Randal Nardone is one of the world’s self-made billionaires. He ranks 557 on Forbes Billionaire list and is one of the owners of the world’s largest alternative asset managing firms. Mr Nardone’s career did not start off in finance, it started in law.
Randal Nardone studied law in Boston University School of Law. After his graduation, he worked with Thacher and Wood Law Firm. His hard work and eagerness to learn saw him rise rather fast to an executive position. In as much as he enjoyed his work as a lawyer, he decided to shift gears and move to finance. He joined the Universal Bank of Sweden as a managing director and later worked as the principal of Blackrock Financial Management. It was at this time that he met Wesley Edens and Robert Kauffman; the two businessmen who helped him found Fortress Investment group.
Since the foundation of the company in 1998, it has experienced tremendous growth and expansion. It has managed over 70 billion dollars in customer assets. The assets they manage are split into credit funds, private equity and liquid hedge funds. A big part of their success is credited to the foundation the tree founders laid. Knowing their company was set to become a world leader, they strived to foster a culture that would optimize employee output. They led by example, showing their team members that success can only be achieved through diligence. This resulted in Fortress Investment Group being extremely efficient and a customer’s choice.
Apart from being the company’s CEO, Randal Nardone also looks into the firm’s legal matters. His professional background in law has been an asset to the company. He has been able to guide the executive to make decisions that are profitable and beneficial to the company’s growth. Under his guidance, FIG wont the award of the best Hedge Fund Manager of the Year in 2014, by institutional investor. HFM Week also named it Managment Firm of the Year. Prior to these, Fortress Investments was named Discretionary Macro-Focused Hedge Fund of the year and Credit-Focused Fund of the Year two years in a raw and more
Randal Nardone’s secret to success is being uncomfortable staying in one place. He is always pushing himself forward. His reason for changing from law to finance simply was, he wanted more. Since he was willing to put in the hard work necessary to build this new company, he is now one of the world’s few self-made billionaires.