Wes Edens, the co-founder of Fortress Investment Group and Bucks owner.
Wes Edens is widely known for his ownership of the Bucks basketball team. He is also an accomplished businessman and a private investor. In the year 2014, he partnered with Lasry to purchase the Bucks from Herb Kohl at $550 million. Today, the team has appreciated to $1 billion. In 1984, he attained his Bachelors in Finance and Business Administration from Oregon State University. After graduation, he kicked off his career at a California bank before moving to Lehman Brothers as a partner and a managing director.In the year 1993, he joined BlackRock’s private equity division and served as an associate and an MD till 1997. In 1998, he realized his major breakthrough when he partnered with Michael Edward, Randal Nardone, Peter Briger and Robert Kauffman to launch Fortress Investment Group.
In 2009, he became the Co-Chairman of the Board of Directors of the firm.He was also tasked to run Fortress’s private equity business by virtue of his extensive knowledge and expertise. Wes Edens was the reason behind Fortress’s purchase of subprime lender Springleaf Financial Services.This made Fortress the Springleaf’s majority stakeholder and by 2015, the value of Springleaf had exponentially risen to over $3.5 billion. In the year 2006, Fortress Investment Group purchased Nationstar Mortgage formerly called Centex Home Equity Company at $575 million.It is a subprime home equity mortgage lender. Wes Edens was appointed the chairman of the group to oversee its operations. His annual earnings according to Bizjournals stands at a skyrocketing $54.4 million.
This includes his annual compensation from Fortress Investment group of about $13.4 million and $41 million in dividends he receives as a shareholder.He earns almost $1.1 million in stock awards, an $11.6 million in bonuses, $478400 in other compensations and a salary of $200,000. In January 2018, he confirmed that he would sell his main business Fortress Investment Group to the Japanese side Softbank Group Corporation at a cost of $3.3 billion in cash.The company would, however, retain its headquarters in New York. Wes Edens would also secure his position together with Randal Nardone in a five-year contract. He is married to Lynn Edens and together they have 4 children. He is also renowned for his philanthropic work, he majorly donates to education, health, and art organizations. Apart from business, he is also interested in horse riding and mountain climbing. He has climbed Mt. Kilimanjaro in Tanzania.