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And kind. Are you surprised that the credit quality has been able to withstand some of the pressures of a rising interest rate environment and lack of liquidity in the system? A traditional portfolio of stocks and bonds is deeply in the red, leaving investors to seek diversity elsewhere. Thats whether youre talking about the corporate economy or the consumer economy. , thanks for sharing these insights with top executives - super useful. Learn More on Michael J. Arougheti's trading history. A sponsor. Times. Kudos to Ares. 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. All Rights Reserved. Arougheti: Yeah, so the good news is about being an alternative manager is we don't have to invest the dollars that our clients give us. The . That will help accelerate us on the other side of this. When you get into a period like we went through in March and April of last year, its very hard for a lot of leaders to say that they dont know. Sticker shock: Ranking South Floridas priciest residential rentals, Here are Chicago's top 10 construction permits issued in May. Currently, Mr. Arougheti is Co-Chairman of Ares Acquisition Corp., President, Chief Executive Officer & Director at . 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. Create a free family tree for yourself or for Michael Arougheti and we'll search for valuable new . 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. Last updated: 2 February 2023 at 9:52pm EST. 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. 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. With hundreds of billions of dollars' worth of floating rate credit and real assets, the firm's book has surprisingly held up well. And thats required if you want to see change happen and you want to see it happen quickly and sustainably. 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. I think what was true for a lot of organizations was folks believed in the importance of DE&I and ESG, they were passionate about it, but organizationally it had not become a top priority. 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. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. In the moment, I thought back to the first time I met Arougheti, in a 50,000-square-foot house (not his) (or mine) in Beverly Hills almost a decade ago. A key support beam. (Photo by Matt Winkelmeyer/Getty Images) Coogler, who has . And then there are big parts of our business that are investing in health care and technology and single-family residential and all of the things that are doing well. CNBC's Delivering Alpha newsletter sat down with Ares CEO Michael Arougheti who says that "when the markets get challenged, that's when our investment opportunity becomes the most attractive. Information on this page was last updated on 2/15/2023. 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. And they have done it for far too many other organizations to name. I think that capital will get raised, I think it will just take a little bit longer. And that was no accident either. The most active insiders traders include Michael J Arougheti, Antony P Ressler, and Bennett Rosenthal. The largest trade he's ever made was exercising 666,667 units of Ares Management Corp stock on 4 December 2020 worth over $54,453,361. One of the things that Ive said to my partners here is to think of Ares as a growth company in a growth industry. And the thing is, they did it so casually. And that's a function of great performance, but it's also a function of what they call the denominator effect, which is as public market valuations come down, traditional fixed income valuations come down, those allocators of capital that are managing to a model have less capital to deploy into private equity. What about the companies that are seeking that type of financing? But when you go remote, youre effectively letting everybody into your home, whether thats the sights or sounds or just the challenges. SAN LORENZO, Calif. - Michael "Mike" Simon, 61, passed away peacefully on Feb. 23, 2023 with family by his side, after a year-long fight with brain cancer. The estimated net worth of Michael J. Arougheti is at least $39.08 million as of November 10th, 2022. 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"). So that in and of itself is not surprising. A non-waterfront home on Sunset Island II recently traded for $12.5 million, setting a record for dry sales in all of Miami Beach. What Im hoping is that we can continue to have that mindset as we scale. And let me just say this it was meaningful. For the last almost 10 years, it seems like almost every market has been correlated and performing well. I think Ive always intuitively known that, but Ive gotten more opportunities to test it. The house at 2535 Shelter Avenue also sold for more than double its previous purchase price in 2020. All of the things that we were embarking on around business development accelerated. Picker: And you are not, is this typical for you? in Ethics, Politics and Economics, cum laude, from Yale University. He served two terms as Mayor of Atlanta, one of the fastest growing cities in the world. Moulds, Michael 12/27/1949 2/13/2023 Pierson, Michigan. 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. 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. Mr. Arougheti also is a member of the Ares Credit Group's U.S. 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. There is a big difference between June and September in terms of a reopening and increased mobility. 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. So that was the good news. So you know, each cycle is different. 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? What it really highlighted for me was the importance of being flexible. Michael didnt stop there. 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. and I will never, forget that that conviction, of one Michael Arougheti. But, he said as we were about to hang up, I dont ever want to take credit for the efforts and successes of others.. I think they've got, you know, the increased challenge of the energy crisis and the strong dollar exacerbating the inflation picture for them. 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. When the markets are so uncertain. They are most only concerned with the outcome, not the credit. . Veritas $450M loan default: A sign of things to come? 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. 