LOS ANGELES--(BUSINESS WIRE)--
Ares Management, L.P. (NYSE:ARES) today reported its financial results
for its second quarter ended June 30, 2017.
"Ares generated record second quarter earnings driven by strong fund
appreciation and growth in management fees," said Tony Ressler, Chief
Executive Officer of Ares. “Supported by more than $5 billion in new
commitments in the second quarter and more than $15 billion raised over
the past twelve months, we have crossed a major milestone for our firm,
passing the $100 billion mark and ending the quarter with $104 billion
in AUM.”
“Our results reflect our strong fundraising momentum, excellent
investment performance, consistent deployment and an increased focus on
harvesting our assets at attractive values,” said Michael Arougheti,
President of Ares. “As a result, we are building a strong foundation for
future value creation as evidenced by our 35% year over year increase in
core fee related earnings and 59% year over year increase in net accrued
performance fees, reflecting our potential to generate strong
distributable earnings through this market cycle.”
Common Distribution
Ares declared a quarterly distribution of $0.31 per common unit, payable
on September 1, 2017 to common unitholders of record at the close of
business on August 18, 2017.
Preferred Distribution
Ares declared a distribution of $0.4375 per Series A Preferred Unit with
a payment date of September 30, 2017 to preferred unitholders of record
as of the close of business on September 15, 2017.
Additional Information
Ares issued a full detailed presentation of its second quarter 2017
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 2017 Earnings
Presentation. We also filed our Second Quarter 2017 Earnings
Presentation on Form 8-K for the quarter ended June 30, 2017 with the
U.S. Securities and Exchange Commission on August 4, 2017 and will file
our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017
with the U.S. Securities and Exchange Commission on August 7, 2017.
Conference Call and Webcast Information
Ares will host a conference call on August 4, 2017 at 11:00 a.m. ET to
discuss second quarter 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 3721713 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 1,
2017 (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 10110034. An archived replay will
also be available through September 1, 2017 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 $104 billion of assets under management
as of June 30, 2017 and more than 15 offices in the United States,
Europe, Asia and Australia. 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/20170804005106/en/
Investor Relations
Ares Management, L.P.
Carl Drake,
800-340-6597
[email protected]
or
Veronica
Mendiola
[email protected]
or
Cameron
Rudd
[email protected]
Source: Ares Management, L.P.
