Randal Nardone is a co-founder, acting Chief Executive Officer of Fortress Investment Group. He joined the managing team in 1998 and was made a member of the directors in 2006. Randall Nardone works in the company’s offices located in New York as a principal. Randall Nardone worked as an attorney at ThacherProffit& Wood Law Firm as a partner before joining the financial sector as a principal at Blackrock Financial Management. In 1997, he secured a managing director position at UBS. Randall Nardone earned a Biology and English degree from Connecticut University as well as a Law degree from the Boston Law School. Learn more about Randal at Bloomberg.
A huge announcement was made in December 2017 about the acquisition of Fortress Investment Group by the huge banking group from Japan, SoftBank. The deal was settled, and the company was bought at $3.3 billion in cash. Softbank retained all the team managing Fortress Investment group, and Randal Nardone was one of them. The company will proceed in operating and investing in the area they specialize in including real estate, private equity, hedge funds, and rail roads.
When giving details about the purchase, Randal Nardone noted that he was confident about the deal and the role it will play in firming up Fortress Investment Group. Randal Nardone confidently stated that his company is now in an excellent position to expand faster and has grounds of accessing huge credit sources. From the purchase, Randal Nardone noted that the individual shares of Fortress Investment Group were purchased at $8.08 for every percentage which is $2.25 more than the trading price of the shares. From this, it is clear that there was a $ 1.39 billion profit made to Fortress Investment’s executives.
The $1.39 billion will be shared equally amongst the executives with considerations of the amount of share each executive has in the company. As of today, Randall Nardone’s firm is now approximated to be managing more than $69.6 billion in assets and half of it is in fixed income while the remaining half being terms of permanent capital, credit hedge funds, private credit equity, and permanent capital vehicles.