Randal Nardone, the lawyer turned financial guru
After several months of speculations, Fortress Investment Group finally approved and announced that it would be acquired by SoftBank in July 2017. By the end of the year 2017, the acquisition had been completed for 3.3 billion dollars. The terms of the acquisition required that all the shareholders receive 8.08 dollars for every share in their ownership. The purpose was for SoftBank to have ownership of all of the company’s shares. Among the biggest beneficiaries of this transaction is Randal Nardone.
Randal and Fortress Investment Group
Randal is one of the co-founders of the Fortress Investment Group. Since its founding in 1998, Randal has been a principal at the firm where he first served as the assets manager. He also served the company as a chief officer of operation and took the forefront in the firm’s structured finance and legal affairs as well. He is currently the director of investment of Fortress as well as the interim Chief Executive Officer since 2013. Randal Nardone has also been a member of the firm’s board of directors for the past 12 years.
Owing to the public offering of Fortress Investment, Randal acquired a whopping 1.6 billion dollars for his 53 million shares in the company. In addition to his 200 million dollar net worth previously, Randal Nardone is currently worth 1.8 billion dollars. He was ranked 557 in Forbes list of World Billionaires.
Randal Nardone before Fortress Investment Group
Randal attended both the University of Boston and the Connecticut University where he got his Doctor of Jurisprudence and a Bachelor’s degree in English and Biology respectively. He began his career as a lawyer working at the Thacher Proffitt and Wood law firm. He later reinvented himself and decided to venture into finance with his first job at BlackRock Financial Group. He then got hired at UBS before venturing into Fortress with his co-founding partners.
Randal also plays the role of Director at Brookdale Senior Living, Springleaf Holdings, and Gagfah. He is the executive manager and advisor at the New Residential Investment Corp as well. He is also a board member in each of these companies.