Ares looks to beef up leadership team to boost Asia credit: sources
The current search comes amid the firm’s exponential expansion in the region over the past five years
[SINGAPORE] Ares Management is looking to strengthen its presence in the Asia-Pacific region and has started a search for a partner-level executive to join its leadership team, according to people familiar with the matter.
The firm, via a recruitment company, has reached out to several potential candidates, the people said, who asked not to be identified discussing private matters. While the final position depends on the incoming person, the new hire may ultimately lead its Asia credit operations, like any partner within the company, they added.
The current search comes amid Ares’ exponential expansion in the region over the past five years, driven by both organic growth and strategic acquisitions. The firm’s purchase of distressed debt player SSG Capital Holdings in 2020 marked a significant entry into Asia’s credit markets.
In 2022, Ares bought AMP Capital’s infrastructure debt platform in Australia, further deepening its regional presence. More recently, the firm bolstered its private equity capabilities by buying over Crescent Point Capital and assuming control of key funds from Indonesian firm Northstar Group.
The firm’s current head of Asia credit Edwin Wong, the co-founder of SSG, has no immediate plans to leave the firm, the people said. The incoming person should be familiar with the credit space, including direct lending and special situations, they said.
A representative for Ares declined to comment.
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Following the SSG takeover, Wong and other co-founders including Shyam Maheshwari and Andreas Vourloumis received an undisclosed number of Ares shares, the people said.
Ares’ share price has climbed from US$39.70 at the time of the SSG deal on Jun 30, 2020, to US$153.25 as of Nov 6, according to Bloomberg-compiled data. It reached a high of US$198.22 on Jan 31, the data showed.
Among the early members of SSG who became partners at Ares, Wong and Singapore-based partner Dinesh Goel remain at Ares. Maheshwari retired at the end of 2021, while Vourloumis left earlier this year, the people said. All had previously worked at Lehman Brothers Holdings.
Ares is in the process of raising another Asia special situations fund to bolster its credit investments in the region, Bloomberg News reported earlier. It is targeting to raise no less than its previous one, which corralled about US$2.4 billion in 2023.
Headquartered in Los Angeles, Ares oversees US$595 billion of assets globally, according to a press release this week. The firm is currently raising over US$2 billion for its latest Asia special situations fund, Bloomberg News reported in June. BLOOMBERG
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