Wes Edens and His Roles at Fortress Group – Fortress Growth and Purchase by SoftBank Group

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.

ABOUT WES EDENS, CHAIRMAN AND FOUNDER OF FORTRESS INVESTMENT GROUP

Wes Edens was born on the 30th of October 1961. He grew up in Montana and attended Capital High school for his high school education. Later, he attended Oregon State University and graduated with a Bachelors in Finance and Business Administration. After graduation, he secured his first job at a California bank. In 2014, Wes Edens in collaboration with Marc Lasry decided to buy the Bucks basketball team from Herb Kohl at $550 million and a further $100 million for the construction of a multipurpose arena, it was aimed at replacing the old BMO Harris Center.The Bucks basketball team is now valued at $1 billion according to Forbes. He is an accomplished American businessman and a private equity investor. He began his career at Lehman Brothers in 1987 as a partner and a managing director.He later moved to BlackRock’s private equity division where he worked up to 1997 as a partner and a managing director.

In conjunction with Robert Kauffman, Peter Briger, Michael Edward, Randal Nardone, Wes Edens founded the Fortress Investment group with an initial investment of $400 million. The firm has since then grown to become a leading leader in business. However, in January 2018, he confirmed the sale of the firm. 20 years after it was founded, he is selling the Fortress Investment group at a hefty $3.3 billion to Japan’s SoftBank Group Corporation. His accumulated earnings from the sale of the company amount to $512 million. Since February 2017, he has received cash summing up to $11.4 million through bonus dividends. He has also received $1.4 million in invested shares and $200,000 salary. Nevertheless, Fortress Investment Group continues its operations in New York City as an independent business entity.

It also retains Edens, Randy Nardone, and Peter Briger as its principal leaders in a five-year contract. He is also a great philanthropist who focuses on education, arts, and health. Macalester University College, Martha’s Vineyard Hospital and Samuel Waxman Cancer Research Foundation are some of the beneficiaries of his philanthropic work. He is presently the chairman of the Board at Drive Shack Inc and director at OneMain Holdings company amongst other corporations. He is fascinated by sports, business, and politics. He is also interested in horse riding, mountain climbing and running, he has climbed the Matterhorn Grand Teton and Mt.Kilimanjaro located in Tanzania to the East of Africa.Wes Edens has been married to Lynn Edens and together they have four children.

Why Randal Nardone Is Considered An Icon In the Investment Industry

Randal Nardone, Financial Industry
How Randal Nardone became a titan in the financial industry

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.

FORTRESS INVESTMENT GROUP A LEADER IN ALTERNATIVE ASSETS MANAGEMENT

Fortress Investment Group LLC is the leading, most diverse alternative investment manager globally. Fortress Investment manages a total AUM of $43.6 BILLION as of December 31, 2017, since its inception in 1998. Fortress Investment Group is in charge of more than 1,750 invested clients both institutional and private globally over a variety of real estate and credit, capital investment as well as private equity.

On December 27, 2017, SBG (SoftBank Group Corporation) announced the completion of the $3.3 billion acquisition of the Fortress Investment Group in cash. Following the end of the exchange, SBG together with its wholly possessed auxiliaries claim all outstanding Fortress shares. The fruition takes after the fulfillment of all conditions to the end of the exchange, including endorsement of the exchange by Fortress investors on the 12 of July 2017 as well as the receipts of all important administrative endorsements.

Following the acquisition, each extraordinary share in Class A was changed over to get $8.08 a share in real money, merger proceeds distributed as per installment systems sketched out in Fortress’ Definitive Proxy dated June 7, 2017. Its regular stock has ceased its transactions and is going to be deleted from the NYSE (New York Stock Exchange). Fortress’ financial outcomes will be united and diverted on SBG’s solidified budgetary articulations following the completion of acquisition date on December 27, 2017. SBG will report the effects of the union as necessary. Fortification will work inside SBG as an independent business with its headquarter in New York. Post Principals Randy Nardone, Wes Edens and Peter Briger, will keep on heading Fortress. SBG is focused on keeping up the with the authority, plan of action, mark, staff, procedures, and culture that have bolstered Fortress’ prosperity to date.

The SBG is a worldwide group with innovative players in technology who aim to steer the Information Revolution. The SBG is made up of the holding organization SBG Corporation, TOKYO: 9984, and its common arrangement of organizations, which incorporates propelled media communications, web administrations, AI, savvy mechanical technology, IoT and clean vitality innovation suppliers. In May 2017, the SBG Vision Fund, put all inclusive in the organizations and advancements that will empower the following phase of the Information Revolution, held their crucial first closure with over $93 billion in the submitted capital. Fortress is planning to make a significant push in the corporate loaning embarking on raising support under the responsibility of SBG, as per individuals comfortable with the issue.

The Japanese aggregate needed to give up specific controls to get the official endorsement for that arrangement. Fortress Investment Group is now putting crisp faces forward. It has advanced Drew McKnight and Josh Pack to managing partners, closely working with the Credit Head and co-CEO, Peter Briger. Joel Holsinger was the principal senior official to leave Fortress after its deal to SBG. He was an individual from Fortress’ managerial advisory group and the credit investment committee.

