Those who know Wesley Robert Edens know that he is not just a peak performer in the financial world, but also in high altitude climbing. Born in October 30, 1961, Wes went to Capital High School and later graduated from Oregon State University in 1984 with a BSc in Finance and Business Administration.
Wes Edens began his career path with California Savings and Loans. Later on, he worked periodically at Smith and Barney and Merrill Lynch. Wes joined the Lehman Brothers in 1987 and worked in the mortgage trading division as a Managing Director and Partner until 1993. In 1993, he joined BlackRock and served at the company’s affiliate, BlackRock Financial Management, also as a Managing Director and Partner. While working at BlackRock, the entrepreneurial and business prowess of Wes Edens became apparent when he created first private equity fund called BlackRock Asset Investors. Despite his increasing roles, Wes joined UBS in 1997 and served in its affiliate as the Managing Director.
In 1998, Wes Edens founded Fortress Investment Group together with Randal Nardone and Robert Kauffman. Fortress Investment Group is a globally leading diversified global investment manager. The company manages approximately $40.9 billion as of March 2018. The company also boasts of more 1,750 private and institutional investors across the globe in real estate, permanent capital, and private equity among others. Currently, Wes Edens is the Co-CEO, Co-Chairman, Co-Founder and Principal of Fortress Investment Group LLC. Apart from his position, the private equity investor and hedge fund manager holds other significant positions in financial institutions including:
Chairman of the Board of New Senior Investment Group Inc. from 1999
Chairman of the Board of Directors, Florida East Coast Holdings Corp since 2010
Chairman and CEO of Fortress Registered Investment Trust from 2002
Chairman of New Media Investment Group Inc.
Chairman of the Board of Springleaf Finance Corporation from2010, among others.
Despite his business prowess, the 962nd billionaire as per Forbes rankings is a family man, married to Lynn Edens with whom he has four children. In 2014, Wes Edens partnered with Marc Lasry to purchase the Milwaukee Bucks. The sports team is reported to have cost the two a reported $550 million. The finance mogul donates to many causes, mainly in health, art and educational related causes. His total donations amount to more than $2.7 million. He also holds a position of a Trustee of the Chinook Charitable Trust.
The Mississippi Institute of Arts and Letters has recently announced that renowned architect Robert Ivy is to be the next recipient of its Noel Polk Lifetime Achievement Award. Robert Ivy heads the American Institute of Architects (AIA) and has helped bring the art of architecture to a global audience. Many in the field consider Ivy to be one its most effective “ambassadors,” introducing his audiences to the wonders of architecture in a way that is easy to understand, without lessening the artistic and aesthetic value of complex architectural works.
Robert Ivy has held the position of AIA CEO since 2011, and, in the time since his tenure began, the group has seen its membership numbers surpass anything in the group’s more than 150 years of operation. That is quite an achievement for the man from Mississippi, with degrees from Sewanee: The University of the South and Tulane’s renowned School of Architecture. Ivy has used the lessons of his foundational years amongst the unique architectural designs of the American South to transform his field into one of the world’s great art forms.
Robert Ivy was previous honored with the Master Architect title, previously bestowed by Alpha Rho Chi on such architectural heavyweights as I.M. Pei and Mies van der Rohe. Ivy is only the 7th person, and first of the 21st Century, to ever receive the award. He also holds a Dean’s Medal from the Fay Jones School of Architecture at the University of Arkansas. It is with Fay Jones that Ivy’s career is most connected. He penned the definitive biography of Jones’s work back in 2001, “Fay Jones: Architect”.The Mississippi Institute of Arts and Letters is one of the state’s premier non-profit organizations devoted to higher learning. Previous recipients of the Noel Polk Lifetime Achievement Award include such diverse artists as Eudora Welty, Leontyne Price, and actor Morgan Freeman. Robert Ivy now joins this list of home-state luminaries as he continues to share the joys of architecture with the world.
Randal Nardone is the co-founder of Fortress Investment Group. Fortress Investment Group is a leading global firm that manages tens of billions of dollars in asset management. At the core of the company’s mission is to generate long term profitable returns for their investors. The New York City headquartered company was founded in 1998. Randal Nardone is a principal and is apart of the Board Of Directors for the firm. Randal Nardone’s work his history is impressive. He is a college educated man. He has a Bachelors of Art & Science from the University of Connecticut. He received a Doctor of Jurisprudence from Boston University School of Law. Before becoming a founder of Fortress Investment Group he was a managing director for UBS. He has also worked for Blackrock Financial Management. He served as a partner and member of the executive committee at Thacher Proffitt & Wood Law Firm. He is a man of many jobs.
