Randal Nardone is a legend in the financial services sector and is ranked 557th on the Forbes billionaire list. He majored in arts at the Universities of Connecticut and Boston. Randal is the founder of many companies most notably Fortress Investment Group. During his career, Mr. Nardone has been a successful leader and mentor to hundreds of people. He has been the CEO of Fortress since 1998. The firm primarily provides credit and financial services to businesses.
Recently, Softbank Group acquired Fortress Group, but Randal Nardone will be retained to serve in a senior management role because of his excellent leadership skills. The deal was in the works for a long time and was completed earlier this year. The purchase was estimated at $3.3 billion and Softbank believes that it can more than double Fortress’s assets in the near future. The company invests in industries such as digital marketing, mortgages services and golf resorts. A small percentage of Fortress’s managed money comes from Middle Eastern and Asian investors. Softbank plans to assemble a team of former Wall Street professionals to achieve its goals. Randal Nardone will play an important role in this strategy.
Softbank plans to make very few changes to how Fortress operates because the company is happy with the business model and leadership by Randal Nardone. Fortress currently has over $36 billion in assets and has over 1700 clients not to include private investors. Softbank has a worldwide portfolio of diverse companies in the industries of internet services, telecommunications, robotics, and clean energy. Fortress will continue to be a publicly traded company on the New York Stock Exchange and shareholders had to approve the purchase. Aside from being the CEO of Fortress, Randal serves in key positions in many of the companies subsidiaries such as Newcastle Investment Holdings and Springleaf REIT. Fortress Three Top Executives Split $44 Million Bonuses In 2015