Results for “Ares”

… 17 November 2016 Alternative Asset Manager Takeaways Within alternative asset management, four of the public managers, ARES, BX, CG, and KKR presented, while the others did meetings. During the conference we polled the audience on several key topics including the outlook for the...

…affiliates acts as a market maker for the equity securities recommended in the report: AllianceBernstein, Amer Express, Ares Management, Assoc Banc-Corp, Banc of California, Bank Hawaii Corp, BankUnited, BB&T, Blackstone Group, Capital Bank Fin,, Carlyle, Citigroup, Citizens Fina...

…f common eauity securities of the following companies covered in Morgan Stanley Research: Apollo Global Management LLC, Ares Management, L.P, BlackRock Inc., Franklin Resources Inc., Goldman Sachs Group Inc, Invesco, KKR & CO. L.P., Oaktree Capital Group, LLC, The Blackstone Grou...

… tax reform, conversion is at the top of investors@ninds and becomes a key debate/catalyst for the sector. We believe Ares Management L.P. (ARES, Equal-weight) could be the first Alt to convert to a C-corp, potentially sparking other conversions within our coverage. We believe...

… could be much more competitive relative to passive products. Alternative Asset Manager Top Takeaways mice Management (ARES), C-2-7, Neutral Michael Arougheti, Co-founder and President, presented for Ares. Overall, Mr. Arougheti was positive on the firm’s growth prospects, give...

…k APO could unlock the most value by converting to a C-corp with 26% in our upside case vs. -14% in our downside case. ARES could be the first to convert, but this is largely priced in. These Brokers & Asset Managers firms have more sticky management fee-related earnings @ No...

…ology, please see our note Alternative Asset Managers: Who@Got Swimsuits? (19 May 2016). We also make adjustments for ARES an OAK. For Ares: a signifi- cant portion of the fee related earnings come from Part 1 BDC fees. These are investment income sharing fees from their manage...

Morgan Stanley | RESEARCH For Ares, we believe conversion makes sense, given the company is largely a play on fee related earnings from draw down funds, separately managed accounts, and their relationship with ARCC, the publicly traded business development company. Earnings from...

…wer multiples); slower deploy- ment; Funds V, Vland VIland ANRP remain in escrow, pressuring near term cash earnings. ARES.N Ares: We value ARES using a sum-of-the-parts, supported by a DCF, and back into an implied target multiple on next 3 years DE, and ENI. Our PT represent...

ARES management has stated clearly that they

ARES Core FRE include BDC Part 1 Management

ARES has out performed peers by ~10% likely on

2016. Ares Management L.P. will provide financial support to the

…of AuM Yield (%) LTM Net Price Price Market Cap Flows/BoP YTD Stock Company Ticker Rating 26/Jan/18 Target Upside (%) Shares (M) ($B) AUM ($B) — AuM (%) Perf. (%) 2017E 2018E 2019E 17-19 2017E 2018E 2019E 2018E 2019E 2017E 2018E 2019E Mkt Cap 2018E Covered Brokers & Asset Manage...

…EPS Current Tax Rate EPS % P/E AP/E Price Tax Rate EPS P/E used for EPS calculations) of 9.6%. The low tax rate is aresult of AF ‘cain The f ble treat t £ ARES $24.70 8.7% avorable treatment of pass- - — 589, through performance fees and tax cc $25.60 17.8% offsets. This is...