THE CREATION AND GROWTH OF FORTRESS INVESTMENT GROUP

The Fortress Investment Group is a global investment company that currently operates under Soft Bank, a multinational company from Japan. Its headquarters are based in New York City. It was founded in 1998 by Wes Edens, the current Co-Chief Executive Officer, who’s also a chairman of the Board of Directors, Randal Nardone and Rob Kauffman, who later retired in 2012. Later in 2002, Peter Briger, the Principal, and Co-Chairman of the board of directors of Fortress joined the group. Briger is based in San Francisco, while Randal Nardone and Wes Edens are based in New York, at their headquarters. They have helped in the growth of this company for twenty years now, helping the company to start trading publicly in 2007 in the New York Stock Exchange, making it the first large private organization to do so.

The group currently manages about $40 billion worth of assets. It also has about 932 asset management employees, 205 of who are investment professionals. Since its foundation, Fortress Investment Group’s progress has steeped upwards, allowing the company to acquire some assets along the way. One of the first investments that Fortress made was in real estate in NewYork and Toronto, expanding its debt security and hedge funds. This saw it grow by 40% between 1999 and 2006. During the years 2006 and 2007, the company was able to acquire Intrawest, the largest ski resort in North America, which was previously Canadian owned. It also acquired The Penn National Gaming, RailAmerica and even Florida East Coast Industries.

Its other interest which gained media and public attention was their intentions with the exchange of Bitcoin as a mode of currency used in exchange in the stock market before it had become a worldwide sensation. This plans, however, didn’t go through because of some reasons including their shaky partnership with Wells Fargo. Another of its investments was the acquisition of AIG’s American General Financial Services which too was a success as its worth grew tremendously under Fortress’s wing. Fortress Investment Group is currently divided into three sectors, the credit sector, led by Briger, the private equity sector, led by Wes and Nardone, and the permanent capital vehicles division. Though currently under SoftBank, Fortress Investment Group still maintains a high profile in asset management both in America and globally.