Meet Wes Edens: In addition to being the co-founder of Fortress Investment Group, his is also chairman of Nationstar Mortgage, Springleaf Financial Services, and co-owner of the Milwaukee Bucks pro basketball team.
Having started his career at Lehman Brothers in the areas of finance in 1987, Wes Edens worked his way up the executive ladder to the position of partner and managing director until 1993. Wes Edens moved on his impressive role at Lehman Brothers to another widely known finance company, BlackRock Financial Management. Edens was eventually promoted to the position of managing director and partner at BlackRock Financial Management.Wes Edens was the impetus behind starting the finance company, Fortress Investments Group. Wes Edens, Mike Novogratz, Peter Birger, Robert Kaufmann, and Randal Nardone were all stakeholders in Fortress’ creation. Wes Edens is currently part of a seven-member board at Fortress Investment Group.In lieu of being the co-founder of Fortress Investment Group, Wes Edens also runs Fortress’ private equity business.
Edens was the driving force behind the acquisition of subprime lender, Springleaf Financial Services. By purchasing Springleaf Financial Services, Fortress Investment Group took over control as Springleaf’s majority stakeholder. Edens became the chairman of Springleaf Financial Services after the purchase was completely finished. In addition to Springleaf, Mr. Edens is the chairman of Nationstar Mortgage, which is a subprime home equity mortgage lender. Nationstar Mortgage was acquired by Fortress for $575 million in 2006.In regards to Wes Edens’ investment style, the Wall Street Journal noted that Wes Edens is creative in his financing, and in his contrarian betting. Wes Edens is also known for being able to build new businesses from his investments.Wes Edens take-home pay was reported to be $54.4 million, in 2016. Bizjournals had reported that the figure (Edens total annual compensation) at Fortress Investment Group was $13.4 million — $41 million of that was received as Fortress Group dividends.
In addition to Edens’ co-founding of Fortress Investment Group, Edens is the co-owner of the Milwaukee Bucks professional basketball team. Marc Lasry — a fellow finance guy — and Wes Edens bought the Milwaukee Bucks from Herb Kohl in 2014 for $500 million.In terms of Wes Edens’ educational background, Mr. Edens earned his bachelor’s of science degree in Business Administration and Finance from Oregon State University in 1984.Wes Edens’ approximate worth was $2.5 Billion dollars in 2007, according to Forbes. Wes Edens had a number 369 ranking on the Forbes Richest List, at age 52. Edens’ net worth has lessened substantially since reaching the $2 billion dollar mark, more than a decade ago.