Randal Nardone is a prominent lawyer who later changed his career into finance. He used to be a lawyer at Thacher Proffit & Wood. He advanced his ranks at BlackRock Financial and eventually moved to Union Bank of Switzerland. Even though serving in some of the prominent Swiss banks across the world may seem like a great achievement, this was not enough for Nardone. The main reason he decided to establish the Fortress Investment Group in 1998. Since then, the firm has experienced incredible growth that has earned him a position in the Forbes list of Billionaires.
Randal Nardone has a net worth of 1.8 Billion US Dollars and holds position 557. This is a significant achievement since all his wealth is self-made. His vast wealth is entirely from his stake in Fortress Investment Group. Besides, he earned more than 100 million US Dollars in different cash compensation. Randal Nardone is the CEO of Fortress Investment Group. He embarked to the company in 2011, which was suitable considering his role from the initial stages of the company. According to 30th June 2016 report, Fortress Investment Group manages over 70 billion US Dollars in various assets. These assets are divided into private equity, liquid hedge, and credit funds.
Randal Nardone emerged as the Head Fund Manager of the Year in 2014, an award contest that was held by Institutional Investors. Fortress Investment Group was featured as the Management Firm of the Year by HFMWeek. Besides, the company has gained much attention and praise as the Discretionary Macro-Focus Hedge Fund of the Year by Institution Investors for 2012 contest and the Credit –Focused Fund of the Year for two consecutive years, 2010 and 2011. This brought about the acquisition of Fortress by Softbank, which was one of the most credible and relevant developments of the company. It was initially effected on 14th February 2017 when Fortress Investment Group agreed to buy the company for 3.3 Billion US Dollars.