Randal Nardone is #557 on the billionaire list. He has a Bachelor of Arts from the University of Connecticut. He got his J.D. at Boston University. Nardone is the co-founder and CEO of Fortress Investment Group in 1998, having been its chief executive officer since August 2013, and being a Principal since 1998. Fortress is known for providing credit funds but also for managing private-equity pools. Softbank bought Fortress Investment Group for $3.3 billion because of their interest in Fortress’s six investment specialty pools.
These pools put money in industries such as digital marketing, to mortgage services as well as golf courses. Softbank feels it can double Fortress’s assets in the next few years. 3% of Fortress’s managed money comes from Middle Eastern investors, as well as 7% from Asia. Mr. Son from Softbank, has a network of sovereign funds and billionaires, according to people who are familiar with the situation. Softbank’s strategy is to assemble a group of former Wall Street salesman and traders with ties to Saudi Arabia and Abu Dhabi.
Because Softbank bought Fortress, Softbank gains a team. Softbank has asset management in back office, and Mr. Masayoshi Son wants to create a company similar to Berkshire-Hathaway. Softbank was originally a telecommunications and internet company. Randy Nardone is Chief Executive officer of Fortress Investment Group. Fortress stock was $7.85 a share in December of last year, dropping 58% below the first public offering price. Softbank bought Fortress for $8.08 a share in February, the price being 39% above the stocks close the day Fortress was bought.
Mr. Son is going to maintain Fortress’ business model with few changes. They have a $97 billion Vision Fund at SoftBank since it is one of the world’s largest technology investors. Employees feel they work with smart, and thoughtful people. SoftBank Vision Fund invests around the world in business and technologies that will help the Information Revolution along. Fortress has $36.1 billion assets, managing over 1,750 clients as well as private investors. They offer a range of credit, real estate and permanent capital as investment strategies. SoftBank has a global portfolio of companies, which will prove beneficial to Fortress Investment, such as advanced telecommunications, internet services, AI, smart robotics, and clean energy. Fortress shareholders have approved the purchase of Fortress Investment Group. Nardone will continue to lead Fortress and that is because Fortress is a publically traded company on the New York Stock Exchange (NYSE:FIG).
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