRock Financial Management Inc. Randal has also served as the Director of UBS.
A law graduate from Boston University School of Law, Randal Nardone also has a major in English and Biology from the University of Connecticut. In 2007, he was featured in Forbes’s list of World Billionaires. As of 2018 he occupies number 557 in Forbes list of Richest People with a net worth of $1.8. He currently serves in different roles at Fortress Investment Group’s subsidiaries and other companies in leadership positions. In conjunction with his co-principal Wes Edens, they head Fortress’s Private Equity division which is focused on revenue generation from the controlled investments in North America, the Caribbean and Western Europe.
In the 2017’s Fortress Investment Group buyout by SoftBank, Randal Nardone said he was very optimistic about the deal and he was certain it will strengthen Fortress. He went on to say that the buyout will enable his company grow faster and access greater credit sources. In the deal, the shares of Fortress which were trading at $5.83 were purchased at $8.08 per share. This according to Nardone was a good take for Fortress Investors.
During the buyout, which saw SoftBank acquire all the remaining shares of Fortress valued at $3.3 billion, the executives made $1.39 billion. The money was split according to the shares each of the executives had during the sale. Despite the buyout, Fortress Investment Group was allowed to continue as an independent company and the executives retained their positions in the Company. Fortress Investment Group is estimated to be worth $69.6 billion worth of assets under management, half of it being in fixed income and the other half in private equity.
For details: www.tipranks.com/hedge-funds/randal-a.-nardone