Being a lawyer who turns to a money man is very unusual. But this is the short story of Randal Nardone, the co-founder and current Chief Operating Officer of the Fortress Investment Group. His accolades are impressive one of which is being counted among the richest in the world. He is currently listed in Forbes Magazines’ billionaires’ list with a rank of 557. This came as a natural result of the public offering of FIG, the company he co-founded which made him a billionaire. When Fortress Investment Group was launched on the New York Stock Exchange on Feb. 9, 2007, it became the first big private equity company in the country that was traded publicly.Randal Nardone started his professional career as a lawyer. He studied at the University of Connecticut where he earned his B.A. degree in Biology and English. He later went on to study in Boston School of Law where he got his Juris Doctor certificate. But apparently his being a doctor of law took a back seat when he found himself involved in finance and investment and related money matters.
Before working with Fortress Investment Group, Randal Nardone had many working stints with several financial and investment firms. He got his start in the money business of Thacher Proffitt & Wood. And then he transferred to BlackRock Financial and then to UBS. In 1998, together with other financial executives, he co-founded the Fortress Investment Group and is currently serving as its Chief Operating Officer. He is responsible for the firm’s legal matters, being a lawyer and is also in charge of the firm’s structured financing business.Last December, his Fortress Investment Group sold minority interests worth $890 million to Nomura, a Japanese investment company. Starting in 2005, he has also earned $100 million additional cash payouts.
Perhaps this boosted his rank in Forbes’ billionaires list. He brings with FIG many years of fruitful business experience serving in various boards and executive positions in different investment firms. Before joining Fortress Investment Group, Randal Nardone was connected with the Eurocastle Investment Limited serving as a director of the company. He also served as a board director of Brookdale Senior Living, Inc. starting on May 1997 up to May 1998. This lawyer-businessman also served as a board director of Alea Group Holdings (Bermuda) Ltd. starting on July 2007 up to Sept. 2014. Then he also served in the board of GAGFAH S.A. beginning on Sept. 2006 up to June 2014.