Wes Edens and His Roles at Fortress Group – Fortress Growth and Purchase by SoftBank Group
In America’s private equity investment sector, the name Wes Edens is popular. He is one of the five founders of Fortress Investment Group – a market leader in the provision of alternative financial services. He owns the Milwaukee Bucks jointly with Marc Lasry. He is also the owner of FlyQuest team that plays on the online platform league of legends. But it is his professional career with Fortress Group that has made his name prominent in the investment industry. Since co-founding the Fortress Group, Wes Edens has been at the heart of the company’s ventures. He has seen the firm grow into a $72 billion company with diverse investment interests. As the Chairman of the Fortress Group Board, Edens has been the primary catalyst behind acquisitions at the firm.
One prominent purchase was in 2010 when the company invested 124 million dollars in Springfield Financial Services. The returns multiplied 28 times within five years when Fortress shares at Springfield skyrocketed to 3.5 billion dollars in 2015. The most recent role of Wes Edens was in January 2018 when he steered the purchase of the company he co-founded by the Japanese SoftBank Group. The fortress had been in talks with SoftBank since 2017 but finalized the deal in January. With this purchase, Edens’ stock proceeds would earn him 512 million USD. However, he had already banked 11.4 million USD since early 2017 according to Biz Journals. He also received an additional 1.4 million dollars from unvested shares.
With the 2018 purchase of Fortress, Edens will continue serving in the company’s executive roles alongside his colleagues Randy Nardone and Peter Briger Jr. Their leadership contract lasts for five years according to the deal with SoftBank Group Corporation. The successful business management career of Wes Edens sprouts from the Oregon State University degree in Finance and Business Administration. After completing the undergraduate study in 1984, he began his career with the Lehman Brothers in 1987. As a partner and director, his tenure at Lehman lasted for six years. Then, he joined BlackRock Company until starting Fortress in 1998. At BlackRock, Edens gained knowledge in private equity investment by running the Asset Investors Division of the firm.
Randal Nardone is a veteran investor in the world of financial business. His expertise in the field can be traced back to his years of working with financial institutions. Before the birth of Fortress investment group in 1998, Randal was the managing director of the Union Bank of Switzerland(UBS) a potent force in the Swiss banking industry. Prior to this, he had been a principle in BlackRock Financial, a management firm. The law graduate discovered his interest in the financial sector while he worked as a legal partner in a law firm in New York. Mr. Nardone holds a doctorate of Jurisprudence from Boston Law School and has an undergraduate degree in English and biology from the University of Connecticut.
In 2007, he was listed among the wealthiest men in the world with a net worth of $1.8 Billion. Randal was ranked the 557th richest man in the Forbes Billionaire list. He has accumulated a lot of wealth throughout his career and has served as some high-profile personnel in more than eight different institutions across 20 different industries. Besides being the principal and CEO of Fortress Investment group, he is the chairman of Springleaf Financial Holdings Limited, the director of Euro castle Investment Limited and Florida East Coast Holdings. Randal Nardone also serves as the non-executive officer of the Alea Group Holdings Bermuda Ltd.
In 2006, Randal Nardone was appointed to the board of directors of Fortress Investment group and in 2013 promoted to be Chief Executive officer of the company. He has used his position in the company to influence the running of the organization and has seen it become a renowned investment company. Under his leadership, Fortress investment group has been recognized for various awards like the management firm of the year that was given by HFMWeek and Hedge Fund Manager of the year that was granted by the institutional investor. His employees are content and happy working with him and would not have it any other way. Randal Nardone strongly supported the acquisition of the company by SoftBank Group(SBG) saying that it is what Fortress Investment group needed at that time to save their dragging private equity assets. Despite being thrown out of the New York Stock exchange and their assets being consolidated to SBG, they would have more assets that would create confidence in their investors. It was a planned move to raise their business and create better opportunities for the investors.