Fortress Investment Group (FIG), which is a leading financial firm was acquired by Softbank, a Japanese investment company in February 2017. Softbank purchased Fortress Investment group for approximately 3.3 billion dollars.
The purchase of Fortress by the Softbank Group (SBG) did affect any of the executive positions. Fortress executives, Wesley Edens, Peter Briger, and acting CEO, Randal Nardone were able to maintain their executive roles. SBG is headquartered in Tokyo, Japan. The Financial Times noted about this acquisition by SBG and regulations that the U.S. required SoftBank Group to hand over the daily tutelage of Fortress Investment Group. The government agency that is overseeing this deal between Fortress and SBG would only allow SBG to purchase Fortress based on some other stipulations like SBG just being able to manage $38 billion of Fortress Investment Group’s holdings.
Since its founding in January 1998, Fortress has earned many awards over the last decade based on the company’s accomplished achievements for their successful brokering of deals and other vital areas of financing. In 2014, Fortress Investment Group won an award for being the management firm of the year. Institutional Investor, a finance-based publication, also recognized Fortress Investment Group for their successful hedge fund managing along with the “Credit-Focused Fund of the Year” award.
Fortress currently manages 1,500 institutional investors and other clientele’s assets. Randal “Randy” Nardone is presently the Chief Executive Officer. Since 2013, Mr. Nardone has held the non-interim CEO position at Fortress. Randall Nardone assumed the job in 2011 under the designation of interim CEO.
Since 1998, Fortress has been able to increase its investment growth swiftly steadily. Fortress and their private equity funds made Fortress a nearly 40 percent return from 1999 to 2006. See Related Link to learn more.
In one of financial firsts, Fortress transitioned from a financial firm that was initially private to a public entity. Because of this business change that was approved by the Securities and Exchange Commission, Fortress Investment started trading under FIG — their stock ticker symbol — in 2007.
Fortress manages these companies as part of their portfolio: Brookdale Senior Living, New Residential Investment, Fortress Transportation, Drive Shack, Rail America, New Senior Investment Group, and New Media Investment Group.
Fortress Investment Group’s board of directors includes Peter Briger (co-chairman), Wesley Edens (co-chairman), CEO Randal A. Nardone, Michael G. Rantz, Douglas L. Jacobs, David B. Barry, and George W. Wellde, Jr.
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