The Business Story Of Wes Edens; Chairman And Founder Of Fortress Investment Group
Born October 30th, 1961 Wesley Roberts Eden is a Co-founder and Co-Chairman of Fortress Investment Group. He obtained a B.S in Finance and Business Administration in 1984 from the Oregon State University. His career began in 1987 when he became a partner and later the Managing Director at Lehman Brothers. He stayed at the firm until 1993, before he left for Blackrock. He was at the private equity division of Blackrock, known as Blackrock Asset Investors. He was a partner and Manager Director at the firm but left in 1997.In 1998, alongside four other partners, Wes Edens founded the Fortress Investment Group. The other partners included Randy Nardone, Robert Kauffman, Peter Briger and Michael Novogratz. Edens was described by the Wall Street Journal as a man who has an inkling for building businesses from investments. On February 9, 2007, Fortress became a public company through its initial public offering that saw the company becoming the first publicly traded buyout firm.
By 2009, 8% of Fortress shares had been sold to the public for an estimated $600 million.Wes Edens became a paper billionaire, alongside his partners, when in December 2006 Nomura Holdings; a Japanese Financial Holding Company acquired 15% of the firm for a whopping $888 million. He was named Co-Chairman in 2009, and in his capacity, he helped resurge the company by offering subprime lending. The firm had suffered during the subprime mortgage crisis with its stock price falling below one dollar. From between 2015 to 2016 he served as Chairman of the transportation and infrastructure department of Fortress.Wes Edens was the brain behind the acquisition of subprime lender Springleaf Financial Services, which was known then as AIG (American General Finance).
He is the firm’s Private Equity Chief Investment Officer, a position he has been occupying since August 2009. Aside from his portfolio at Fortress, Wes Edens also occupy key positions in world-renowned firms. He is the co-owner of Milwaukee Bucks, Inc. From June 2002 to February 2007, he served as CEO of Newcastle Investment Holdings. He was also the CEO Eurocastle Investment Ltd. He served as CEO Global Signal Inc. from between October 2002 and April 2006 and has been the company’s President since December 2005. He was also the CEO and President of Capstead Mortgage Corp.Eden is married to his wife Lynn, and they are blessed with four children. With a net worth of $1.2 billion, he is at number 962 of Forbes billionaires.