Ever since its formation as a private equity in 1998, Fortress Investment group has made massive strides in the finance sector and is currently one of the leading alternative asset management firm not only domestically, but also internationally. The firm has always been a pacesetter in all its operations, and was even the first private equity ever; to go public in the NYSE. It began with an asset base of $400 million only, but today manages assets worth over $40 billion which indicates more than a hundred percent growth. With over 1700 investors on board, Fortress Investment group has always been, and is still a force to reckon in the finance arena. The impact of the firm can be felt in almost all areas of the finance arena as it specializes in nearly all the core areas that corporates are part of, from asset-based investing to corporate M&A’s.
Its massive and relentless growth can be attributed to its panel of responsible and experienced leaders, Wes Edens, Randal Nardone, Rob Kauffman and Peter Briger who joined the firm in 2002. Even though Rob Kauffman is retired now, the three other principals have been an integral part of FIG’s consistent growth as they were all well versed with the departments they currently head before coming together to create Fortress. For instance, prior to the formation of Fortress, Wes Edens worked at Blackrock financial management where he was a partner and managing director. He also worked at Lehman where he played the same roles as Blackrock. This helped lay a good foundation for him as it equipped him with the skills and experience to run a more prominent investment firm. Thanks to that, when he joined hands with the other Principals, Wes Edens had what it takes to set Fortress on its full success throttle.
More about Wes Edens
Under his leadership, Fortress Investment group has achieved significant milestones. For instance, he led to firm to purchase Subprime lender Springfield financial services and also Centex home equity Company. Additionally, he is spearheading the operation of the Brightline railway line which connects the magic city, Miami and Fort Lauderdale. This project has helped ease the traffic and congestion which is usually observed during rush hours and has made life comfortable for daily commuters between the two towns. The Brightline train which is already functional is the only rail project which is not under the US government thereby creating another win for this asset management firm, and this can be thanked to Mr. Edens. When he is not busy spearheading projects, Wes Edens is often busy tracking the progress of the Milwaukee Bucks, which he co-owns with his partner Marc Lasry. Wes is an avid sports fan and as such owns various sports teams such as the League of legends and many others.
The current Chief Executive Officer of Fortress Investment group started out at Boston School of Law and also holds a Bachelor of Arts degree in English and Biology from the University of Connecticut. Despite this, he is now in the finance field heading Fortress Investment Group which started out as a private equity firm upon its establishment. Randal Nardone was alongside Wes Edens and Rob Kauffman. Currently, he is in charge of legal issues and financial matters of the company. Thus his law degree is still in use despite the company being an investment management firm. He was in the leadership forefront right from the start in 1998 when the organization was established.From that year, he sat in the management committee. He shot up the ranks, and in November 2006, he was elected into the board of directors. On top of being the Chief Executive Officer, he is a principal and director at the firm.
In his tenure of leadership, the company has taken significant strides one of them being the sale of all its outstanding shares to Soft Bank Group, A Japanese owned organization.The sale totaled to $3.3 billion. This meant that every Fortress Class A share would receive $8.08 which is an increase from the initial price of $5.83. The executives of the company made $1.39 billion, each sharing according to the size of their investment. Randall believes that this sale would speed up the growth of the company on top of opening up greater credit sources. Soft Bank decided to preserve the leadership of Fortress which it attributed to its success alongside its business model. The employees too trust in the administration and credit them for creating a positively challenging and learning environment.
On top of the profit made from this transaction, Randal Nardone sits at #557 of the Forbes Billionaire’s list with a net worth of $1.8 million on self-made status. Before Fortress, Randal Nardone was the Managing Director at the Union Bank of Switzerland between May 1997 and May 1998. He was a principal at Blackrock Investment Management, and before committing to the financial field, he served on the executive committee and a partner at Thacher Proffitt & Wood law firm. Currently, his leadership qualities are enlisted by SpringLeaf Financial Holdings LLC as president and Chairman; Newcastle LLC, President of NSC1 as vice president and secretary.Having been interim CEO since 2011 and taking the seat in 2013, Randal Nardone has shown exemplary leadership in all positions he has held.
Cryptocurrencies have entered a new era with their introduction to the forex and futures trading markets. With brokers are now offering new instruments for their traders to enter the booming Bitcoin market, AvaTrade is sure to be one of the first to offer Bitcoin trading to their customers.
There are several digital currencies that are created using encryption techniques, hence the term cryptocurrency. They lack any physical denominations, being only unique, encrypted data. Cryptocurrencies, however, have become popular in recent years because Central Banks and national governments cannot regulate or manipulate them, unlike other Fiat currencies. Because of this, cryptocurrencies like Bitcoin are becoming the currency of choice for transactions on the internet. Bitcoin has been gaining acceptance with many ecommerce sites that take it as a payment method.
Bitcoin futures trading officially opened on December 10 at Chicago-based exchanges Cboe Global Markets Inc. and CME Group Inc., bringing cryptocurrencies into the mainstream. This has made it possible for brokers like AvaTrade to offer Bitcoin trading to institutional and individual investors on their own trading platforms.
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