In 1998, Randal Nardone co-founded Fortress Investment Group with co-founder Wes Edens. Since then, Randal has been responsibly and diligently handling a senior management role and has been an integral part of major acquisitions and decisions of the company. Randal Nardone is also a part of various subsidiaries of Fortress Investment Group such as FM Falstaff Advisors, Eurocastle Investment, Newcastle Investment Holdings, FMA LLC and Impac Commercial Holdings. He entered the list of billionaires by Forbes in 2007 and currently stands at the 557th position in the list of worldwide billionaires with a net worth of $1.8 billion.
Randal Nardone graduated from the University of Connecticut in the field of English and Biology. Later, he completed his Jurisprudence from the Law School of Boston University. He kick-started his career with a law firm called Thacher Proffitt & Wood where he practiced for a while as a member of executive committee and a partner. His next moved was a complete change of profession and he ended up working as a principal of investment firm BlackRock Financial Management. After a few years, he switched to UBS bank and with time became a managing director of the company before founding Fortress Group in 98’.
From the year 2006, Randal Nardone has been an active board member of Fortress Group. The year 2007 is a historic year for Fortress Investment Group as they offered their shares in an IPO and went public. This transition made him and the other principals a billionaire overnight. In 2011, Randal Nardone was appointed as the interim CEO of Fortress Investment Group and after serving for one year, he was appointed as the permanent CEO in 2012. At the same time Fortress Investment Group, the largest alternative asset management firm has been handling assets worth $43.6 billion annually.
In the year 2013, Fortress Investment Group was purchased by the Tokyo Banking Giant SoftBank Inc. for a staggering $3.3 billion. It was believed that after major acquisitions in the last decade, Fortress Group needed guidance and easy access to more data points for analysis and securing more customers. SoftBank’s unique business strategies to double up their current annual revenue intrigued the Fortress Group owners and the transaction was made. It was agreed upon that Fortress Group would retain autonomy and will continue to progress without supervision and hindrance from SoftBank.
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