Last year, Japanese company SoftBank acquired American based Fortress Investments for 3.3 billion dollars in an effort to become one of the leading investment firms in the world, centered around technology and finance; Artificial intelligence being at the forefront of this effort. Co-founded by Randal (Randy) Nardone in the 1990’s, Fortress Investments was the first hedge fund and private wealth company to go public on the stock market in 2007. This move ultimately gained a credit of 600 million dollars for Fortress Investments, and secured them as one of the leading funds to go public with an IPO. This move on the part of Fortress co-founder Randal Nardone was unprecedented and set the stage for other funds to follow suit.
It also allowed for everyday investors to have access to invest in hedge funds which were formerly reserved for the ultra-wealthy. Prior to Fortress Investments, Randal Nardone attained his education from both the University of Connecticut and Boston University. After that, he served as the board of directors on many organizations in the world of finance. Some of these companies included the likes of UBS, OneMain, Springleaf, BlackRock Financial, Newcastle Investment, RIC Coinvestment, EuroCastle Investments, DoBank, and Alea Group Holdings Bermuda.
According to his Bloomberg page, Randal Nardone was even the short-term CEO of Fortress during the years of 2011 and 2013. Now he is the Chief Operating Officer, and continues to guide Fortress even after the acquisition by SoftBank.Fortress, though, was not the only company that was acquired by SoftBank. ARM Holdings PLC was purchased for ten times the amount at which Fortress was purchased by SoftBank, and even Sprint mobile phones was purchased by SoftBank in 2013. Regardless of the fact that SoftBank acquired Fortress, Randal Nardone of Fortress Investments will go down in history as an iconic fund manager who led the way for publicizing hedge funds to the public.