How Randal Nardone switched to Finance to co-found Fortress Investment Group
Before 1998, Randal Nardone was a city lawyer who had made partner at reputable law firm, Thatcher Proffitt & Wood. This was in line with his Doctor of Jurisprudence Degree that he had earned at Boston University School of Law. However, Randal Nardone showed a deeper interest in finance, and all through his law career, he looked for ways to integrate law and finance. In this respect, Randal would part ways with his law firm, to join BlackRock Financial Management as a Principal.
It was while at BlackRock that Nardone learned in depth about financial matters and acquired substantial experience that would come in handy in his future career. After a substantial stint at BlackRock, Nardone would join UBS to become the managing director. He did not, however, serve at UBS for long, as he would leave the company a year later in May 1998. This was the watershed moment of his career as he would partner with Wes Edens and Robb Kauffman to create Fortress Investment Group where he became a Principal.
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It was during this time that he co-founded Fortress Registered Investment Trust that he acts as the Chief Operating Officer, Secretary and Vice President. Randal Nardone has had a remarkable and rich career at Fortress; one that has made him a billionaire and established him as a titan in Finance. Fortress Investment Group is among the most reputable asset management firm with assets worth over $1 billion under its management. Fortress was recently acquired by SoftBank group at a cost of $3.3 billion but continues to operate independently. This a mark of the able leadership of Randal Nardone, and his fellow Principles, Wes Edens and Peter Briger. Nardone says the acquisition will allow Fortress to further diversify their investments because they will enjoy a rich pool of funding from the more financially muscled, SoftBank.
Randal Nardone also serves as the Secretary and Vice president of Newcastle Investment Hodings, LLC, and as the Chairman and the president of Springleaf Financial Holdings. According to Forbes magazine, Randal has a net worth of $1.8 billion and is the 557th billionaire on the globe.