Fortress Investment Group officially left the public in 2017 when they were absorbed by Softbank Group from Japan. The equity firm experienced change in guard after years of consistent service delivery to its clients.Wes Edens, the accomplished hedgefund manager who is also a cofounder at the firm, oversaw the sell of FIG.His stock was worth $512 million at the time when the sell was made. Their operations will still continue under the umbrella of Softbank. The firm’s principals were given five year contracts that they intend to see out. Softbank has its headquarters in Tokyo and is led by Masayoshi Son.Wes Edens started out as managing director and partner at Lehman Brothers. He served at the same positions when he joined BlackRock Asset Investors in 1993. Along with Randal Nardone, Peter Briger, Michael Edward and Robert Kauffman, he founded the Fortress Investment Group in 1998.
The group manages assets including private equity funds, hedge funds as well as a host of alternative investment assets. In 2009 Wes Edens was voted in as co-chairman of the group’s board of directors. During his time Fortress made the acquisition of American General Finance which was later re-branded to Springleaf Financial Services. The value of Springleaf went up exponentially earning Wes Eden great respect among his contemporary subprime lenders. The Fortress employees laud the leadership of the firm for creating a great working environment. The organisation’s structure allows for efficient team work and adequate communication resulting in exceptional results. The Oregon State University alumnus holds a Bachelor of Science degree in Finance. Ge joined the billionaires club in 2007 when the firm joined the public domain. He currently takes home more than $54.4 million every year according to bizjournal.
Much of this comes from the dividends he gets from his investments.He is a co-owner of the Milwaukee Bucks. He purchased the NBA franchise with Marc Lasry, an accomplished investor himself, in 2014. At the time of the purchase the two hoped to steer the team to the same success they have had in their respective business careers. Wes Eden took his love for sports to e-sports that involve multi-player video games. Their competitions usually bring on board professionals from all walks of life. He launched FlyQuest which has since earned a permanent spot in the North American League of Legends. The franchise was created in the beginning of 2017 and plans to bring together a couple of teams to compete in the various e-sport games. Buck’s home arena may soon host some of the e-sport competitions.