When it comes to the World’s leading investment firm, Fortress Investment Group, Randal Nardone must be mentioned as the pioneer and the man behind its continued success. He started the company alongside his two colleagues, Wesley Edens and Rob Kauffman in 1998 after a long while of working with financial institutions. Randal, who began his career path as a lawyer in Thatcher Proffitt and Wood developed an interest in financial investments while still in the firm’s legal department and immediately moved to a financial institution, Blackrock, where he was the principal. Later, he earned himself a high-profile role in the Union Bank of Switzerland where he occupied the office of the banks managing director.
Randal Nardone has a doctorate in Jurisprudence from the University of Boston law school and a bachelor of arts degree in English and a minor in biology from Connecticut University. The investment bigwig is among the wealthiest men in the world and was listed by the Forbes magazine as the 557th billionaire with a net worth of about 1.8 billion dollars. Outside of Fortress Investment Group, Randal has other distinctive responsibilities in 8 different organizations across 20 industries. In Springleaf Holdings Ltd and Spring life Reit Inc, he is the acting director. Randal Nardone is still the chairman of Euro Castle investment Ltd and Florida East Coast holdings among other various companies.
Randal’s employees consider him a team player and each of the 2500 individuals working under him can attest to the fact that he is among the best patrons to work with. Together with his team, he has managed to get recognition from various institutions commending Fortress Investment Group for maintaining high standards in the asset management industry. For instance, the HFMWeek awarded them with the best management firm of the year award while the institutional investor honored them with the Hedge Fund award.Late last year, 2017, the SoftBank Group finished the paperwork involved in acquiring Fortress Investment Group. All their common stocks were pulled down from the New York Stock Exchange, and their statements would henceforth reflect in the SBG’s financial statements. According to Randal Nardone, giving up the Fortress Investment at a time when their private equity assets were not doing so well was a calculated scheme to maintain their clients’ confidence in them. He entirely supported the idea and passionately kept working for Fortress even under SBG.
Fortress Investment Group LLC is a highly diversified alternative asset manager (credit hedge fund) investment management company, founded in 1998. Today, Fortress Investment Group LLC manages over $ 40 billion in assets for 1,750 of their clients. On December 28th 2017, Japanese technology investment company, SoftBank Group Corp bought Fortress Investment Group LLC for a staggering $ 3.3 billion. This latest acquisition, by SoftBank Group Corp, to buy Fortress Investment Group LLC is one of the latest acquisition by SoftBank. The international investment company has acquisitions dating back decades, adding Fortress Investment Group to its portfolio of companies is a testament to the financial business investment influence and power in the sector.SoftBank was founded September 3rd 1981, in Tokyo Japan and has since grown to report revenues of over $ 74 billion (REV) and over $ 9 billion in (NI), with more than 68,000 employees.
SoftBank’s founder Masayoshi Son is leading the company to be the world’s largest investment company. SoftBank buying Fortress is a deviation from its usual technology investments. The deal cost SoftBank $8.08 per share totalling $ 3.3 billion. A few years before the acquisition, Fortress was trading in the teens and SoftBank paying only $ 8.08 per share is quite a discount. The last of trading for Fortress the stock was at $ 7.85 per share, which was almost 60% less its initial public offering prince ten years ago. Fortress’s shareholders had not appreciated the value in Fortress, which is why the stock’s value had lost so much value prior to the acquisition. The co-founder of Fortress Investment Group LLC, Wes Edens was very excited about the deal. Wes Edens said he looked forward to not having earnings calls anymore. Fortress Investment Group LLC is happy making long term investments, and this is the value SoftBank seeks to capitalize on. Fortress no longer has to try and convince shareholders their investments are worth more.
Fortress can now use SoftBank’s capital to expand and have the freedom to make longer term investments, for higher yields and more capital appreciation.Fortress Investment Group LLC became the first alternative asset management firm to go public on February 9th 2007, and became the first common stock delisted from the New York Stock Exchange. Wes Edens, co-founder of Fortress graduated from Oregon State University in 1984 with a Bachelor’s of Science in Finance and Business Administration. In 1987, Wes Edens became a partner at Lehman Brothers. Mr. Edens was a partner and managing director of BlackRock Asset Investors from 1993 to 1997. Principal and Co-Chairman of the Board of Directors of Fortress, Peter Briger is a Princeton University grad. Mr. Briger also has an MBA from the University of Pennsylvania’s, business school Wharton. Peter Briger was partner at Goldman Sachs and served on the committees of Global Control and Asian Management Committee. Randy Alan Nordon, has been Chief Executive Officer and Chief Operating Officers since August 2013 and has been a principal of Fortress Investment dating back to 1998.