The career of Randal Nardone in the financial industry is dotted with a lot of successes along the way. He managed to rise from an unknown business founder to an internationally respected financial investment expert. He is a founding partner of global investment management firm, Fortress Investment Group. He formed the group with the help of two other partners and has been serving as a director, principal, Chief Executive Officer and Chairman of the group. Mostly dealing with financial and law aspects of the firm, his leadership skills facilitated the expansion of the company to global heights.
From a small private equity firm, Randal Nardone and team were able to diversify Fortress business into other sectors of real estate, permanent capital investments and hedge funds. The group currently manages over $43 billion of assets for it’s over 1750 investors across the world. The company also made history by becoming the first private equity firm to be listed on the New York Stock Exchange after they became a public entity. Randal Nardone was listed in the Forbes Billionaires list of 2008 at position 557 with an approximate net worth of $1.8 billion. The wealth was majorly attributed to his take-home salary, the value of the shares he owned plus income from other businesses he runs.
In 2017, Fortress Investment Group was acquired by a Japan bank, SoftBank Group Corporation for $3.3 billion. The Japanese bigwig bought the outstanding shares at $8.08 while they were trading for $5.83 bringing an excellent bonus to the stakeholders. The management of Fortress, however, remained put. Randal Nardone believes that the acquisition will open new opportunities and increase public confidence in the firm. Before establishing Fortress Nardone worked for a few financial companies such as BlackRock and Swiss giant bank UBS. He was also once a lawyer and a partner at Thatcher Proffitt & Woods. He holds a J.D in law from Boston University and a Bachelor of Arts degree in Biology and English from the University of Connecticut. Despite not having any educational background in finance Nardone still defied all odds to become the guru he is today.