Michael Arougheti, CEO of Ares Management, said his firm’s conversion to a C-corp last year from a public partnership has boosted liquidity in the stock.
Arougheti also said Blackstone’s announcement in April that it will become a C-corp will lure more investors to alternative asset managers. As a corporation, the firms can be included in indexes and their stock is available to a much wider pool of investors.
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Brent McIntosh is Citi's chief legal officer and corporate secretary. Brent leads Citi's Global Legal Affairs & Compliance organization, which includes the Legal Department, Independent Compliance Risk Management, Citi Security and Investigative Services and Citi's Regulatory Strategy and Policy function. He is a member of Citi's Executive Management Team.
Brent served as under secretary of the Treasury for international affairs from 2019 to 2021. From 2017 to 2019, Brent served as Treasury's general counsel. Prior to that, he was a partner in the law firm of Sullivan & Cromwell.
Brent served in the White House from 2006 until 2009, first as associate counsel to the president and then as deputy assistant to the president and deputy staff secretary. Before that, he was a deputy assistant attorney general at the Justice Department.
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Susana Ortega Valle is the VP of Product, where she leads the strategic vision for how small business owners engage with insurance. Throughout her two-decade career, she has built a reputation for developing high-performance teams that thrive on innovation and challenge conventional thinking.
Prior to joining Simply Business, Susana held digital product leadership roles at State Street and Santander Bank. Her approach to data-informed, AI-forward product strategy is backed by a robust academic foundation, including two MS degrees in Telecommunications Engineering and an MBA from MIT.
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“I think it’s great for Blackstone, I think it’s great for the alternative asset managers,” Arougheti said. “I’d like to think we provided some leadership in going first.”
Lifted by the conversions, alternative asset managers have outperformed the S&P 500 over the past 12 months with dividends reinvested: Ares returned 16%; KKR, which switched last year, gained 19%; and Blackstone is up 38%. The S&P gained 13% in the span.
Ares, which managed about $131 billion as of Dec. 31, has been a pioneer in private credit, a hot business that is now garnering more attention from Wall Street. The firm was the top U.S. collateralized loan obligation manager during the first quarter of 2019, according to data compiled by Bloomberg News.
Ares is pushing deeper into Europe and Asia and expanding strategies like investing in structured credit and asset-backed securities that it expects could be as big as direct lending. The firm has also started a strategy dubbed "climate infrastructure" that will make investments focused on combating climate change.
