Randal Nardone: The Powerhouse Behind Fortress Investment Group
Randal Alan Nardone, popularly known as Randy, J.D., is one of the co-founders of Fortress Investment Group LLC that came into being in 1998. Since inception two decades ago, Randal has served as a Principal and since 2013, he was appointed the Chief Executive Officer, a position he holds up to date. He was appointed to the company’s Board of Directors in 2006.
Prior to starting Fortress, Randal Nardone had gained considerable experience in the world of finance and he was eager to incorporate solutions to help his new venture flourish. He was the MD of UBS and a principal at BlackRock Financial Management, Inc.
Nardone’s reputation as a seasoned financialist precedes him everywhere he goes and his employees thrive under his leadership. Numerous companies have hired him to improve their financial situation and stay afloat amidst economic upheavals. Over the years, he and fellow finance guru Wes Edens have served big-name clients at Fortress Investment Group and of course, pulled big paychecks. Forbes ranked Randal Nardone as the 557th billionaire with a net worth of $1.8 billion which is an incredible feat.
Interestingly, Randal Nardone did not set out to work in finance. He was more inclined to the legal field and even obtained a law degree and masters from Boston University School of Law and the University of Connecticut respectively. He was a partner at Thacher Proffitt & Wood, a law firm, where he also served on the executive committee. Not before long, Randal came to a conclusion that legal and finance matters are interlinked and he subsequently changed his focus to corporate finance.
In 2017, Japan’s Softbank Corporation Group based acquired Fortress at a price of $3.3 billion with the goal of expanding its global footprint. This move was initiated and executed by SoftBank Vision Fund which is positioning itself to pioneer the next level of Information Revolution. Currently, Fortress Investment Group’s operations include Private Equity, Credit, and Permanent Capital Vehicles. In this new arrangement, Fortress operates independently within Softbank’s base in New York City. More so, the founding members; Wes Edens, Randy Nardone, and Peter Briger will continue their respective roles at Fortress. Fortress Three Top Executives Split $44 Million Bonuses In 2015