A time comes in life when a chief executive officer of an investment management firm goes on a leave of absence. This doesn’t mean the firm should close down and do away with whatever else it looked forward to achieving. However good any CEO of a firm was, they leave at times and a better one comes. It’s not an abnormal thing to most of the big investment firms today. This is what happened to the Fortress Investment Group when the then CEO Dan Mudd had to leave to pave way for Randal Nardone. The AUM of the Group is approximated to be $43.6 billion and Randal is the Interim CEO.
Nardone aged 55 is among the billionaires who featured in the Forbes’ magazine in 2007. His net worth was approximated at $1.8 billion. In 1998, he became the principal and co-founder of the Fortress firm. In early 2007, the IPO of the company helped him to become the billionaire. In November 2006, he was one of the directors’ board members of the investment firm. He has worked in other different places such as a USB managing director from 1997 May to May 1998. He then worked at the Financial Management or BlackRock as a principal before he joined the giant banking of Swiss. In addition, he was among the executive committee members at the Thacher Proffitt & Wood law firm and also a partner.
Randal studied at Connecticut University where he graduated with a bachelor degree in science. He later went to the School of Law at Boston University and graduated with the Doctor of Jurisprudence degree. Nardone holds many portfolios in different organizations and this confirms his credibility and expertise in the business world. He is a director of Eurocastle Investment Limited, GAGFAH S.A, Bermuda-based Alea Group Holding and Senior Living, Inc of Brookdale. Nardone serves as the Secretary and Vice President of Newcastle Investment Holdings. The units of Fortress Investment Group are three and they include principal investments, traditional asset management, and alternative asset management. In February 2007, the Group went public an initial offering of about 10.7 billion dollars. Through Randal’s great leadership, the Investment Group has scaled unimaginable heights.