Ares Management, L.P. Reports Third Quarter Results
November 07 2016 - 6:00AM
Business Wire
Ares Management, L.P. (NYSE:ARES) today reported its financial
results for its third quarter ended September 30, 2016.
“Ares generated another quarter of strong financial results as
third quarter economic net income and distributable earnings
increased across all three investment groups compared to the same
period last year,” said Tony Ressler, Chairman and Chief Executive
Officer of Ares. “With more than $4 billion in new capital
commitments during the third quarter, our broad investment platform
continues to attract existing and new investors to our funds as
they seek alternative, less correlated solutions in today’s low
rate and low growth market environment.”
“In the third quarter, we benefited from positive fund
investment performance, improved fee related earnings and
realizations on a number of successful investments,” said Michael
Arougheti, President of Ares. “In addition, we have a number of
initiatives that we expect will help us drive higher fee related
earnings margins in the coming years.”
Common Distribution
Ares declared a quarterly distribution of $0.20 per common unit,
payable to common unitholders of record at the close of business on
November 21, 2016, payable on December 5, 2016.
Preferred Distribution
A distribution of $0.4375 per Series A Preferred Unit has been
declared with a payment date of December 31, 2016 to holders of
record as of the close of business on December 15, 2016.
Additional Information
Ares issued a full detailed presentation of its third 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 Third Quarter 2016
Earnings Presentation. We also filed our Third Quarter 2016
Earnings Presentation on Form 8-K and our Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2016 with the
U.S. Securities and Exchange Commission on November 7, 2016.
Conference Call and Webcast Information
Ares will host a conference call on November 7, 2016 at 12:00
p.m. ET to discuss third 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
4606665 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 December 6, 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 10093690. An archived
replay will also be available through December 6, 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 $97 billion of assets
under management as of September 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 Statements
Statements 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161107005372/en/
Investor Relations:Ares Management, L.P.Carl Drake,
800-340-6597cdrake@aresmgmt.comorVeronica
Mendiolavmendiola@aresmgmt.comorCameron Ruddcrudd@aresmgmt.com
Ares Management (NYSE:ARES)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ares Management (NYSE:ARES)
Historical Stock Chart
From Apr 2023 to Apr 2024