Fortress Investment Group is a New York-based investment firm that has been in business for over twenty years. Fortress’ latest news warns that Brexit could have dire consequences on the company’s bottom line, and it’s preparing accordingly. The New York-based company manages $70 billion in assets for its clients, primarily high net worth individuals, family offices, and institutional investors. In an article from Bloomberg News published earlier this week, Fortress co-founder Randal Nardone said: “The worst-case scenario would be a disorderly exit from Europe.”
This isn’t the first time Nardone has spoken publicly about Brexit; CNBC interviewed him last year when Boris Johnson resigned as Foreign Secretary following Theresa May’s decision to postpone Parliament’s vote on the Brexit deal. At that time, Nardone called Johnson “the biggest supporter of leaving Europe.” He added, however: “[Johnson] is not really supporting what’s currently being negotiated or proposed with respect to how it will look in terms of trade agreements and access for U.K. companies into Europe… It makes me concerned about what the new deal is going to be.”
Nardone also told Bloomberg News that Fortress Investment Group is concerned about the border controls and immigration issues Brexit will inevitably create. “You’re going to have a lot of companies with a small number of people,” he said, adding: “If it takes three days or five days for you to get through [a] customs line…you can
Though Fortress Investment Group isn’t publicly traded, it still has interests in New York City. The company’s property arm owns stakes in One New York Plaza and 55 Water Street; both are notable buildings near Wall Street. Fortress Investment Group is Headquartered on Park Avenue, New York, Fortress was founded by Wes Edens, Randal Nardone, and Peter Briger in 1998. The company’s real estate arm is also New York-based; Fortress Real Estate holds properties across the city, including office space and residential housing units. Refer to this page for additional information.