Ranked at number 557 in Forbes Billionaires List with an estimated worth of $1.8 billion, Randal Nardone has spectacularly risen through the ranks. From a humble background to being the current CEO of Fortress Investment Group, his journey is quite remarkable.Randal Nardone started out with his studies. He is a graduate from the University of Connecticut with a Bachelor of Arts in English and Biology and also Boston School of Law where he obtained his law degree.He has had a respectable career at Fortress spanning about two decades. However, before Fortress, he served in some reputable institutions holding several positions. He has worked at Blackrock Investment Management where he probably got the experience in the hedge fund industry that has shaped his career at Fortress.
Furthermore, he practiced his law skills when he served as a partner and member of the executive committee at Proffitt and Wood law firm. His last stint before Fortress was over at Union Bank of Switzerland. At UBS, he was their MD which was a critical position. His job there lasted for only a year. He left the bank in 1998. The year 1998 was probably when his big moment came. He together with four other colleagues started Fortress Investment Group. The journey of the hedgefund firm is fantastic. From the small investment firm, the company has risen such that now it manages for its client’s assets worth about $65 billion. At Fortress, Randal Nardone has had stints in some positions over the about twenty years he has been at the firm.
All have been successful, and this can be mainly attributed to his expertise, studies and the experience he had at other institutions before founding Fortress. He was elected to the Board of Directors for the hedge fund business in 2006, and he has held the position ever since. At the moment he also serves as the head of the firm’s legal and finance matters besides being its CEO. He held the CEO post since 2011. Initially, it was on an interim basis, but he took the position on a more permanent basis in 2013. His leadership, though together with his colleagues, has led Fortress to success.The growth of the firm to it current financial position speaks highly of this. Additionally, Randal Nardone has created a conducive atmosphere at the firm such that employees rate it so highly and recommend the place for employment.
Fortress Investment Group Flourishes with the Help of Randal Nardone
Fortress Investment Group is a highly diversified investment manager that handles about $36.1 billion worth of assets. Established in 1998, the company serves different clients by managing their assets. Some of these clients include people in investment institutions and private investors. These clients are also found in the real estate business and capital investment strategies. Perhaps the company has vastly been flourishing because it has been serving its clients according to the stated stipulations in the sector of financial services. with that said, it is only normal for Fortress Investment Group to flourish on the leadership of its project managers and Randal Nardone is one such individual who has managed to win the hearts of the company’s hearts in many ways including through providing easy to work with business models. For Nardone, clients come first. That has always been his platform for operating Fortress Investment Group.
Career Growth and Development
Nardone is the head of the company. Although he majorly controls it, he still has additional helpers that have been very walking by his side as he manages client’s assets. However, when he started the company, he did not know that there would be challenges ahead of him. In fact, he did not expect to encounter some of the most competitive businesses in the same industry. But he did. Therefore, being a visionary leader, he put in a lot of work into making sure that he would not be shaken by these competitors. For instance, he worked on portfolio diversification for his clients. Then, he made sure that they were able to acquire different investment skills for their businesses.
Apart from that, Randal Nardone created a rather safe working environment for his employees. For instance, every employee was entitled to the right tools at work. With the tools, they have been able to serve clients to their maximum ability and requirements.
Nardone is an accomplished business leader whose input cannot be ignored by any means. Apart from that, he is a skilled financial manager and has managed to issue helpful financial services for his clients. That is why even if Softbank Group decided to buy the company, Nardone was asked to remain behind as he has competent skills that cannot be matched in any way. About the buyout, Randal Nardone is confident that the company will still offer competent services to its clients. For those who aspire to join the same industry as service providers, this is the right person to look at for ideas in leadership.
It is a known fact that in the corporate world, there are more men than women who are in executive position. It is not because those women are less capable, but mostly due to the glass ceiling problem that continues to persist in the corporate world in one way or the other. Even though things are changing and the ratio of men to women in the executive positions has increased drastically in the past few decades, the figures are far from being called balanced. Susan McGalla, who currently serves as the Vice President of the Creative Development and Business Strategy at Pittsburgh Steelers Inc is one of the leading female executives in the country.
Susan McGalla in an interview she gave recently talked about her upbringing and how her father never differentiated between her and her brothers whether at play or housework. She believes it is this kind of education that ensures that women know from the very beginning that they are as capable and can achieve what they set their mind to. In the corporate world, Susan McGalla did acknowledge that glass ceiling problem does exist, but she also said that it is a problem that can be eliminated with the help of executive sponsorship at the companies. Susan McGalla means that when the deserving female employees at the company get the guidance from their assigned mentors, it becomes easier for them to move ahead with no strings attached.
Susan McGalla says that it is vital for the modern organizations today to integrate sponsorship and mentoring initiatives within their management curriculum. It would help the deserving women to move forward at a rapid pace, and give their best to the organization. It would be a win-win situation for the women as well as the organization. Susan McGalla also advised the young women to focus on their education and not to sideline it for any part-time job or other activities. Susan McGalla says that to be successful in the corporate world, the first requirement is a good education. With graduation and post-graduation degree, it would be hard to climb the ladder of success in the corporate arena.