Randal Nardone is a director of Brookdale Senior Living. He also heads the Alea Group Holding Company. He is also a director for Eurocastle Investment Limited. He is a top executive as vice president and secretary of Newcastle Investment Holdings. Today, the businessman is on the Forbes list of billionaires. He is listed at number 557 worth one billion and eight hundred million dollars. The fifty one year old fortune’s is self-made and is mostly made from his work in the finance sector. The lawyer turned finance company founder is a hard working chief operating officer for Fortress Investment Group. As COO, he oversees the legal matters and structured finances of the company.
Randal Nardone has made Fortress Investment Group a success due to the help of the company’s co-founders and the strategy they created to make the company a unique and outstanding investment firm. The alternative asset strategy developed by the founders has caused this firm to rise to high levels of success. For twenty years, the strategies the company has followed allowed them to be competitive amongst all other investment firms. Randal Nardone will continue to oversee hundreds of employees, help investors build their portfolios of investments and grow steadily up on Forbes list of billionaires.
Sahm Adrangi is the chief investment officer at Kerrisdale Capital based in New York City. He holds a bachelors degree of arts in Economics from the famous Yale University. His previous positions include analyst at Longacre Fund Management, Restructuring Investment Banking Group, and Deutsche Bank.
Sahm Adrangi recently issued a negative report concerning the St. Joe Company. Kerrisdale Capital operates as a private investment manager. It published a negative report highlighting its short position at St. Joe Company. This real estate company is targeting to transform the sizeable desolate area located in Panama City Beach to become an attractive destination for businesses as well as retirees. In the report, Sahm Adrangi pointed out that St. Joe Company is not likely to develop the land due to the valuations that it is facing. Much of its land is located in swampy, desolate, and remote areas whereas the St. Joe has already monetized it. The company had foreseen a significant income source. The new retirement sector would have been a high selling community in America. Contrary to this, there is minimal progress made by St. Joe on the interior land. Very few activities and efforts of the building are happening among other things like permit fillings and signs of growth. Sahm Adrangi says that the plans for the interior land in the company were made lie ten years ago and up to date nothing tangible has been accomplished. He, therefore, predicts that the investors who have already suffered enough should be prepared to wait longer before their investments begin counting. This is because the company is still struggling to monetize the land. Due to all those issues faced by the shareholders, the largest investor for St. Joe, which is Fairholme Funds, has suffered some liquidity rules that were enacted in a few months ago. This was significantly contributed by the poor stock selection and this large investor reduced around 90 percent of its assets. Its position was more prominent in the company. Fairholme is therefore expected to reduce its status as a shareholder by half. Kerrisdale is convinced that no level of development can redeem the stock positions.
If you are approaching retirement age, you should find out everything you need to know about social security. According to a recent study, a number of seniors have a complete understanding about social security and how it works. Making mistakes can cost you a great deal of money and even more taxes. Pensions were very popular when our parents and grandparents retired. Now that they are evaporating in record numbers, it is important to have a proper social security plan to maximize your benefits.
A 2015 study by the Nationwide Retirement Institute showed that upwards of 30 percent of retirees are receiving benefits less than what they thought. The study consisted of 900 participants and was broken into 3 groups. Of the group of future employees, 86 percent were clueless about social security, said David Giertz president of Nationwide Financial Distributors.
One of the most unfortunate misconceptions about social security is that people who believe that just because you can receive social security at age 62, you should. “It’s like a land grab mentality,” said Robert Seiler of ASC Financial Group. Although a person can retire at age 62, they could be missing out on a great deal of money, according to Giertz. Full retirement age begins between the ages of 63 to 65. The longer you wait, the more benefits you will receive.
For example, let’s say your retirement age is 66 and you are due $1,000 in monthly benefits. If you decide to take your benefits at age 62, you would only receive $750 or 25% less benefits. A full 25% of your benefits down the tubes can be quite a financial hit for some. One the other hand, an individual who works beyond their retirement age will receive 8% more per year.
David Giertz has over 30 years of experience in finance. Under his guidance, Nationwide Financial has grown from $11 billion to $17.8 billion in a few short years.