Wes Edens is a well-known American entrepreneur, investor, and owner of sports team. He is the chairman of Fortress Investment Group, a leading alternative assets management company. Edens co-founded the company in 1998 alongside Peter Briger, Robert Kauffman, Randal Nardone, and Michael Edward. Since then, he has worked closely with other Fortress Leadership team members to grow the company into over $70 billion as the company’s worth.
Career before Fortress
The foundation of Edens’ career in business management originates from his Finance and Business Management Degree study at the Oregon State University. He graduated in 1984, started his career three years later at Lehman Brothers. Here, he was the Managing Director and Partner for six years. His proceeded to the BlackRock Company, again, acting as the Managing Director and Partner for the company’s Asset Investors Division. He stayed at BlackRock until 1997, when he had gained adequate knowledge to start his own company.
Role at Fortress Investment Group
As one of the Fortress founders Wes Edens saw the company become the first buyout firm to open for public trades. The company’s initial opening to public trades began in 2007 and had shares worth 600 million US dollars sold to the public two years later. In the same year (2009) Edens started co-chairing the Fortress Group Board of Directors.
During the Subprime Mortgage Crisis, Edens assisted in the resurgence of Fortress’ stock price through supreme lending. He also oversaw the company’s focus to expand its management reach to manage assets in publicly traded investment and private equity. Wes Edens focus at Fortress has been in financial services, real estate, infrastructure, media, and healthcare companies.
He also catalyzed Fortress purchase of Springfield Financial Services, outweighing ownership of all other Springfield investors, with a 2010 $124 million investment. The investment yielded results – five years later, Fortress gained at least 27 times its original investment. Wes Edens also chairs a mortgage lender Nationstar Mortgage, a company that Fortress acquired in 2006.
Sports Team Ownership
Wisconsin-based team Milwaukee Bucks was the first sports investment by Edens. He partnered with Marc Lasry to purchase the team at the cost of 550 million dollars in 2014. He promised to build a new sports ground for the team in Wisconsin.
Wes Edens is a savvy investment executive. Other than co-owning the Milwaukee Bucks and the many assets managed by his company, his current interest is expanding Brightline. This private high-speed train already connects Miami and Fort Lauderdale and has possibilities of expanding to other cities like Chicago.
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