Fortress’ latest pool will suffice the next lending procedure it applies inside its Drawbridge Special Opportunities fund. The firm considers taking the direct lending fund open to the public shortly, however, no choices have been made according to one of the people. Hidden Fortress: Behind SoftBank’s $3.3B buy of the asset manager

Career and Life Achievements of Fortress Investment Group Principal, Peter Briger

Fortress Investment Group’s Board of Directors Co-Chairman and Principal, Peter Briger is a living legend in the alternative asset management sector. Today, he heads one of the best global management firms for alternative assets. His achievements and accomplishments in business through the years have earned him position 317 in the Forbes Top 400 Billionaires list. These are many spots up from No. 962 four years earlier. As a business leader, Peter is loved by his employees and colleagues. To them, he is famously known as Pete.

Mr. Briger at Fortress Investment

This accomplished alternative asset manager joined the Fortress Investment Group back in 2002 as a Management Committee member. He worked at this position diligently and was promoted to a Director position in 2006. In August 2009, he became the Board’s Co-Chairman, and soon after, he went ahead to become the Credit and Real Estate Head and principal at this firm.Before joining Fortress Investment Group, Peter Briger was working at Goldman Sachs for over 15 years. Here, he served as the Trading Businesses and Whole Loans Sales Co-head. He also worked in the same position in other departments including the Fixed Income Principal Investments Group, Asian Distressed Debt business and Asian Real Estate Private Equity business.

Prior to Goldman Sachs, The Fortress Investment Group Principal had worked at International Finance Corporation as a Distressed Debt Advisor. Early in his career, he was a member of Linktone Ltd. Advisory board. Academically, Mr. Briger attended Princeton University where he graduated with a B.A. He then joined University of Pennsylvania’s Wharton School of Business for his M.B.A. Apart from being a sharp business person, Peter is also a philanthropist. His philanthropic efforts are directed towards uplifting communities and promoting education. He is currently one of the biggest donors to the revolutionary Princeton Entrepreneurship program. As a financial investor, Peter Briger is dedicated to helping create professional and highly capable leaders for the business world.

Peter’s take on Bitcoins

It is no doubt the Bitcoin virtual currency is taking the world by a storm, and from its onset, Mr. Briger has been a big believer in its potential. Back in 2013, he and his Fortress Investment Group had a sit-down with the major American banks to discuss the direction and impact of bitcoins. He encouraged these banks to take Bitcoins seriously and be part of the movement to stay relevant in the future. Today, he still believes that Bitcoins are simply a digital goldmine. Peter Briger is leading other Wall Street giants over to this goldmine, and he has successfully impacted many.

Scott Rocklage | Renowned Life Science Doctor, and Investor

Scott Rocklage, Ph.D. started working at 5AM Ventures in 2003 as a Partner and rose to the role of Managing Partner a year later. Dr. Rocklage has a 30-year experience in healthcare management with tactical leadership roles that led to FDA approval of new drug applications (Teslascan® Omniscan™, and Cubicin®).

 

Dr. Rocklage has served as CEO and Chairman of Cubist Pharmaceuticals, CEO and President of Nycomed Salutar and also as R&D at Catalytica and Salutar. He previously served as Board Chairman of Relypsa and Novira. He currently serves as Board Chairman of Kinestral, Rennovia, and Cidara as well as Epirus and Pulmatrix. Dr. Rocklage was a former Management Chairman of Ilypsa (Amgen), Miikana (now EntreMed) and Semprus (Teleflex).

 

Dr. Scott Rocklage acquired his B.S. in Chemistry from UCB and his Chemistry Ph.D. from MIT, where he researched under the guidance of Richard R. Schrock (Nobel winner – 2005). He has invented over 30 government patents and reviewed over 100 peer-publications. Dr. Rocklage currently operates from his Boston, MA, office.

 

The Rocklages’ Unexpected Science Lab Gift

 

On July 18, 2016, Dr. Scott Rocklage was invited by his former Chemistry research institution. He was to celebrate the unexpected gift to the Chemistry Department in support of the renovation of Moungi Bawendi’s nanochemistry and nanotechnology lab space at MIT. Dr. Rocklage conducted his Ph.D. thesis in the Department of Chemistry under the guidance of Professor Richard R. Schrock, a 2005 Chemistry Nobel laureate.

 

Dr.Scott Rocklage and his wife Patty got a tour of the newly revamped lab space by a resident Professor Bawendi and a few graduate students. He was pleasantly surprised to find a plaque with his name inscribed on it at the Lab’s entrance. The entire chemistry department staff witnessed as Dr. Rocklage received accolades from the Bawendi members, former department heads Timothy Jamison, Sylvia Ceyer, and Prof. Moungi Bawendi.

5AM Ventures is a top investment firm whose aim is to build future science companies competent to deliver exceptional profits to investors. 5AM Ventures supports businesses that work to resolve healthcare needs through advanced research in medicine. The groups of companies involved lead with innovative approaches to recognize, avert and treat a broad range of health conditions.

 

5AM’s venture experts hold competitive financial, scientific, operational, medical, and legal skills. The balanced background gives the firm a unique advantage to discover and outline life science group companies. They employ seasoned, hands-on approach to growth and also get directly involved in applying business strategy, executive recruiting, and fundraising. The sitting board members regularly take on interim operating roles.

 

Dr.Scott Rocklage has spent his career in the life science profession, often working jointly with other like-minded peers to help generate shareholder value. As a board management leader, Dr. Rocklage draws over thirty years of CEO and added leadership roles at various science companies. He has proven to be fully capable of working with established investors, and co-investing with venture capitalists at major science companies.