Ares Management reported $207.2 billion in assets under management as of March 31, up 5.1% to $197 billion from the prior quarter and a 39.4% increase year over year.
Michael Arougheti, co-founder, CEO and president, said Thursday on a conference call with analysts that most of the increase in AUM during the year was due to fundraising; the initial public offering of Ares’ special purpose acquisition company, Ares Acquisition Corp.; and the acquisitions of Asian money manager SSG Capital Holdings and F&G Reinsurance, a life and annuity reinsurer.
Ares raised $10 billion in the first quarter, Mr. Arougheti said. Ares executives are very pleased with the fundraising, which attracted 50 new investors, he added.
Source: Pensions&Investments
By Arleen Jacobius
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