Wesley “Wes” Robert Edens is Fortress Investment Group’s Co-Founder, Principal, Co –Chairman, and Head and President of Private Equity since 2009. He likewise assumed the position of Co-Chief Executive Officer of the company in December 2017. Wes Edens is in-charge of the company’s alternative investment businesses for public trading and private equity. He similarly held the Chief Executive Officer position of the firm from April 1998 up to July 22, 2003.
Wes Edens is an alumnus of the Oregon State University where he completed his studies and earned his Bachelors in Science degree In Finance and Business Administration.
Fortress Investment Group LLC publicly broadcasted that its earnings for the second quarter of the year increased by 16% due to the selloff of its investments in private equity. The Fortress Investment Group have overseen and implemented numerous profit making approaches including the trade of a wide array of hedge funds; and disclosed that the firm’s distributable income – cash which can be disbursed to shareholders that has already been taxed, grew from $48 million to $172 million for the previous year. The income was computed at 39cents per share of stock, which is beyond the expected amount of 30cents amidst the forecasters as per a review done by Thomson Reuters.
Based on the review cited above, Wes Edens and his company Fortress gathered the profits from the sales of its outstanding interests and investment from two companies that it launched publicly earlier. Although Fortress Investment Group is basically not a private equity company, it took the opportunity of the increasing prices in the stock market, which has lately assisted other entities to earn a substantial profit from the sales of their respective investments in private equity.
To take advantage of the swelling stock share prices, Fortress took the momentum to sell its Brookdale and Gagfah shares, an operator of homes for elderly people and a German property-owner owner respectively, where the company was able to amass an income of $91 million that were considered as allocated earnings for shareholders.
According to Fortress the bigger income it gets are for the augmentation of operational expenses, while the lower earnings that it acquires from its funds are the company’s profits, hence it publicized a shareholder’s return of 26cents per stock share. On the other hand, the management assets of Fortress increased from $62.5 billion in March to $63.8 billion in June.
Based on generally implemented accounting concepts, the Fortress Investment Group grossed $69 million for the current year’s second quarter in contrast to the previous year where it had a loss of $2 million.
One of Wes Edens’s principal partners – Randal Nardone who is also the Chief Executive of Fortress said that the company made a good profit for the second quarter of the year with a record breaking dividends for the firm’s shareholders.
Randal Nardone likewise added that the substantial outcome of their company’s earnings can be attributed to their private equity investments which he hopes to carry on in its uptrend for the incoming years.
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