LOS ANGELES--(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,
800-340-6597
[email protected]
or
Veronica
Mendiola
[email protected]
or
Cameron
Rudd
[email protected]
Source: Ares Management, L.P.
