The Fortress Investment Group a NYSE listed company that trades as FIG currently overseeing assets worth more than seventy billion dollars was recently acquired by Softbank a Tokyo based investment bank. Fortress was founded in 1998 by three investors Wesley R. Edens, Rob Kauffman, and Randal Nardone. They came together to establish it with the dream of growing it into something that would outlive them while making returns for them and their investors in future. In 2007 Randal Nardone, 55, was listed as one of the world billionaires by Forbes Magazine this was just after the group listed for its IPO. The company has made him immensely wealthy and at the same time accorded him opportunities in business that he would only have dreamed of had he remained in UBS. Before starting Fortress, he was a managing director at UBS.
Randal Nardone had worked as a principal of BlackRock Financial Management earlier on in his career just after leaving the law firm of Thacher Proffitt & Wood where he was part of management and also a partner. He holds a J.D from the Boston University School of Law. And as such was a practicing lawyer something that has helped him navigate the legal aspects of business as well as other organizations where he is either a director or a Board member. Randal Nardone has been very instrumental in the Private Equity division of fortress investment group. This division is tasked with ensuring that there is a consistent cash flow generation from control-oriented investments. The group and this division have been especially instrumental in the Caribbean, Western Europe, and North America.
Since its acquisition by Softbank for 3.3 Billion dollars Randal has had a very positive outlook sighting the fact that the acquisition allowed fortress access to more liquidity while at the same time retaining its independence and as such being able to focus more efforts in its Asian markets where there has been great promise for growth. Randal Nardone is also the director, President, and Chairman of Springleaf Financial Holdings, LLC. This was a position he was elected to after the acquisition of AIG’s financial division by his group. The success of this acquisition has been one of the group’s highlights and reflection of the possibilities the investment group still holds. Other positions held by Randal include those at Eurocastle Investment, FIG LLC, Impac Commercial Holdings, FMA LLC, FM Falstaff Advisors, Florida, East Coast Railway, Seacastle, and at Newcastle Investment Holdings.
Wes Edens is a co-owner of the Milwaukee Bucks professional basketball team but is better known for his eSports involvement and innovative approach regarding a private passenger train. Edens boasts leadership roles within several companies, including Fortress Investment Group LLC and, most recently, Fortress’ brainchild, Brightline. Brightline seeks to solve traffic congestion problems that plague the freeways and highways of the United States. Brightline’s mission is to offer transportation alternatives between major cities that will offset the use of individual vehicles for trips that are of more moderate distances. At Brightline, Edens offers mentorship and wise decision-making as a Principal and Co-CEO and diligently builds trusting relationships with employees and other co-partners.
Much like Brightline, Fortress Investment Group’s employees can also proudly proclaim Edens as a colleague, mentor, and friend. Fortress Investment Group, founded in 1998, is one of the world’s largest alternative asset managers and is where Edens gained the bulk of his know-how. Not only does he manage aspects of private equity for Fortress and the up-and-coming innovation of Brightline, but Edens is also one of Fortress’ Co-chairman of the Board of Directors, Principals, and Founders. Although the firm was recently sold in January of 2018, Wes Edens plans on managing Fortress Investment Group LLC’s private equity business for an additional 5 years, where he presently works hard to ensure the efficiency of investments made in transportation, infrastructure, real estate, healthcare, media, and financial services.
Edens’ investment firm involvement did not begin with Fortress, however, as he first gained his business knowhow while earning his Bachelor of Science from Oregon State University. Additionally, Edens is well-versed in private equity funds due to his experience spearheading BlackRock Asset Investors. Wes Edens provided leadership there, while simultaneously partnering as a managing director for BlackRock Financial Management Inc., where he utilized knowledge gained while previously serving in the same role while with Lehman Brothers.
David Giertz is the president of nationwide financials sales and distribution division. He has over 30 years of experience in the progressive financial services industry and is the president of his division he helped to bring them significant growth from $11 billion to $17.8 billion in annual revenue. David is a certified business coach with the World Association of business coaches and does help serve an advisor to many entrepreneurs over his long career. Before beginning his job at a nationwide, he worked for Citigroup as a financial services advisor. Over time he worked his way up through the corporate ladder of Citigroup to become an executive vice president of sales due to his long history of superior performance. He graduated with his Masters in business administration from the University of Miami after receiving his bachelors in science from Millikin University.
When asked about what it was that has allowed him to become so successful David Giertz believes that it is due to the fact that he implemented a program within the corporation that helped to bring together the company’s top performers in an effort to reduce feelings of disconnectedness and undervaluation. This program decreased the rate of turnover for their senior employees and increased levels of engagement and loyalty throughout the entire workforce.
In order to bring his ideas to life, he relies on bringing the right people into the fray. As the levels of the diversity increase around the execution of an idea the more significant potential the idea has. As people feel like they have ownership over the concept, it brings life to the idea itself.
The rate of change in the world’s technology is incredibly exciting to David as it has lent an opportunity for corporations to compete at higher levels and ever more efficiently. The proper blending of human talent and top-of-the-line technology is necessary for corporations to remain competitive.
When asked what one of the critical ingredients for his success is David Giertz responded that networking has far more impact on one’s life then you may believe. Over the course of his career there have been many times that he has experienced deficits in his skill set, but by applying his work ethic and utilizing the resources that were at his disposal, he was able to minimize the adverse effects. By avoiding a negative mindset and focusing on positivity, he has been able to not only live a happier life but inspire others to do the same.