Randal Alan Nardone is a well-known lawyer who switched to finance. He is the co-founder of Fortress Investment Group LLC and has been the company’s Principal since 1998 and its chief executive Officer from August 2013. He started his career at Theacher Proffit & Wood, he later shifted to BlackRock Financial, then eventually to the Union Bank of Switzerland. It is during his time at the prolific Swiss Bank that he felt he was not having enough. In 1988, he decided to establish Fortress Investment Group, which has significantly grown since then.
The company provides private equity services and credit funds for various firms. The company’s growth and success has made Randal Nardone to be listed on the Forbes Billionaire list. He was ranked number 557 with a net worth of $1.8 Billion. This wealth is mostly tied to the success of Fortress Investment Group. Moreover, Randal Nardone has earned more than $100,000,000 in cash compensation. According to a report published on June, 30th 2016, Randal’s company managed over $70 Billion in alternative assets. These assets comprise of liquid hedge funds, private equity, and credit funds.
In 2014, his company received a ‘Hedge Fund Manager of the Year‘ award by Institutional Investor. It also received a ‘Management Firm of the Year’ award by HFMWeek. Also, the company was recognized by the Institutional investor as The Discretionary Macro-Focused Hedge Fund of the Year in 2012 as well as the ‘Credit-Focused Fund of the Year’ in 2010 and 2011. All these achievements have come together with Fortress’ recent development, the procurement of SoftBank Group, which was initially announced on February 14th, 2017. SoftBank Group would purchase the company at $3.3 Billion. This acquisition will not be a setback for the company as Randal Nardone, and his colleagues will still be part of the new management.
For a 51-year-old, Randal Nardone has acquired a considerable fortune. His strong will and brilliant connection networking skills have made him reach out to investors as well as a continued commitment to his company’s success. While Fortress Investment Group may have new management at the moment, his influence as the CEO will stir the company even higher. Meet Fortress Investment Group’s Ex-Billionaire Interim CEO