An Artist Performs
In the unsteady world of business it is important to have belief in the company you choose to invest in. when things go wrong or investigations pop up this can shake the confidence in investors and even the workers of a company. Fortress Investment Group has faced such times with its chief executive officer Dan Mudd being sued by the Securities and Exchange Commission. This has paved the way for someone to step up and right the ship. The man for the job selected is Randal Nardone.
Randal Nardone at age 55 is a seasoned individual in the world of investing. He has had many titles in a few companies throughout his career including Director of Springleaf REIT Inc, Non Executive Director for Alea Group Holding Corp, and other positions including UBS and Blackrock. In Fortress Investment Group he has held the positions of Co-Founder as well as Principal and Director. Randal is also affiliated with over 20 other business and groups. He has received his Bachelors Degree from the University of Connecticut as well as has Junior Doctorate at Boston University School of Law.
Randal Nardone’s big claim came in 2007 when he graced the Worlds Billionaires list of Forbes Magazine. His ranking at number 557 was earned after Fortress Investment Group Initial Public Offering was released in 2007 giving him a net worth of 1.8 billion. The investment group now works upward of $43.6 billion and still making earnings to boost its worth.
In late 2017 Softbank purchased the outstanding shares of Fortress Investment Group for $3.3 billion in cash. After the transaction was completed Softbank decided it was best to keep the existing management team in place. This kept Randal Nardone in his place running the investment group as it will operate as in independent company. When ask on his thoughts of the purchase, Nardone was very optimistic about the deal. He believes it will help the company grow and strengthen them faster for the future. It would also allow them to gather greater credit sources. After the Softbank transaction Randal now operates with $69.6 billion in assets under his management between fixed income and private equity as well as permanent capital and credit hedge funds.
Randal Nardone has set himself as a leader in a time when Fortress Investment Group was indeed of one. We look forward to watching his continued success.