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Ares Management Corporation  (ARES)
Other Ticker:  
 
    Sector  Financial    Industry Investment Services
   Industry Investment Services
   Sector  Financial
 



 

What are Ares Management's Business Segments?



Tradable Credit Group

Our Tradable Credit Group is a leading participant in the tradable, non-investment grade corporate credit markets, with approximately $30 billion of assets under management as of December 31, 2015. The group manages various types of investment funds, ranging from commingled and separately managed accounts for institutional investors to publicly traded vehicles and sub-advised funds for retail investors. A key to our performance is our robust research team of approximately 40 analysts that support our nearly 20 highly respected portfolio managers and traders. Based in Los Angeles, London, and New York, our analysts have on average over ten years of experience and are organized by industry rather than asset class, which we believe enables them to effectively assess relative value across the capital structure within their areas of expertise, from traditional corporate credit to alternative credit. While each of the group’s 80 funds is tailored to specific investment objectives, mandates can be broadly categorized between long-only credit and alternative credit investment strategies.

Tradable Credit Group long-only credit: Our long-only investment funds primarily seek to outperform the corresponding performing bank loan or high-yield market indices. This strategy encompasses senior bank loans (principally first lien and secured debt), second lien loans, high yield bonds and unsecured loans.

Primary areas of focus for our Tradable Credit Group’s long-only credit teams include:

Leveraged Loans: Our leveraged loans strategy focuses on relative value and principal preservation within the non-investment grade credit markets. We focus on evaluating individual credit opportunities related primarily to non-investment grade senior secured loans. We primarily target first lien secured debt, with a secondary focus on second lien loans, mezzanine loans, high yield bonds and unsecured loans.

High Yield Bonds: Our high yield bonds strategy employs a value-driven philosophy, utilizing fundamental research to identify non-investment grade corporate issuers. We primarily target high yield bonds, with a secondary focus on corporate loans, mezzanine loans, debtor in possession loans and unsecured loans.

Tradable Credit Group alternative credit: Our alternative credit investment funds primarily seek to deliver compelling absolute risk-adjusted returns relative to publicly traded stocks, hedge funds, distressed funds, bank loans, high yield bonds or other investment types. This strategy encompasses dynamic credit and credit opportunities funds, both of which allocate capital across senior secured debt, unsecured debt, stressed/distressed debt and structured assets, subject to our investment professionals’ views of relative value at different points of an economic cycle. Our special situations funds capitalize on current and anticipated stressed and distressed credit opportunities focusing on debtor-in-possession loans, exit and rescue financings, post-reorganization equities, self-originated investments in specialty finance companies, directly negotiated purchases of non-performing or non-core assets divested by financial institutions, collateralized loan obligation vehicles and global structured assets.

Primary areas of focus for our Tradable Credit Group’s alternative credit teams include:

Credit Opportunities: Our credit opportunities strategy has an event-oriented credit mandate that seeks to generate attractive risk-adjusted returns across market cycles by capitalizing on market inefficiencies and relative value opportunities in the non-investment grade corporate credit market. We principally invest or take short positions in U.S. and European debt securities across the capital structure, including opportunistic liquid credit, special situations and structured products. Our “all weather” strategy seeks to dynamically manage duration, which is critical to realizing attractive performance during various interest rate environments.

Global Special Situations: Our global special situations strategy capitalizes on dislocated assets by flexibly deploying capital across multiple asset classes. We employ our deep credit expertise, proprietary research and robust sourcing model to capitalize on current market trends. This opportunistic approach allows us to invest across a broad spectrum of investments, including corporate debt, rescue capital, specialty finance, post-reorganization securities and non-performing portfolios, corporate and consumer asset-backed products and across the capital structure of collateralized loan obligation vehicles.


Direct Lending Group

Our Direct Lending Group is one of the largest self-originating direct lenders to the U.S. and European markets, with approximately $33 billion of assets under management across approximately 45 funds or investment vehicles as of December 31, 2015. Our Direct Lending Group has a multi-channel origination strategy designed to address a broad set of investment opportunities in the middle market. We focus on being the lead or sole lender to our portfolio companies, which we believe allows us to exert greater influence over deal terms, capital structure, documentation, fees and pricing, while at the same time securing our position as a preferred source of financing for our transaction partners. The group maintains a flexible investment strategy, with the capability to invest in revolving credit facilities, first and second lien senior loans, mezzanine debt and non-control equity co-investments in middle market companies, power generation projects and early stage and emerging growth companies backed by venture capital firms. We manage various types of funds within our U.S. and European Direct Lending teams that include commingled funds, separately managed accounts for large institutional investors seeking tailored investment solutions and joint venture lending programs.

Primary areas of focus for our U.S. Direct Lending teams include:

Ares Capital Corporation: ARCC is a leading specialty finance company that provides one-stop debt and equity financing solutions to U.S. middle market companies, venture capital backed businesses and power generation projects.

European Direct Lending: Our European team is comprised of approximately 35 investment professionals in five offices. Our team covers approximately 160 financial sponsors and is one of the most significant participants in the European middle-market. We provide a wide range of financing opportunities to middle-market companies that typically range from €10 to €75 million in EBITDA.


Private Equity Group

Our Private Equity Group has achieved compelling investment returns for a loyal and growing group of high profile limited partners and as of December 31, 2015 had approximately $21 billion of assets under management. Our Private Equity Group broadly categorizes its investment activities into three strategies: North American/European flexible capital, U.S. power and energy assets and China growth capital. Our private equity professionals have a demonstrated ability to deploy flexible capital, which allows them to stay both active and disciplined in various market environments. The group’s activities are managed by three dedicated investment teams in North America, Europe and China

Real Estate Group

With our experienced team, along with our expansive network of relationships, our Real Estate Group capitalizes on opportunities across both real estate equity and debt investing. Our equity investments focus on implementing hands-on value creation initiatives to mismanaged and capital-starved assets, as well as new development, ultimately selling stabilized assets back into the market. Our debt strategies leverage the Real Estate Group’s diverse sources of capital to directly originate and manage commercial mortgage investments on properties that range from stabilized to requiring hands-on value creation. The Real Estate Group has achieved significant scale in a short period of time through various acquisitions and successful fundraising efforts. Today, the group provides investors access to its capabilities through several vehicles: U.S. and European real estate private equity commingled funds, real estate equity and debt separately managed accounts and a publicly traded commercial mortgage REIT, ACRE. The group’s activities are managed by dedicated equity and debt teams in the U.S. and Europe.

   

Ares Management Tax Rate Companies within the Investment Services Industry


Business Segments Q4
Revenues
(in millions $)
Q4
Income
(in millions $)
(Dec 31 2023)
%
(Profit Margin)
Total 1,344.53 149.25 11.1 %

Growth rates by Segment Q4
Y/Y Revenue
%
(Dec 31 2023)
Q/Q Revenue
%
Q4
Y/Y Income
%
(Dec 31 2023)
Q/Q Income
%
Total 19.39 % 44.32 % -49.09 % -24.23 %

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