Randal Nardone’s transition from Lawyer to finance specialist

Randal Nardone graduated from the Connecticut University with a degree in English and Biology and later enrolled in the Boston University School of law where he graduated from with a Doctor of Jurisprudence. After graduating, he joined the Thacher and Wood law firm as a partner and an executive and later changed his career path and joined the finance industry. Randone worked at BlackRock Financial Group as a principal and later on joined UBS as a managing director for one year from May 1997. In 1998, Randal Nardone and four other finance experts joined forces to launch the Fortress Investment Group. Since its founding, Randal has been a principal and a member of the management committee of Fortress.

Fortress Investment Group is a universal investment manager that is highly diversified and managing assets worth 43.6 billion dollars. Fortress manages assets for more than 1750 established clients as well as private financiers. It also provides these clients with investment strategies that long-term and beneficent to the clients’ corporate existence. Fortress is reported to have close to a thousand employees who are specialized in asset management and over two hundred who are investment specialists.  In December 2017, SoftBank Group Corporation made a public announcement that it had completed transactions to acquire the Fortress Investment Group.

The terms of the purchase outline that Fortress will continue to operate as an independent entity under SoftBank and its headquarters will be maintained in New York.The acquisition was made for 3.3 billion dollars, and each shareholder is entitled to receive 8.08 dollars for each share they own. As a result, the Fortress Investment Group shares were struck from the stock market to avoid complication in the transition. The primary beneficiaries of the transactions are the five principal shareholders; Peter Briger, Michael Norvodratz, Robert Kauffman, Wesley Edens and Randal Nardone.Forbes already lists Randal Nardone as the 557th person in the World’s Billionaires list, and the amount he is set to receive from the sale of Fortress will indeed move him to a higher rank. The fifty-one-year-old father of one is set to venture more into finance while remaining a board member at Fortress Investment Group.

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