Ares files for public offering

Ares Management will trade on the New York Stock Exchange under ARES.

Ares Management filed for an initial public offering on Monday.

The firm will be listed on the New York Stock Exchange under the symbol ARES, according to a US Securities and Exchange Commission S-1 filing. JPMorgan and BofA Merrill Lynch will act as lead underwriters on the IPO.

Ares’ IPO follows those of other asset managers that support private equity and debt platforms, including Kohlberg Kravis Roberts, The Carlyle Group, The Blackstone Group and Oaktree Capital Management.

Like many of its competitors, Ares spent the last decade boosting assets under management and expanding its line of investment products; diversifying its platform into areas beyond the realm of tradable credit, which served as its core business through the early 2000s.

The firm has grown from $5 billion in assets under management in 2003 to roughly $74 billion a decade later, according to the filing. The firm’s platform includes $28 billion in tradable credit assets, $27 billion in direct lending assets and $19 billion across its private equity and real estate businesses.

Last year, Ares collected $517 million in total management fees and generated $329 million in economic net income. Tradable credit and direct lending strategies accounted for 62 percent of the firm’s management fees, according to the S-1.