Randal Nardone is the Co-Founder and Principal of Fortress Investment Group, an investment management firm that entered the financial landscape in 1998. Formerly at BlackRock and USB, Mr. Nardone brought a solid understanding of finance and investing to the table. Mr. Nardone has been a member of the Board of Directors since November 2006 and served as interim CEO from December 2011 to July 2013 and was appointed permanent CEO in August 2013. Randal Nardone currently serves as the principal and director of investment management. Read this article at patch.com to know more.
When Mr. Nardone started his own company, he knew it would be an uphill battle against competition. Mr. Nardone’s expertise in management, private equity finance and credit played a large role in his leadership role. Mr. Nardone was responsible for the formation of many subsidiaries including Fortress Credit Corporation and Fortress Registered Investment Trust. He holds several leadership positions at Eurocastle Investment, Seacastle and Florida East Coast Railway. He works with his clients to improve the financial situations of their companies and offers a high level of skill and expertise. Mr. Nardone currently helps manage approximately $69.6 billion in assets. Over the years, Randal Nardone has made large contributions in the growth and development of Fortress Investment Group.
Fortress Investment Group was acquired by the Japanese bank, Softbank, in 2017 for $3.3 billion. Randal Nardone continued his role on the management team after the acquisition. Softbank, in its pursuit for cutting-edge startups like Fortress, expects that the investment firm can be leveraged to develop and grow Softbank’s financial arm. Previously publicly traded on the New York Stock Exchange, Fortress Investment Group has since gone private.
Mr. Nardone indicated that he was pretty optimistic about the transaction and believed that it would strengthen his company. He thinks that Fortress’ acquisition by Softbank will put Fortress in a position to grow faster in the future and enjoy access to greater credit resources. After the acquisition, Fortress continued to operate as an independent entity headquartered in New York.
On the Forbes’ billionaires list, Randal Nardone ranked as number 557 with a net worth of $1.8 billion.