Ares co-founder to step down

The private credit luminary will leave the firm's investment committees he currently sits on.

Ares Management co-founder John Kissick is set to retire from his day-to-day involvement in the firm, the New York-based alternative asset manager has confirmed.

Kissick will still remain on the board of directors. The 73-year-old currently sits on the firm’s management committee as well as investment committees in both its credit and private equity activities.

The firm declined to comment.

Kissick has been at the forefront of private debt for much of his career. Before his role in launching of Ares, he was also a co-founder of Apollo Global Management. Prior to starting both credit behemoths, he worked at Drexel Burnham Lambert. He earned a bachelor of arts in economics from Yale University and a masters of business administration in finance from Stanford University.

Ares earlier this week announced the hiring of Scott Graves, a former Oaktree Capital Management executive. Graves, who left his old firm in September, will be a portfolio manager and head of distressed activities. While at Oaktree, he was involved in the firm’s distressed debt investing.