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WES EDENS – CO-FOUNDER OF FORTRESS INVESTMENT GROUP

Wes Edens is an American based entrepreneur, equity private investor and an owner of a sports team. He co-initiated fortress investment group alongside Peter Briger, Randal Nardone, Robert Kauffman and Michael Edward in 1998. Wes Edens also co-owns the National Basket Ball (NBA) franchise team known as Milwaukee Bucks. He also owns the FlyQuest team. Wes Edens was born in New York on 30th October 1961. He holds a bachelor’s degree in business administration and finance from the University of Oregon.

Wes Edens started his career at Lehman in 1987. Here, he was both the managing director and a partner up to 1993. He then became a managing director and partner until 1997 at BlackRock private equity division. In 2007, the fortress became the first openly traded buyout company under the leadership of Wes together with his partners. By 2009, this company has already sold a stock equivalent to six hundred million US dollars which is approximately eight %of the total shares. The fortress company owned fourteen private equity funds, two real estate vehicles and four hedge funds and this made the company go public. Edens and his team became billionaires after 15% of the company was acquired by Nomura Holdings in December 2006 for around eight hundred and eighty-eight million US dollars. From 2015 to 2016, Wes was the infrastructure and transportation chairman at Fortress Investment Group. Wes also chairs NationStar Mortgage which was acquired in 2006 by Fortress Group.

Wes was the mind behind the acquisition of AIG’s American Finance company currently known as Subprime Lender Springleaf financial services by fortress. After the purchase, this company made over three million US dollars which is three times the 2010’s investment by Fortress of one hundred and twenty-four million US dollars. This saw Wes Edens branded by Wall Street Journal as the “new king of a subprime lender.” The purchase of the Bucks was made in 2014 by Wes together with Marc Lasry for five hundred and fifty dollars from Herb Kohl. Four years after the purchase, the team value shot up by more than one million US dollars according to forbs which was a good start.

Wes has four children with his wife, Lynn. His hobbies are mountain climbing and horse jumping. He is ranked #962 on the Forbes list with a “take-home-pay” of fifty-four million and four hundred thousand US dollars annually. This figure is inclusive of dividends of close to forty-one million shillings from several investments and a thirteen million US dollars pay from Fortress Investment group annually.