When Wesley R. Edens, Randal Nardone, and Rob Kauffman joined hands in 1998 to start an alternative asset management firm, they may have hoped to achieve a certain level of success, but may never have visualized what the Fortress Investment Group would grow into and the same time propel them to the top of the food chain. The three all had a level of understanding of what made a good asset management company with two Randal Nardone and Rob Kauffman having come from UBS where they were managing directors and Wesley R. Edens, having worked at BlackRock financial management.
They all had over 40 years’ worth of combined experience and we’re determined to replicate the success they had achieved in their respective careers working for other organizations in their own Fortress Investment Group. The group would begin with about four hundred million dollars assets under management. The three were each assigned an area to focus on and soon the group had diversified into the hedge fund industry, debt security, and real estate. This was all happening rapidly, and the three partners realized a need to bring in more talent to help sustain this growth. Fortress Investment Group being as daring as ever went all out and brought in Peter Briger and Michael Novogratz from Goldman Sachs.
The two would be tasked with establishing the Credit business for the Fortress Investment Group. Peter Briger having specialized in this line of work for almost his entire career took on the challenge with zest, and by 2006 the division was up and running and was contributing significantly to the group’s bottom line. The Growth of Fortress from this point on would be nothing short of epic as it listed on the NYSE the following year and soon its shares rose an incredible 76 percent with the first few months. This would propel the founders to billionaire status and give their initial idea credibility. In 2017 the Fortress were acquired by Softbank in a deal estimated to be worth 3.3 Billion dollars this would return the company to its earlier private status despite it managing a number of publicly listed companies that help contribute to a large part of its revenue.