Ares Management, L.P. Reports Second Quarter Results
August 09 2016 - 6:30AM
Business Wire
Ares Management, L.P. (NYSE:ARES) today reported its financial
results for its second quarter ended June 30, 2016.
“Ares generated significantly stronger second quarter results
compared to the same period last year as our funds delivered good
performance across our strategies despite increased levels of
market volatility,” said Tony Ressler, Chairman and Chief Executive
Officer of Ares. “Our franchise continues to expand as global
investors seek higher, less correlated returns from alternative
investments.”
“All three of our investment groups generated strong
realizations during the second quarter,” said Michael Arougheti,
President of Ares. “We also continue to build up a record level of
available capital, which leaves us well positioned to grow our
future management fees and fee related earnings over time as we
invest and create long term value for our investors.”
Common DistributionAres declared a quarterly distribution
of $0.28 per common unit, payable to common unitholders of record
at the close of business on August 23, 2016, payable on September
6, 2016.
Series A Preferred DistributionIn June 2016, Ares issued
12,400,000 units of 7.00% Series A Preferred Units at $25.00 per
unit, including 1,240,000 units issued pursuant to the
over-allotment option. Distributions on these preferred units are
payable on March 31, June 30, September 30 and December 31,
beginning on September 30, 2016. Ares declared a distribution of
$0.544444 per Series A Preferred Unit and set aside for payment on
September 30, 2016 to holders of record as of the close of business
on September 15, 2016. The first distribution on the Series A
Preferred is calculated based on the date of the original
issuance.
Additional InformationAres issued a full detailed
presentation of its second quarter 2016 results, which can be
viewed at www.aresmgmt.com on the Investor Resources section of our
home page under Events and Presentations. The presentation is
titled Second Quarter 2016 Earnings Presentation. We also filed our
Second Quarter 2016 Earnings Presentation on Form 8-K and our
Quarterly Report on Form 10-Q for the quarterly period ended June
30, 2016 with the U.S. Securities and Exchange Commission on August
9, 2016.
Conference Call and Webcast InformationAres will host a
conference call on August 9, 2016 at 12:00 p.m. ET to discuss
second quarter 2016 results. All interested parties are invited to
participate via telephone or the live webcast, which will be hosted
on a webcast link located on the Home page of the Investor
Resources section of our website at http://www.aresmgmt.com. Please
visit the website to test your connection before the webcast.
Domestic callers can access the conference call by dialing (888)
317-6003. International callers can access the conference call by
dialing +1 (412) 317-6061. All callers will need to enter the
Participant Elite Entry Number 1247238 followed by the # sign and
reference “Ares Management, L.P.” once connected with the operator.
All callers are asked to dial in 10-15 minutes prior to the call so
that name and company information can be collected. For interested
parties, an archived replay of the call will be available through
September 7, 2016 (Eastern Time) to domestic callers by dialing
(877) 344-7529 and to international callers by dialing +1 (412)
317-0088. For all replays, please reference conference number
10088374. An archived replay will also be available through
September 7, 2016 on a webcast link located on the Home page of the
Investor Resources section of our website.
About Ares Management, L.P.Ares Management, L.P. is a
publicly traded, leading global alternative asset manager with
approximately $95 billion of assets under management as of June 30,
2016 and more than 15 offices in the United States, Europe and
Asia. Since its inception in 1997, Ares has adhered to a
disciplined investment philosophy that focuses on delivering strong
risk-adjusted investment returns throughout market cycles. Ares
believes each of its three distinct but complementary investment
groups in Credit, Private Equity and Real Estate is a market leader
based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits
from being part of the greater whole. For more information,
visit www.aresmgmt.com.
Forward-Looking StatementsStatements included herein may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, which relate to
future events or our future performance or financial condition.
These statements are not guarantees of future performance,
condition or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in
the forward-looking statements as a result of a number of factors,
including those described from time to time in our filings with the
Securities and Exchange Commission. Ares Management, L.P.
undertakes no duty to update any forward-looking statements made
herein or on the webcast/conference call.
Nothing in this press release constitutes an offer to sell or
solicitation of an offer to buy any securities of Ares or an
investment fund managed by Ares or its affiliates.
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version on businesswire.com: http://www.businesswire.com/news/home/20160809005574/en/
Ares Management, L.P.Investor Relations:Carl
Drake, 800-340-6597cdrake@aresmgmt.comorVeronica
Mendiolavmendiola@aresmgmt.com
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