This IPO is on the subject here because I really do like to take a look at and talk about alternate asset managers, but also because Alleghany (Y) required a 6.25% stake in ARES last year. With interest rates so low, these were looking for a little knowledge in the certain area of fixed income to earn some higher produce.
Markel (MKL) too, has recently added some knowledge in this area (assigned a complete time-fixed income supervisor). 19/unit, so the community gets to be able to get into ARES for less than what Y covered it. By the way, what valuation did Y purchase ARES? 4 billion would be 12x that. Without engaging in many details too, I think economic net income is the cleanest way to look at these choice managers.
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Anyway, who are in this business? I am not just a fixed-income man so am not too familiar with ARES, but apparently they are extremely regarded and run a very good operation highly. The founder is the brother-in-law of Leon Black of Apollo Global Management and was a co-founder of Apollo. ARES is in the past spinoff out of Apollo (1997). Despite the trustworthiness of Drexel Burnham Lambert, there have been a lot of good people that have come out of there.
Richard Handler, who now operates Leucadia is also a Drexel man. Joel Greenblatt was initially funded by Milken himself. Antony P. Ressler. Mr. Ressler is a Co-Founder of Ares and the Chairman and Chief Executive Officer of our general partner. He is a Senior Partner of Ares in the Private Equity Group and serves as Chairman of the Management Committee.
Mr. Ressler also serves on the Board of Directors of ARCC. To Ares Prior, Mr. Ressler was a co-founder of Apollo Management, L.P. 1990 and was a known member of the initial six-member management team. Mr. Ressler oversaw and led the capital marketplaces activities of Apollo Management, L.P. Lion Advisors, L.P. from 1990 until 1997, concentrating on high-produce bonds especially, leveraged loans, and other fixed income assets. Prior to 1990, Mr. Ressler served as a Senior Vice President in the High Yield Bond Department of Drexel Burnham Lambert Inc., with responsibility for the brand-new Issue/Syndicate Desk.
There are other co-founders and I don’t suggest to dismiss them as unimportant. One nice thing about Ressler is that he could be 53 years old. Many of us are Buffett supporters and he is not young. We were fans of Leucadia also, but those founders retired (or almost retired). Howard Marks either is not so young.
So it’s kind of a good thing when we look at something and the owner-founder is young and still has a great deal of runway. OK, and here are some of the most common things that show up in the S-1’s. AUM has been increasing at ARES rapidly, like at other substitute managers just. I have mixed feelings about this, as usual. It’s nice to see this kind of growth, and yes, there could be more growth to come.
But on the other hands, just how many more years can alternative managers keep growing assets like this? Equity mutual account managers grew resources at amazing rates too in the 1990’s. And the frightening thing was that all of the collateral managers were growing property at rapid rates. If they all keep growing AUM at such rates, can there be that much opportunity for the administrative center to be deployed really?