Randal Nardone – A Trained Lawyer Turned Successful Financial Executive
The success of Randal Nardone with the Fortress Investment Group is a tale of a trained lawyer who opted to pursue asset management path. After completing his law degree from Boston University, Nardone practiced law with the US law firm Thatcher Proffit & Wood as a Partner before focusing poking his nose in the world of finance. His steps in the field of finance and asset management made him a billionaire at 51 and continued to run one of the largest asset management firm in the world.
Randal Nardone, who also holds B.A (Biology and English) from the University of Connecticut, began his career in the financial sector as a Principal at BlackRock Financial. Then, he joined UBS where he worked as a Managing Director. His stint at UBS lasted for one year – between May 1997 and May 1998.
At BlackRock and UBS, Nardone had gained immense experience to help build his asset management firm. Thus, he co-founded Fortress Investment Group in 1998 alongside his colleagues Rob Kauffman and Wes Edens. The three founders assumed Principal positions of the firm and made the first investment of 400 million USD in assets. Fourteen years later, Kauffman retired to focus on his personal goals, leaving Randal Nardone and Edens as the firm’s Principals. Despite the departure of Kauffman, Fortress continued to excel since Peter Briger joined the company as a Principal and Michael Novogratz as a Fund’s Manager (both coming from Goldman Sachs).
One of the earliest achievement by Nardone and his company was making Fortress the first equity company with private ownership to trade publicly. This was in 2007, the same year Nardone appeared in the Forbes Billionaire List at position 557. He also oversaw the expansion of Fortress interest to cover diverse areas as capital markets, operation management, asset investment, and corporate acquisitions as Fortress Group CEO.
After the Japanese Softbank Corporation acquisition of Fortress in a deal completed in December 2017, Randal Nardone remains a Co-chair of the company’s board and oversee operations of other subsidiaries of the firm. Besides, he serves in multiple boards including Gagfah, Springleaf Holdings, New Residential Investment Corporation, and Brookdale Senior Living. A Force of Innovation: Two Decades of Fortress Investment Group