Softbank, one of Japan’s biggest banks recently acquired the Fortress Investment Group. The deal closed in 2018 after the group’s shareholders approved a deal worth 3.3 billion dollars. The deal would mark the return of the group to private hands after it listed on the NYSE in 2007 under the capable hands of the Current Co-CEO Peter Briger. He was at the time a member of the firm’s board of directors having joined them in 2002. The Fortress Investment Group had listed on the Stock exchange at a time when it was managing assets worth around 30 billion dollars which were split out in various industries.
The group has experts spanning almost every industry who help the management time analysis, investment opportunities and help them make informed investment decisions that ensures the group remains profitable. The asset under management by the time of Softbank’s acquisitions were around forty-two billion dollars. Fortress Investment Group today manages long-term investment vehicles that include five publicly listed firms. One of their flagship permanent investment vehicles is Brightline which falls under the transportation investment division. Brightline is a Florida based firm that invests in the private rail business. Brightline has various within Florida and runs its passenger trains on various routes in Miami where it has helped the people of the town cut down on commute times by up to two hours during rush hour.
This diverse portfolio was one of the main reasons why Softbank had a keen interest in the group’s operation. Softbank based on its earlier investments understood the need for diversity in private equity portfolios as it prevents the sudden collapse of a firm’s value in case something happens to the one area that they had invested their entire capital. The fortress investment recently acquired the largest ski establishment in the world based in Canada. This investment was in line with their earlier entry into the gaming world which included a holding company that owns a number of Casinos as well as horse racing fields. As the Fortress investment Group returns to private hands its now up to the team of Peter Briger and his colleagues to help it achieve more success.
Randal Nardone: Dynamic Approach to Top Leadership Roles
The roles of senior executives in financial companies have changed drastically. Formerly, top financiers were expected to come up with solutions that would crack corporates’ profit demands. Nowadays, these executives are tasked with the responsibility of providing strategic marketing skills that will raise the firm’s standing among customers and maintain profitability. In the financial services and equity management sector, Randal Nardone has these advanced dynamic leadership skills.
He is often called Randy and has a net worth of 1.8 billion USD according to Forbes. In the Forbes Billionaire List, he ranks 557th worldwide. He obtained a law degree from the Boston University School of Law. He also has a Bachelor of Arts degree in English and Biology from the University of Connecticut. Currently, he is the Principal and CEO of Fortress Group, a leading company in the provision of financial services and equity management services to customers.
Nardone’s Roles at Fortress Investment Group
After studying law, he worked in the financial sector. Randal Nardone was so interested in the field that he would spend his life in finance rather than law.Before he co-founded Fortress Investment Group in 1998, Randal had held high executive roles in the financial sector for years. Notably, was the Managing Director of USB from 1997 to 1998, apart from holding the Principal position at BlackRock Financial Management. He also still holds other positions outside his company, Fortress.In 1998, when he decided to create his company, Nardone was ready for the challenge. He had already built knowledge in the finance sector from his previous companies’ roles. Alongside co-founder Wes Edens and other financial expert leaders, he has transformed Fortress Investment Group into a top provider of quality customer services.As Fortress chief executive officer, Randal Nardone has to expand the business’ horizons through strategic leadership skills. This is why he founded other departments such as the Newcastle Investment Holdings, Fortress Transportation LLC, Fortress Investment Trust, and Fortress Investment Fund among different Fortress Identities.
Softbank Acquisition of Fortress
After two decades of independent services, the Fortress Investment Group was acquired by the Japanese Softbank Group. The deal was finalized in December 2017 with Randal Nardone retaining his leadership roles. Other Principals Peter Briger and Wes Edens will also remain part of Fortress leadership team. With this acquisition, it was the firm’s first time of delisting from the NYSE. Certainly, with the success of Fortress since its foundation, Nardone will still provide dynamic leadership experience to the new management team.
Being an alumnus of the prestigious University of Pennsylvania’s Wharton School of Business, Peter Briger is currently the president, co-principal and the chairman of the Board of Directors at the Fortress Investment Group. This is an investment management company that among the largest and leading in the world.Peter got his Master Degree at the University of Pennsylvania, immediately after finishing his undergraduate at the Princeton University. Briger later joined an investment banking company, Goldman Sachs & Co., where he started his professional career.While working for Goldman Sachs & Co., Peter Briger performed different roles over the years, ranging from management to operations and leadership functions. He also gained a lot of experience in different investment fields like real estate, foreign exchange, loans, and trading. This knowledge and skill would later come to be very essential in the next career move that he was to make.
With years, his proficiency in finance acumen stood out to the extent that even the investment bank that had employed him, Goldman Sachs, entered into a partnership with him.Later on, after working for the bank for 15 years, he decided to transition to Fortress Investment Group where he joined as a co-CEO, alongside two other principals. This was in the year 2002. Little did people know that the company’s new face of life had just begun. At that time, Fortress was a young company and was still at its struggling stage with a small value of assets under management; approximately $400 million. Within three years of Peter Briger’s leadership, Fortress experienced rapid growth in its managed assets, skyrocketing to the highs of $32 billion by 2007.His skills and vast expertise in investment strategies that Peter had acquired while he worked at the reputable bank had now turned into some real oxygen that Fortress required for its growth.
His able leadership saw Fortress receive a lot of industry performance-based accolades and awards. A good example of such accolades was the one that the Institutional Investor named the Group as the “Hedge Fund of the Year” in the years 2010 and 2011, in a row. Besides his career life, Peter Briger also engages himself in other roles and responsibilities that are community-focused. These are intended to give back to the society and also to improve lives. For instance, he involves in philanthropic activities where he tries to alleviate poverty from the underprivileged families. He also assists in educating the poor kids with the hope that they would come to rescue their families from poverty later in life.
Randal Nardone, a former lawyer, is one of the elite few in the world who can actually lay claim to being a self-made billionaire. The businessman, who has been listed more than once on Forbes annual list of billionaires and currently holds spot # 557, is one of the 1998 co-founding principals and current CEO of Fortress Investment Group–a leading global equity and investment management firm, boasting a portfolio that includes both private and public assets, real estate holdings, credit markets and hedge funds of almost 2,000 clients, totaling more than $46 billion.
Fortress also has the distinction of being the first large private equity firm to be listed on the New York Stock Exchange. In addition, Nardone, who got his Bachelor’s Degree from the University of Connecticut and J.D. from Boston University Law School and practiced law for many years before entering into the financial markets; also serves on several business advisory boards, where he carries various titles; including president and director. If that isn’t enough, Randal Nardone is also the acting director of Italian Real Estate Development firm, Eurocastle Investment.
Apparently, multi-tasking and laser-precision business acuity are special gifts that a rarified few like Mr. Randal Nardone possess; one, cultivated way back when he decided to leave his prestigious position as an executive partner with Thacher Proffitt and Wood Law Firm to venture into the often unforgiving and perilous waters of investment funding.Though new to the industry, Nardone proved to be a natural and quickly rose up the ranks and was soon the managing director of the Universal Bank of Sweden after stepping down as then head of Blackrock Financial Management. Shortly thereafter, in 1998, Nardone would meet the partners with whom he would co-found the immensely successfully, Fortress Investment Group—Wesley Edens and Robert Kauffman.Some twenty years later, Randal Nardone, who is based in New York; shows no signs of slowing down.