Why do you think that is? (Clickhereto subscribe to the Delivering Alpha newsletter.). One of the things that Ive said to my partners here is to think of Ares as a growth company in a growth industry. For the last almost 10 years, it seems like almost every market has been correlated and performing well. The most recent stock trade was executed by Antony P Ressler on 10 February 2023, trading 16,879 units of ARES stock currently worth $1,436,740. He serves on the Ares Exe Read More Contact Michael Arougheti's Phone Number and Email Last Update 11/21/2022 1:55 PM Email Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. He bought the property for $9.3 million and sold it to the next door neighbor for $14 million. Last year, Los Angeles-based Ares made a $150 million preferred equity investment in Inter Miami CF. Ares Management, however, has been a beneficiary of the current environment. He additionally serves as Co-Chairman of Ares Capital Corporation (NASDAQ: ARCC) (ARCC) and as a director of Ares Commercial Real Estate Corporation (NYSE: ACRE) (ACRE). Aroughetis Vandelay Homes II LLC financed the purchase with a $21.1 million loan from J.P. Morgan, according to records. And when I launched my dream for The Promise Homes Company, there was Michael Arougheti once again, making the first real commitment to our start-up dream. I think Ive become a more patient leader. But today, as we sit here, there's a particularly interesting set of crosscurrents, that's now starting to see a divergence of opportunity around the globe. I think what we do well is we tend to avoid big mistakes. They did this three times. They did it, because thats simply who they are. They made a major commitment to the work of my life, but they did it without fanfare, without press release, and without any desire for their own recognition. Its a pretty unique set of circumstances. So we're giving a little bit back in the private flow. Chart Data in Insider Trading History Table. Ares is no stranger to the single-family rental market; it joined Pretium Partners in a $2.4B joint-venture purchase of Front Yard Residential Corp. which closed in 2021. All of the work that weve been doing around diversity, inclusion, belonging, ESG that accelerated because, while the pandemic is global, it exposed inequities in the economy and in our society that created lots of other reverberations in the business. Michael Arougheti took the reins of alternative-asset manager Ares Management on Jan. 1, 2018. Ryan Berry will become chief marketing and strategy officer. And that's obviously pretty attractive to an investor who's looking for certainty of yield. I think that's a reflection of the nature of our business. 2023 CNBC LLC. Got a confidential news tip? So I don't want to say that that's good. So given all that, and given just where you see opportunity, are there certain sectors that you're putting more capital to work, say, than others, just given kind of the macro backdrop you just outlined? is a very unique organization, in part given its steady, consistent rise, and focus on credit. Mr. Arougheti owns over 9,400 units of Ares Management Corp stock worth over $37,633,080 and over the last 16 years he sold ARES stock worth over $185,033,029. A Division of NBCUniversal. Dismiss. Data is a real-time snapshot *Data is delayed at least 15 minutes. Hence the demand that we see for private credit assets globally, and maybe a dissatisfaction with the performance of traditional 60/40 portfolios and what seems to be more consistent volatility in the traded markets. Frankel and his wife, Barbara, sold their two-story, 8,500-square-foot home at 1635 West 22nd Street on the Sunset Islands for $31.5 million. Convicted. In addition to that, something thats been true my whole career but Ive come to appreciate lately is just how important it is to build high-quality teams. Michael has a reported annual income of $100 - 149,999 and a current net worth value of greater than $250,000 - $499,999. So we have some publicly traded credit companies, ARCC, ACRE, that largely manage floating rate assets. So if you say, cost of goods, inflation, that had an impact on retail, hospitality, consumer facing businesses, as you now shift, and you see easing in that now, maybe you're seeing some pressure on service oriented businesses, you know, that are either facing off with a consumer or trying to navigate a tightening labor market. Below are excerpts from our recent conversation. We had examined his road map for the year ahead. Mike Arougheti, Ares Management LLC: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Bloomberg Markets The Close Romaine Bostick breaks down the day's top stories and trading. Whats unique about where we are now is I cant remember a cycle where weve had such a balance in healthy-company opportunity and distressed opportunity. Ares Management Corporation is a leading global alternative investment manager operating three integrated businesses across Credit, Private Equity and Real Estate. Michael Arougheti A Co-Founder, Director, Chief Executive Officer & President at Ares Management Mr. Arougheti is Co-Founder, Chief Executive