Ares Management's assets under management totaled $91.5 billion as of Sept. 30, up 14.9% from a year earlier, said the alternative investment firm's earnings release Tuesday.
Ares raised $6.5 billion in gross capital during the three months ended Sept. 30 and $15.5 billion in the 12 months ended the same date.
Revenues totaled $143.9 million in the third quarter, down 18% from the third quarter of 2014. The firm had a net loss of $37.7 million in the quarter ended Sept. 30, compared with a net loss of $48.7 million in the quarter ended Sept. 30, 2014.
“While our earnings were impacted by significant third-quarter global market volatility and short-term unrealized changes in valuations for our assets, the fundamental performance of our business and our portfolio continues to be strong,” said Tony Ressler, chairman and CEO, in the earnings release.
Economic net income for the three months ended Sept. 30 was $6 million compared to $72.1 million for the three months ended Sept. 30, 2014. The decrease in economic net income was primarily due to a drop in net investment income mostly from portfolio investments in Ares' Asia private equity fund and some of its alternative credit funds, the earnings release stated.
Ares also reported that as part of the agreement that terminated Ares' proposed merger with alternative investments manager Kayne Anderson Capital Advisors, Ares will reimburse Kayne Anderson $30 million in estimated out-of-pocket expenses.