Randal Nardone joined Fortress investment group in 1998. He was, once, named by Forbes Magazine as one of the world’s billionaires. Nardone is a shrewd executive with long-standing experience. He has worked with several companies before coming to the helm of Fortress. He is also one of the founders of Fortress Investment Group. Nardone has a glistening career that spans over three decades. He was appointed the Chief Executive Officer at Fortress at the age of 55.
Education and Career Background
Randal Nardone attended the University of Connecticut for his Bachelor of Science degree. He also went on to study law at Boston University School of law and graduated with a JD. Randal Nardone spearheaded Fortress Investment Group to a deal where it was acquired by SoftBank. He still heads the organization in an acquisition arrangement that allowed Fortress to continue operating independently. Randal has also served numerous other companies including UBS where he served as the Managing Director. Randal Nardone was also the Principal of BlackRockFinancial. He has also worked with high-end law firms in New York. Forbes estimated Nardone’s wealth to be in the range of $ 1.8 billion.
About Fortress Investment Group
It was started in 1998 as a private equity firm. It grew to become one of the fastest growing alternative asset management companies in America. Fortress has even expanded its wings to Canada and other countries. It has made a name in its core business through its tailor-made solutions for investors. It also manages over 1750 assets on behalf of both public and private clients. Fortress makes its money from a broad range of investment options including purchasing assets that other investment organizations consider to be of no value and refurbishing them for sale at a higher value. It has also invested in the purchase of assets from foreclosures. Fortress is trusted by many organizations across the globe for its skills in handling risk. By the end of 2017, Fortress is reported to have over 953 employees. It has over 200 investment experts spread across all its outlets.
Fortress Deal with Softbank
Fortress has been acquired by Softbank for $ 3.3 billion. The deal allows Fortress to continue operating with all its leadership and staff. Fortress management, through Wes Edens, who is a co-principal and Randal Nardone, its CEO, says that they are happy with the deal that was approved by Fortress shareholders. The details also reveal that Fortress has surrendered all its rights to its shares to Softbank. Consequently, Fortress shares have been withdrawn from the New York Stock Exchange.