Ares Management reported $79.6 billion in assets under management as of Sept. 30, a 0.5% increase from three months earlier and up 14% from a year earlier, the alternative investment firm said in its third-quarter earnings report Wednesday.
The company cited $3.6 billion in net new commitments raised as the primary driver of the increase in AUM, partially offset by a $1 billion capital reduction primarily in the company's tradable credit group.
Management fee revenue totaled $153.7 million for the quarter ended Sept. 30, up 7.2% from the previous quarter and down 0.6% from the third quarter of 2013.
Economic net income for the third quarter totaled $72.1 million, compared to $75.1 million in the previous quarter and $116.7 million for the third quarter of 2013.
The company cited lower performance-related earnings in its tradable credit group as the reason for the drop in net income.
