A look at investor and businessman Randal Nardone
As one of the founders of the Fortress Investment Group his input had to be considered when SoftBank was thinking of acquiring them. The investment bank was offering 3.3 billion, which was a forty percent premium on the share price. The deal was approved in 2017, and it completed the same year. Randal Nardone and his partners founded Fortress in1998. He had just come from UBS where he was a partner and managing director. After resigning, he partnered with Wes Edens, who had come from BlackRock financial services and Rob Kauffman, who retired in 2012 to focus on other interests. Their partnership was one built on mutual interest, and at the time they were able to consolidate four hundred worth of assets and bring them under the group’s financial management.
The Fortress Group had begun as an asset management group, but has ventured into Private Equity, Investment management, and Liquid markets. Randal Nardone and his partners were keen on growing the group to the best of their ability given their combined experience in the financial industry which combined surpassed thirty years. Randal Nardone did not, however, begin his career in the banking or investment industry like his peers. After completing his Law degree at the Boston University of Law, he joined the law firm Thacher Proffitt & Wood. Even though Randal enjoyed practicing it was not as satisfying as his true passion which was finance. He would later leave and join BlackRock before moving to UBS.
Fortress went public in 2007 becoming one of the first private equity firms to do so. The years that followed would be extremely successful for the group, and Randal Nardone was listed on the Forbes list of billionaires as number 557 with an estimated worth of up to 1.8 billion dollars. He served as the group’s CEO between 2011 and 2013 at a time when he oversaw the launch of various projects and funds. At the time they were able to aggressively expand into the Asian market opening two offices, one in Shanghai and one in Singapore. He has been recognized for his extraordinary leadership abilities, and he received the Hedge Fund Manager of the Year in 2014 from the Institutional Investor.