Wes Edens And Diversified Wealth
In 2016, Wes Eden appeared in two articles published by the New York Times where they covered the private-equity industry. In it, they revealed that he took home $54.4 million per year outside his well-known fortune. Broken down Edens’s annual pay was made up of a $200,000 salary, $1.1 million in stock, $11.6 million in bonuses and another $478,493 from miscellaneous compensation in 2015. For the co-owner of the Milwaukee Bucks, the co-founder, and co-chairman of Fortress Investment Group, it’s no surprise he makes good money.
His long and successful career started in 1984 after graduating from Oregon State University. He had earned a bachelor’s of science in Finance and Business Administration before embarking on a six-year stint at Lehman Brothers. When he left them for BlackRock Asset Investors in 1993, Edens acquired a total of ten years experience in the financial industry. Experience he put to good use when he formed Fortress Investment Group in a partnership with four others: Peter Bridge, Jr., Robert Kauffman, Randal Nardone and Michael Edwards.
Before becoming a co-chairman of Fortress’s Board of Directors, Edens helped take the investment management firm public in 2007. It was the first IPO by a private equity firm, but well before, Edens and partners had already made a fortune in a deal worth $888 million. In 2009, the firms stock had fallen well below a dollar as a result of the subprime mortgage crisis, but Edens resurrected his firm into what it is today.
From 2015 until 2016, he was also Chairman of Fortress Transportation and Infrastructure Investors LLC which saw it’s total managed assets at $70.2 billion. In 2017, the firm was then purchased by SoftBank Group for $3.3 billion, where the existing firm would remain intact. Would ultimately become subsidiary of SoftBank when the deal became finalized in December that year.
Outside of Fortress, Edens purchased the Bucks from their previous owner Herb Kohl for $550 million. He would then become co-owner with Marc Lasry.
With the purchase of a well established National Basketball Association team, Edens kept them in Wisconsin and had a new arena built for them. In the summer of 2016, he also held a private presentation with any of the team members who wanted to be present. In the presentation, he discussed how players could better manage their wealth as 60% of retired players often filed for bankruptcy within five years of leaving the league.
Along with his NBA purchase, in 2017 Wes Edens would go on to purchase an eSports team he named FlyQuest. As a professional League of Legends eSport team, they focused on gameplay off the course and more video game driven.
Everything Edens has accomplished in the last 34 years has resulted in well-placed bets on the future. The first investment he made, in his education, has grown into well-deserved multimillion-dollar take-home pay. He has dedicated his life to investing money, and time in building up his earnings. From almost losing everything in 2009 to investing in eSports.
Contact Wes Edens: www.linkedin.com/in/wesley-edens-a6b19b3a