Officer and President, as well as a Director of Ares Management Corporation. Create a free family tree for yourself or for Michael Arougheti and we'll search for valuable new . Mr. Arougheti oversaw an investment team that originated, managed and monitored a diverse portfolio of middle-market leveraged loans, senior and junior subordinated debt, preferred equity and common stock and warrants on behalf of RBC and other third-party institutional investors. So there's a lot to digest. A dream planted, but not much more. But they did it. in Ethics, Politics and Economics, cum laude, from Yale University. Last updated: 2 February 2023 at 9:52pm EST. And kind. That happens when you surround yourself with the best people, trust them, and lead alongside them neither from the front nor the back. It makes him no less potent, to which Aress rapid global expansion of late is a testament. Mr. Arougheti was instrumental in the growth of Ares. That's not necessarily true for traditional 60/40 portfolios, when you have money, you have to express a view on what you think is the best opportunity in the market. I don't think that will end anytime soon. Mr. Arougheti is a Co-Founder of Ares and the Chief Executive Officer and President, as well as a Director of Ares Management Corporation. But when you go remote, youre effectively letting everybody into your home, whether thats the sights or sounds or just the challenges. Arougheti:You have to look at it on a relative basis. Ares Management Corp executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Michael J. Arougheti is an entrepreneur and businessperson who founded Ares Management Corp., Ares Management LP, Ares Management LLC and Ares Management Corp (Private Equity) and who has been the head of 8 different companies. So if all we do is continue to invest at the top end of a company's capital structure, or lend against a real asset, with rates going up the way that they are, there's significant embedded profit potential. Picker:So given all of this Ares' stock price is basically flat on the year which is outperforming the S&P, it's outperforming your peers, but still flat. Thats why I think that the opportunity to lead in this type of a crisis, as difficult as it is, is really a unique opportunity for anybody. It's also a reflection, I think of the investors understanding that embedded value that sits in our private credit portfolios. Learn More on Michael J. Arougheti's trading history. So I've been encouraged by that from an activity and deployment level. |, They did it, because thats simply who they are, Operation HOPE, U.S. Small Business Administration and U.S. Treasury Host Roundtable to Celebrate Freedmans Bank. It operates through the following segments: Credit Group, Private Equity Group and Real Estate Group. He is a member of the Ares Executive Management Committee, the Ares Enterprise Risk Committee and is on the Board of Directors of the Ares Charitable Foundation. Mr. Arougheti oversaw an investment team that originated, managed and monitored a diverse portfolio of middle-market leveraged loans, senior and junior subordinated debt, preferred equity and common stock and warrants on behalf of RBC and other third-party institutional investors. Theres always this debate about whats more important, culture or strategy. Arougheti: Yes and no. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Oil Investors Get $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? That was June, 2017. Most recently, Michael J. Arougheti sold 2,983 shares of the business's stock in a transaction on Thursday, November 10th. 1635 West 22nd Street (Michael Ruiz with LPG). Will His AI Plans Be Any Different? Ares Management can also be reached via phone at (310) 201-4100 and via email at [emailprotected] Learn More on Michael J. Arougheti's contact information. Arougheti: It's slowing, anytime the market goes through this type of a transition or a reset, transaction volumes will naturally slow in the private market. Mr. Arougheti owns 470,138 shares of Ares Management stock worth more than $39,077,871 as of March 4th. Ares, led by co-founder and CEO Michael Arougheti, is a global alternative investment manager with roughly $262 billion of assets under management, including its purchase of Black Creek Group. I remember clearly, the many times I pushed him to have the company he led, Ares Management, to support Operation HOPE, but the timing back then was not right. Michael Arougheti Co-Founder, CEO and President at Ares Management New York, New York, United States 7K followers 377 connections Join to follow Ares Management Corporation Yale University. USD. They are most only concerned with the outcome, not the credit. Tue, Mar . Thats one of the unique things about businesses like ours. Following the completion of the sale, the chief executive officer now directly owns 470,138 shares of the company's stock, valued at $39,971,132.76. And call on him, I did often. And if so, do you think that the markets are already pricing that in? So there are a lot of structural competitive advantages that we have as an alt manager, one of the largest is just the structure