Wes Edens: Financial Industry Leader and Professional Sports Team Owner

Wes Edens has the prestige and honor of being the principal, co-founder, and co-chairman of Fortress Investment Group Limited Liability Corporation (LLC), a firm he started with several other partners in 2009. Furthermore, he holds positions in other finance companies such as that of Principal at Fig LLC, and Chairman at Mapeley Ltd., Newcastle Investment Holdings Corp., and Seacastle Incorporated. Being a lifelong sports fan, Wes Edens combined business with pleasure by purchasing the Milwaukee Bucks in April 2014, together with a partner.Showing potential as a shrewd businessman from a young age, Wes Edens earned a bachelor’s degree in finance from Oregon State University. Pursuing a successful and lucrative career, he made the Forbes List of the World’s Richest People in 2008 with a ranking of 962. Presently, Wesley is no longer on the Forbes Billionaire List.Fortress manages $72 billion of alternative assets, such as hedge funds. The company headquarters are in New York, however the satellite offices are located all over the world.

At Fortress, Wes Eden’s primary responsibilities include management of the firm’s private equity business, which represents investments in entities that are not publicly traded. Their strategy is to gain control of public companies and remove them from public stock exchanges or invest in private companies, targeting the media, financial services, health care, real estate, public transportation and infrastructure sectors..In the early part of his career, Wes Edens fulfilled his roles at Lehman Brothers as a partner in addition to managing director. Later on, he became a partner and also the managing director of BlackRock Financial Management Inc., where he headed the BlackRock Asset Investors private equity fund.In 2014, Wesley Edens was part of a group who purchased the Milwaukee Bucks for $550 million. Seeking public financing from the city for a new arena, his group unfortunately encountered controversy from the beginning.Nationstar Mortgage Holdings was a publicly traded company owned by Fortress that serviced mortgages for many Milwaukee homes, many of which were dilapidated foreclosures.

Upon discovering this information, the organizer led a campaign against the proposed stadium financing, accusing Mr. Edens of being a “slumlord.” Prior to the local officials voting on financing the arena, Nationstar donated $30 million to the struggling city homeowners.A Nationstar spokeswoman defended the multi-million dollar grant as being unrelated to the city’s eventual approval of the Bucks arena. Furthermore, the spokesperson went on to say that the company’s long-term overall goals were to work with nonprofits and government agencies to help struggling homeowners.Michael Murphy, an earlier president of Milwaukee’s legislature, stated that Wes Eden’s purchase of the Bucks and CEO of Fortress was a swaying factor in Milwaukee being the recipient of the Nationstar $30 Million grant. Moreover, he firmly believed that the proposed construction of a new arena was a major incentive for improvement of the neighborhoods surrounding the proposed stadium.