Randal Nardone: A Powerhouse in the Financial Services Industry
Randal Nardone is director, principal and one of the three co-founders of Fortress Investment, an equity investment firm located in New York City that deals in real estate, credit funds, railroads and private equity. Before starting Fortress Investment, Randal Nardone worked as an attorney at Proffit and Wood immediately after finishing law school at Boston University. He also pursued an undergraduate degree in English and Biology at the University of Connecticut. He then decided to venture into a career in financial services. So he went to work as a principal in a company called Blackrock Financial Inc. In May of 1997, he started working at UBS as the managing director before he finally quit the following year and co-founded Fortress.
Randal Nardone is currently the Chief Executive Officer at Fortress. He has been on the management committee for many years and was appointed as a member of the board of directors of Fortress in 2006. He is the main reason why Fortress acquired American General Financial, which later changed its name to Springleaf Financial. This acquisition was a shock to the public and investors of Fortress because they thought that it would lead to the collapse of the company. However, under Randone’s exemplary risk-taking and leadership skills, the company grew further, in turn attracting even more investors and clients because of their excellent management services.
In 2017, Fortress Investment was acquired by a Japanese firm called Softbank Group (SBG) for $3.3 billion, making SBG and its fully-owned subsidiaries owners of all outstanding shares of Fortress. After the acquisition, FIG became the first private equity firm in the United States to get delisted in the market. Randal Nardone believed that the acquisition was to be very beneficial to Fortress Group. He explained that they made a profit of $1.39 Billion after the acquisition because their shares were bought at 8.08 dollars per share compared to their previous trading price, which was 5.38 dollars per share. Randal Nardone has been on the Forbes Billionaire list since 2007, and he ranks at number 557 and more