In 2007, Forbes documented Randal Nardone, the co-founder of Fortress Investment Group as one of the wealthiest men in the world. He was ranked at position 557, with an estimated worth of $ 1.8 billion. The seasoned financial executive was listed alongside the world’s most famous personalities like Warren Buffet, William Gates, Paul Allen, Sheldon Adelson, Michael Dell, Larry Page, and Jack Tailor. The list featured the world’s most seasoned entrepreneurs and talented investors.
How did Randal Nardone secure a spot on the list of billionaires? Mr. Nardone secured a place on the list of billionaires due to his investment prowess in US' real estate, transport, and finance sectors. He is an accomplished entrepreneur and executive in the US’ finance industry. Before founding Fortress Investment Group, Randal served prominent financial companies like UBS and Blackrock. He made a debut in business management during his stint at Thatcher & Profitt, where he rose through the ranks to become a partner and more
Nardone is a born entrepreneur. He had always held dear the idea of founding and growing his company into a robust corporate organization. In 1998, he quit his executive roles at the financial companies to start his business ventures. He partnered with Robert Wesley Edens and Kauffman to cofound Fortress Investment Group. The three executives combined their adept managerial skills to develop Fortresswithin ten years. By 2007, the investment management firm owned an array of permanent vehicles in US' hospitality, real estate, and transport industries. It had acquired Florida East Coast Industries, the brand that owned a significant stake in Florida's rail sector, and Intrawest, a company that owned and managed a chain of ski resorts in North America. Moreover, Randal Nardone’s Fortress had acquired Penn National Gaming.
In the same period, Fortress became the first investment management firm to go public, a move that sparked-off the company’s growth tremendously. It expanded its boundaries to the international market, and it acquired more investment vehicles like Springleaf Financial Services. Its rapid growth attracted the attention of Softbank Group Corporation, a prominent investor who offered to purchase it at a price of $3.3 billion. They retained Randal Nardone and Wes Edens as Fortress Principal Executives.