of our funds. It's just waiting for the market to really open up to be more aggressive. CBS News Reports: "It's an entirely new type of weapon." Finance is an apprentice business, one often hears in this sector. Such a comment is admirable, and reflects a more mindful leadership. Times. Ares Management's insider roster includes Michael Arougheti (CEO), Antoinette Bush (Director), R. Deveer (Insider), David Kaplan (Insider), Michael McFerran (CFO), Antony Ressler (Chairman), Bennett Rosenthal (Insider), and Aghili Sagati (General Counsel). So, how do we get out of crisis mode by getting people back into the office and driving the business forward? And when Michael Arougheti committed, that gave license to Tony Ressler, his co-founder at Ares Management, that he could do the same. For me. Over the next several years, I covered Aress IPO, its deals, and Aroughetis ascension to CEO in 2018. He additionally serves as Co-Chairman of Ares Capital Corporation ("ARCC"), Co-Chairman of Ares Acquisition Corporation ("AAC") and as a director of Ares Commercial Real Estate Corporation ("ACRE"). Credit is crowded PE firms including the Blackstone Group (NYSE: BX), KKR, the Carlyle Group (Nasdaq: CG) and Apollo (NYSE: APO) have all grown their credit business substantially . hopefully Ares can be big but also keep it real. Click Subscribe above to be notified of future editions. And one small company is building them for the Pentagon! Director, Co-Founder, Chief Executive Officer and President of Ares. Musk Made a Mess at Twitter. , thanks for sharing these insights with top executives - super useful. A beginning. Prior to joining Ares in 2004, Mr. Arougheti was employed by Royal Bank of Canada from 2001 to 2004, where he was a Managing Partner of the Principal Finance Group of RBC Capital Partners and a member of the firm's Mezzanine Investment Committee. Michael Arougheti is 47, he's been the President, Chief Executive Officer, Co-Founder, and Director of Ares Management Corp since 2018. Data is a real-time snapshot *Data is delayed at least 15 minutes. So there's a fundamentally different positioning when you manage private capital versus liquid capital. Together, personally, they both became the financial backers for the founding of my Promise Homes Company dream. Of having a willingness to try new things. And therefore you're not going to see as much transaction volume as people manage their liquidity. So if you look at the positioning of most portfolios, they were, if not fully invested in moving towards full investment, and enjoyed great performance in 2021. He was elected Congressman three times and is a leading figure in the civil rights movement. The Sunset Islands have emerged as a top neighborhood in Miami Beach, especially amid the pandemic. Currently, Mr. Arougheti is Co-Chairman of Ares Acquisition Corp., President, Chief Executive Officer & Director at Ares Management Corp., Co-Chairman & Executive Vice President at Ares Capital Corp., Director, CEO & President at Ares Management LLC, President, Chief Executive Officer & Director at Ares Management GP LLC and Co-Chairman and Executive Vice President at Ares Management Corp (Private Equity) (which are all subsidiaries of Ares Management Corp.) and Senior Advisor at Volery Capital Partners LLC. Todd Michael Glaser and Rony Seikaly developed the Sunset Island IV mansion and sold it to the Frankels. The Credit Group segment offers credit strategies across the liquid and illiquid spectrum, including syndicated bank loans, high yield bonds, credit opportunities, special situations, asset-backed investments and U.S. and European direct lending. Arougheti: For us and others that look like us, it's been as good as we've seen in quite some time. (Source: Bloomberg) in Ethics, Politics and Economics, cum laude, from Yale University. I LOVE this series!! What I've been pleased with is in our portfolios, inflation is present, it has shifted from cost of goods to cost of labor, at least in our US portfolios, but the margins are still at or near all time highs. Picker:So in recent months and we've spoken, private equity has been essentially the kind of the laggard in terms of dealmaking. Michael is not an obviously emotional person, to the outside world. And if I didnt say this here, now, I guess no one would ever know. What I continue to learn every time I delegate and trust, every time we give somebody a part of the business to run and hold accountable for success, is it just turbocharges the growth here. Mr. Arougheti is a Co-Founder of Ares and the Chief Executive Officer and President, as well as a Director of Ares Management Corporation. I tried my best to help him with his endeavors and dreams, and he (and his wife Nelly Bly) certainly leaned into mine. People, of deep convictions. Michael Arougheti:I think we have to talk about secular tailwinds in alternatives, and then maybe some of the cyclical tailwinds that we're seeing as well. The house at 2535 Shelter Avenue also sold for more than double its previous purchase price in 2020. Frankel and his wife, Barbara, sold their two-story, 8,500-square-foot home at 1635 West 22nd Street on