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. So we're going in with more health than we typically would have when we're talking about recession risk, the order of magnitude that some people are anxious about. And one small company is building them for the Pentagon! Michael J Arougheti is the Co-Founder, CEO and President of Ares Management Corp and owns about 1,601,605 shares of Ares Management Corp (ARES) stock worth over $137 Million.Michael J Arougheti is the Executive Vice President of Ares Capital Corp and owns about 1,782,709 shares of Ares Capital . When you get to a certain size as an organization, you have to appreciate that you inspire different people differently. Ares Management's global platform had $149 billion of assets under management as of March 31, 2020 with more than 1,200 employees in over 20 offices in more than 10 countries. It's just waiting for the market to really open up to be more aggressive. So Michael and his super talented author,wife Nelly (Bly) decided to do it personally, themselves. And without betraying their confidences, let me just say that what Michael and Nelly did for HOPE, and at the time they did it, was extraordinary. Michael Arougheti, co-founder and CEO of Ares Management, joins "Squawk Box" by phone to discuss the markets and the unprecedented economic turmoil driven by the coronavirus outbreak. Similarly, our clients the folks who allocate capital to us are holding us accountable for change. The company was founded by Michael J. Arougheti, David B. Kaplan, John H. Kissick, Antony P. Ressler, and Bennett Rosent. 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. Prior to joining Ares in 2004, Mr. Arougheti was employed by Royal Bank of Canada ("RBC") 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. Aroughetis noting of the importance of being transparent, empathetic, vulnerable is telling and admitting that many of us coming through the finance track are not classically trained in emotional intelligence. Or is it faster or slower? Really what wound up happening was our employees were awakened the onset of the pandemic, the increased empathy at work, the issues of societal justice around them. And then it will, it will pick back up again. The investment management firm has about $325 billion of assets under management, according to its website. Musk Made a Mess at Twitter. With hundreds of billions of dollars worth of floating rate credit and real assets, the firm's $200B book has surprisingly held up well. But it's been a little bit easier to navigate in the sense that there's not one sector that's getting consistently challenged by the current environment, it's giving people a little bit of a reprieve, now and again. Mr. Arougheti also serves on the board of directors of Operation HOPE, a not-for-profit organization focused on expanding economic opportunity in underserved communities through education and empowerment. The firm now oversees $197 billion. Among leaders of the major alternative-asset managers think Blackstone, Apollo, Carlyle, KKR Arougheti is the understated, cerebral CEO. 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. Learn More on Ares Management's active insiders. Learn More on Michael J. Arougheti's trading history. Back to the comment I made about the crisis accelerating trends already in place, we had already been deep into our journey around ESG and diversity, equity, and inclusion. So we actually tend to see a consolidation of share and maybe counterintuitive and acceleration of capital that comes onto our platform to help navigate. Inflation? 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. CINCINNATI (WXIX) - Former Notre Dame All-American tight . Most recently he sold 9,400 units of ARES stock worth $799,376 on 11 November 2022. in Ethics, Politics and Economics, cum laude, from Yale University. Leslie Picker:How long do you think these tailwinds for your business will last? 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. 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. And I think one of the key jobs that we have at Ares is to mine our historical experience and recognize patterns. So if you look over the last 20 years, we're seeing a meaningful increase in allocations on the part of institutional and retail investors to alternatives. And it's hard to generalize about a market that's trillions of dollars deep and, and is global, I would say the following, private equity enjoyed a wonderful rebound coming out of COVID. He tipped the scale of HOPE for me, on several occasions. TE Michael Mayer says he wants to win a Super Bowl with the Bengals. The Credit Group provides solutions for traditional fixed income investors seeking to access the syndicated bank loan and high yield bond markets and capitalize on opportunities across traded corporate credit. President of Ares at the time, he stood alone, observing the partygoers, content being a fly on the wall. 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? Michael J. Arougheti has not been actively trading shares of Ares Management during the past quarter. What makes our culture special is that its deeply rooted in partnership, in entrepreneurialism, in growth mindset. Michael is not an obviously emotional person, to the outside world. Copyright 2018 | John Hope Bryant and JohnHopeBryantHoldings, LLC | All rights reserved. Randy Frankel, a former managing director at Goldman Sachs, and his Wall Street partners acquired the baseball team the Tampa Bay Rays in 2004. So I've been encouraged by that from an activity and deployment level. On average, Ares Management Corp executives and independent directors trade stock every 19 days with the average trade being worth of $9,916,050. From there, its really going to be a function of what incremental fiscal and monetary stimulus exists. Why do you think that is? Learn More about Michael J. Arougheti's net worth. A lot of people look to their leadership to say, heres where were going and I know that for the following reasons. Mr. Arougheti is a Co-Founder of Ares and the Chief Executive Officer and President, as well as a Director of Ares Management Corporation. Get this delivered to your inbox, and more info about our products and services. Dismiss. So, what feels different now versus where we were pre-pandemic is theres a sense not just of urgency, but accountability up and down the chain. 