When the Fortress Investment Group acquired American General Financial services for 125 million in 2010 it fell on Randal Nardone to restructure it as at the time it was considered a distressed asset. He took on the role renaming it to Springleaf financial, and today the company has more than 14 billion under management. Randal Nardone still oversees its operations as he continues with his other roles at Fortress.
Randal Nardone graduated from the University of Connecticut with a bachelor of Arts in English and Biology he would choose to advance his education soon after joining the Boston University School of Law where he got his J.D. After completing his J.D he worked for Thatcher Proffitt & Wood where he soon rose to become a partner. He would later become a managing director and partner at UBS before leaving to join hands with Wesley R. Edens and Rob Kauffman, who retired some years ago. They all had solid financial backgrounds and as such knew that the idea of a private equity firm was bound to work. They managed to bring together about 400 million assets under management. At this time the focus was on growth and using the Fortress Investment Fund (I), they were able to grow the same to about 3.9 billion in the first five years. This ensured that the group had assets that were sustainable in the long term.
The growth of Fortress has been steady since then, and by 2007 when the group became the first large private equity firm to list on the New York Stock Exchange, it had assets worth more than 37 billion under management. The listing was successful, and within the first one year, they had managed to sell about eight percent worth of shares to the public. The price of the stock would rise steadily and at the time would turn Randal Nardone and his partners into paper billionaires.
In 2017 Softbank in its quest for expansion in the American market made an offer to acquire Fortress. Randal and his partners presented the same to shareholders who approved the 3.3 billion deal soon after. The purchase meant that Fortress was returning to private hands and has continued to grow as today it has 43 billion dollars under management.
To learn more:https://www.fortress.com/about