the Sunset Islands for $31.5 million. For me, as a leader, what it also highlighted was the importance of being transparent, empathetic, vulnerable. He is a member of the Ares Executive Management Committee and the firm's. in Ethics, Politics and Economics, cum laude, from Yale University. When you get to a certain size as an organization, you have to appreciate that you inspire different people differently. I think that capital will get raised, I think it will just take a little bit longer. With hundreds of billions of dollars worth of floating rate credit and real assets, the firm's $200B book has surprisingly held up well. Picker: Are you surprised by that? So we have a ways to go. And I think one of the key jobs that we have at Ares is to mine our historical experience and recognize patterns. Marko Gojanovic of One Sothebys International Realty represented the Frankels in the latest sale, and Reid Heidenry with the same firm represented Arougheti. But today, I wanted to give just that credit. That comes with a broader view into different parts of the world and different parts of the organization. Veritas $450M loan default: A sign of things to come? Picker: And you are not, is this typical for you? So one of the ways we can express a view on the market is by not investing. ARES DYNAMIC CREDIT ALLOCATION FUND, INC. Transcript : Ares Management Corporation Presents at The Bank of America Securities 2023 Financial Services Conference, Feb-16-2023 09:40 AM, Transcript : Ares Management Corporation, Q4 2022 Earnings Call, Feb 09, 2023, Bloomberg Video: Sizing up the Private Credit Market, Transcript : Ares Management Corporation, Q3 2022 Earnings Call, Oct 27, 2022, Transcript : Ares Management Corporation Presents at Barclays Global Financial Services Conference, Sep-13-2022 12:00 PM, Transcript : Ares Management Corporation, Q2 2022 Earnings Call, Jul 28, 2022, Transcript : Ares Management Corporation Presents at Bernstein 38th Annual Strategic Decisions Conference, Jun-02-2022 02:30 PM, President, Chief Executive Officer & Director, Ares Commercial Real Estate Management LLC, Director, Co-Founder & Chief Executive Officer, Program for Appropriate Technology in Health. They didnt just fill the air with kind platitudes, they filled our bank account with the very resources we needed to go from surviving to thriving, to winning. Arougheti: So this is - we're talking about the US specifically. I think the good news is its very consistent with my own personal world view. The good news is that if you look at corporate America, you have many companies that were indirectly COVID-impacted that have figured out how to navigate things and are now doing OK. And there are just certain companies in certain industries that are directly challenged and will have a harder go of it. Direct Lending Investment Committee and the Ares Equity Income Opportunity Strategy Portfolio Review Committee. It absolutely starts with the health crisis and the speed with which we get people inoculated. Direct Lending and Pathfinder Investment Committees, the Ares Equity Income Opportunity Strategy Portfolio Review Committee and the Ares Sports, Media and Entertainment Investment Committee. And I will never forget it. But now there are things like take privates that are being talked about, again, where we're now mining flow in the public market, or rescue financing as some of the distressed strategies that we operate in are starting to be a liquidity provider, given that the liquid markets are effectively closed right now. A Division of NBCUniversal. I think many managers got accustomed to very quick fundraisers and I think they got accustomed to fundraisers happening prior to return of money. Mr. Arougheti received a B.A. Michael J. Arougheti is also Partner at Direct Lending Group, Inc. and Member of Program for Appropriate Technology in Health and on the board of 7 other companies. From media and technology to finance and real estate, leagues and teams across the globe have matured into far more than just back page entertainment. So you know, each cycle is different. There are 13 older and 6 younger executives at Ares Management Corp. What Im hoping is that we can continue to have that mindset as we scale. Mr. Michael J. Arougheti is a Senior Advisor at Volery Capital Partners LLC, a President, Chief Executive Officer & Director at Ares Management Corp., a Co-Chairman & Executive Vice President. Not just because people were remote, but because youre also in a much different headspace, balancing home and family and kids. So I think with private equity specifically, and I wouldn't say the same right now for private credit, and real assets, there's a little bit of a rebalancing that needs to take place just because we're not seeing as many exits. Are you still seeing that as active? This button displays the currently selected search type. Picker: So you've seen a full transition from the cost of goods we've seen, and things like fuel costs go down, lumber go down, other raw materials go down, shift to the cost of wages, which have, of course gone up, not keeping pace with inflation. Mr. Arougheti joined RBC in October 