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. Got a confidential news tip? Explore historical records and family tree profiles about Michael Arougheti on MyHeritage, the world's family history network. And if so, do you think that the markets are already pricing that in? For me. Prior to joining Indosuez in 1994, Mr. Arougheti worked at Kidder, Peabody & Co., where he was a member of the firm's Mergers and Acquisitions Group. They did this three times. (Clickhereto subscribe to the Delivering Alpha newsletter.). Last month, Reed Smith attorney Constantine Karides paid $17.3 million for a waterfront home on Sunset Island I. Jobs People Learning Dismiss Dismiss. 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. But at the same time, it was probably the most rewarding. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Because of what you did to help elevate me and my dreams, with Operation HOPE, and then later with the Promise Homes Company, you too get celebrated as a part of Black History Month. Picker: So how would you characterize the credit quality within your portfolio right now? Arougheti: So this is - we're talking about the US specifically. Direct Lending and Pathfinder Investment Committees, the Ares Equity Income Opportunity Strategy Portfolio Review Committee and the Ares Sports, Media and Entertainment Investment Committee. Data is a real-time snapshot *Data is delayed at least 15 minutes. Not just because people were remote, but because youre also in a much different headspace, balancing home and family and kids. 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). 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. A lot of people talk about this idea that crises accelerate trends that are already in place, and I agree with that. Additionally, he is a member of the PATH Organization Leadership Council. Dismiss. Tampa Bay Rays co-owner sold it for over double his 2020 purchase price, 1635 West 22nd Street with Ares Management's Michael Arougheti and Randy Frankel (Michael Ruiz with LPG, Getty). You cant execute well on a good strategy if you dont have a strong culture, and you cant rally people around core values and a cultural imperative if you dont have the strategic vision for who you are and who the company is. Arougheti: Ares has a history of navigating volatile markets well, so if you look at the history of the firm, the period of growth for us it was the largest was through the global financial crisis and through COVID. That was probably the biggest challenge for me in those early days, leveraging the things that we had built, but leading in a new way. Trusted information source for millions of people worldwide . Mr. Arougheti also is a member of the Ares Credit Group's U.S. As of 11 November 2022 he still owns at least 460,738 units of Ares Management Corp stock. Insiders at Ares Management own 47.4% of the company. Id like to think that Ive become more strategic in my thinking, as opposed to just tactical around parts of the business. We had examined his road map for the year ahead. A beginning. Dismiss. In addition, he makes $12,665,700 as President, Chief Executive Officer, Co-Founder, and Director at Ares Management Corp. Michael has made over 55 trades of the Ares Management Corp stock since 2008, according to the Form 4 filled with the SEC. 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. This chart shows Michael J Arougheti's buying and selling at Ares Management by year and by quarter. Michael Arougheti Expand search. The estimated net worth of Michael J. Arougheti is at least $39.20 million as of November 10th, 2022. Ares Management Corporation is a leading global alternative investment manager operating three integrated businesses across Credit, Private Equity and Real Estate. Youre seeing it recently: Public markets are near record highs, fixed-income markets are near record tights, but we know that fundamental stresses and challenges remain. This is going to be top of mind for a lot of leaders this year and, I think, into next. Ares Management co-founder and CEO Michael. Sign up for free newsletters and get more CNBC delivered to your inbox. There are 6 executives at Ares Management Corp getting paid more, with David B. Kaplan having the highest compensation of $54,974,317. 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. Ares Management, however, has been a beneficiary of the current environment. All of those things came to bear immediately when we went into the crisis. Ares Management's investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Michael Arougheti is 47, he's been the President, Chief Executive Officer, Co-Founder, and Director of Ares Management Corp since 2018. And then he met with me weekly, for close to four years, making himself fully available to my dream, treating it like it was his own. So when the markets get challenged, that's when our investment opportunity becomes the most attractive. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The most recent insider tranaction occured on February, 15th when Director Corporate Opportunities F Ares sold 4,770,000 shares worth more than $124,306,200.00. So, there was something about the shift to remote work that I think broke down some of those barriers and forced people to open their lives up a little bit more to their colleagues. And I think now we're back to kind of what it used to be, which is to invest my money well, return it, and it could take 12 to 18 months. When expanded it provides a list of search options that will switch the search inputs to match the current selection. And, myself included, that can often be very hard to do you tend to create boundaries between your work self and your home self. 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. And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries. Picker: It's shifting. Mayer is widely considered among the best available at his position. Liquidity pumped into the credit markets during the pandemic could stave off a spike in defaults for several years, Ares Management Corp. Chief Executive Officer Michael . And then there are a lot of times, which I think are the most powerful, when youre leading from inside, shoulder-to-shoulder with people. Three. While Ares is mostly credit focused, they have built a brand that seems more venerable than many credit shops before them. Marko Gojanovic of One Sothebys International Realty represented the Frankels in the latest sale, and Reid Heidenry with the same firm represented Arougheti. 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.

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