Ares' AUM rises 10.5% for year

Ares Management's assets under management totaled $87.5 billion as of June 30, up 0.7% from three months earlier and up 10.5% year-over-year.

The alternative investment firm attributed the AUM increase during the second quarter primarily to net new commitments totaling $2.7 billion.

New fund commitments included $1.5 billion to the direct lending group, made up of $691.5 million in equity commitments and $775 million in debt commitments; $541.6 million in equity commitments and $250 million in debt commitments to the tradable credit group's alternative funds; and $266.6 million in equity commitments to the tradable credit group's long-only credit funds.

The increase in AUM was offset by $1.3 billion in capital reductions and $2 billion in distributions, of which $818.4 million was attributable to the tradable credit group, $510.1 million to the private equity group, $433.1 million to the real estate group and $231.3 million to the direct lending group.

Management fee revenues totaled $160.5 million in the second quarter, down 1.7% from the first quarter but up 11.9% from a year earlier.

Economic net income, a non-GAAP metric, totaled $76 million in the three months ended June 30, compared with $82.9 million in the previous quarter and $75.1 million year-over-year.

Second quarter net income totaled $12.1 million, or 15 cents per common unit, compared with $18.5 million, or 24 cents per common unit for the quarter ended March 31, and $17.8 million or 22 cents per common unit at June 30, 2014.