2001 from Indosuez Capital, where he was a Principal and an Investment Committee member, responsible for originating, structuring and executing leveraged transactions across a broad range of products and asset classes. The firm now oversees $197 billion. Mr. Arougheti also serves on the boards of directors of Operation HOPE, a not-for profit organization focused on expanding economic opportunity in underserved communities through economic education and empowerment. See above for full video.). Ares Management CEO Michael Arougheti discusses consolidation in the asset management industry with Bloomberg's Erik Schatzker at the Bloomberg Invest virtual conference. And we've been pretty vocal that again, if all we do is sit on our existing exposures, we can see core earnings growing, you know, in the double digit range just because of the rise in base rates. Director, Co-Founder, Chief Executive Officer and President of Ares. The New York Times Reports: "No existing defense can stop it." I'd subscribe to that podcast on a heartbeat, People will forget what you said, people will forget what you did, but people will never forget how you made them feel.. This net worth estimate does not reflect any other investments that Mr. Arougheti may own. What about the companies that are seeking that type of financing? Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom. He is so busy doing, executing on his beliefs, that he makes little to no noise of or about himself, as he cuts through the challenges before him. Together, we built The Promise Homes Company into the largest Black controlled owner of singles family residential rental homes in the country, with $150 million in assets. Helping me was certainly not his job, nor his calling or his role in life, but he never once made me feel like I was secondary to what was his primary. 84 Likes, 1 Comments - Michael Hollick (@mikehollick) on Instagram: "What an awesome week and celebration for my dads 70th So awesome to spend time with our family" Randy Frankel, a former managing director at Goldman Sachs, and his Wall Street partners acquired the baseball team the Tampa Bay Rays in 2004. Leslie Picker:How long do you think these tailwinds for your business will last? So we're not only dealing with inflation, but we're now dealing with the impacts of a strong dollar globally, we still haven't quite gotten through the supply chain constraints that we're dealing with, and then overlay just for good measure of global, global conflict and energy crisis. now if I can only get you to co-write my current one. The HOPE Community Credit Score Index A Closer Look at the Twin Identities of Washington, DC. The Frankels paid $14.4 million for the spec Miami Beach mansion in August 2020, and just sold it at a 120 percent markup. Arougheti:I think, for traditional private equity for many it likely will be. Picker: As you digest all of that, do you think it's possible to avoid a hard landing? Hes sort of a walking brain, and I am pretty sure he has a genius IQ. China Seeks Peaceful Reunification With Taiwan in Key Report, Second Norfolk Southern Train Derails in Ohio in a Month, Bank of Canada Risks Falling Too Far Behind Fed, Scotia Says, Feds Daly Says More Rate Hikes Likely Needed to Cool Inflation, Colombia Prices Rise Less than Forecast to a Fresh 24-Year High, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Federal Grants Aim to Reconnect Communities Divided by Highways, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, The UK Is Using Drones to Prosecute Small-Boat Migrant Smugglers, Trump Vows to Finish Mission, Cements Dominance Over CPAC, Bolsonaro Says Mission Isnt Over as US Conservatives Fete Him, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61. And then it will, it will pick back up again. And so we're also seeing increasing demand for things like real assets and private equity. Mr. Arougheti is a Co-Founder of Ares and the Chief Executive Officer and President, as well as a Director of Ares Management Corporation. The most active insiders traders include Michael J Arougheti, Antony P Ressler, and Bennett Rosenthal. Inflation? Arougheti:So what it really means is one of the ways to think about this credit cycle, or this potential recessionary environment in the US is that it may likely be sector specific. Ares is an investor in David Beckhams Inter Miami CF, the Major League Soccer team and the venture that plans to develop a major mixed-use soccer complex in Miami. All that being said, you also have to be measured in the way that you deploy through a cycle. in Ethics, Politics and Economics, cum laude, from Yale University. Mr. Arougheti also is a member of the Ares Credit Group's U.S. What it really highlighted for me was the importance of being flexible. We wouldn't blame Ares Management Corporation (NYSE:ARES) shareholders if they were a little worried about the fact that Michael Arougheti, the Co-Founder recently netted about US$15m selling . That is probably the single biggest challenge that we will face as the company continues to grow and expand. funny insulting compliments,
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