WES EDENS SELF-MADE BILLIONAIRE AND A CO-FOUNDER OF FORTRESS INVESTMENT GROUP

Wes Edens, co-founder of Fortress Investment Group, was born on October 30, 1961. Also known as Wes, Mr. Edens went to the University of Oregon State University where he pursued a B.Sc in Finance and Business Administration, becoming a degree holder in the year 1984.Wes Edens kicked off his career as a Managing Director at Lehman Brothers in 1987. In 1993 he proceeded to BlackRock, a private equity division serving as Managing Director and a Partner until 1997. One year later, Edens together with other five principles formed Fortress Investment Group. This Investment group primarily focuses on managing assets of various private investors and institutional clients globally over a range of credit, traditional assets management, and private equity. At Fortress, Wes is responsible for running the Investment Group’s private equity business.

After Fortress went publicly, Edens and the five principals became billionaires as result of Nomura Holdings(Japanese Financial Holding Company) obtaining 15% of Fortress Investment Group for 890 million dollars. In 2009, Wes Edens became co-Chairperson of the Board of Directors at Fortress Investment Group. During this time he assisted the organization as it was facing a crisis (subprime mortgage crisis) which led to its stock to go down below $1. From 2015, Mr. Edens held the position of Chairperson of Transportation and Infrastructure Investors in Fortress. He treats his employees as assets and believes that by providing the best pay structure and the best environment to enable them to flourish in their careers. Mr. Edens thinks that anyone can get an opportunity to grow hence gives his employees a chance to develop. Wes Edens, the self-made billionaire, is currently ranked at number 962 in the Forbes list of billionaires with a net worth of $1.2 billion.

Wes was said to be taking home pay of 54.4 million dollars per year. This pay being inclusive of his yearly compensation of 13.4 million dollars at Fortress and nearly 41 million dollars which he got as a shareholder.In the year 2014, Wes Edens together with Marc Lasry bought the Milwaukee Bucks, an NBA franchise from Herb Kohl for a total of 550 million dollars. The sports team owner promised to keep the Milwaukee Bucks in Wisconsin and to replace the Harris Bradley center with a new arena. Additionally, Wes also owns the League of Legends team. In 2017 Fortress investment group announced the formation of a professional video gaming team known as FlyQuest.Mr.Edens is a chairperson of Nationstar Mortgage, previously called Centex Home Equity company which was bought at 575 million dollars in 2006 by Fortress Investment Group. Edens’ association with Nationstar Mortgage was referred to by adversaries of a proposed open financing bargain for the development of a new arena the Wisconsin Entertainment and Sports Center. They supported for more public resources to restore abandoned homes oversaw by Nationstar Mortgage.

Leave a Reply

Your email address will not be published. Required fields are marked *