Antony P. Ressler
Ares ManagementAbout Antony P. Ressler
Antony P. Ressler is Co‑Founder and Executive Chairman of Ares Management Corporation, a non‑independent director since 2014 and with Ares since its founding in 1997. He is 64, holds a B.S.F.S. from Georgetown University’s School of Foreign Service and an M.B.A. from Columbia Business School, and serves on Ares investment committees and the Ares Sports, Media & Entertainment Investment Committee . Company performance context during his leadership as Executive Chairman shows multi‑year value creation: Ares’ total shareholder return (TSR) rose from 138 to 585 on a $100 base between 2020 and 2024, while Net Income and Fee Related Earnings (FRE) expanded (see Pay vs Performance table below) .
Company performance context (annual):
- Revenues and EBITDA increased over 2021–2024 (see table; S&P Global disclaimer) and TSR outperformed the Dow Jones U.S. Asset Managers Index over the 5‑year window .
- Ares emphasizes Fee Related Earnings (FRE), After‑tax Realized Income per share, AUM and fund performance as key performance measures for compensation alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ares Management Corporation | Executive Chairman; Director (Class I) | Director since 2014; with Ares since 1997 | Co‑founder; board leadership; member of Ares PE and Credit investment committees and Ares SM&E Investment Committee . |
| Ares (committee service) | Nominating & Governance Committee Chair | Current as of 2024 | Oversees board composition, governance guidelines, and director nominations . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Atlanta Hawks Basketball Club | Principal Owner and Chairman of the Board of Advisors; Senior Advisor to Hawks Foundation | Current | Franchise stewardship; community engagement through Hawks Foundation . |
| Los Angeles County Museum of Art (LACMA) | Co‑Chair of the Board | Current | Cultural institution governance and philanthropy . |
| The Painted Turtle Camp | Founder; former board member | Historical | Pediatric camp philanthropy (Hole in the Wall network) . |
| Alliance for College‑Ready Public Schools | Founder; former Chairman | Historical | Public education advocacy and school network support . |
Fixed Compensation
Mr. Ressler is not an independent director and receives no standard director compensation. In 2024, the company paid $229,219 of filing fees and related expenses on his behalf in connection with a proposed secondary offering by Mr. Ressler (reported as “All Other Compensation”) .
| Component | 2024 |
|---|---|
| Director Cash Retainer | — (non‑independent; no director compensation) |
| Director Equity Grant | — (non‑independent; no director equity) |
| Other | $229,219 for filing/legal expenses tied to proposed secondary offering |
Reference: Independent directors receive a $300,000 annual retainer (cash/equity mix), with additional committee fees; 2024 independent director equity grants were 1,173 RSUs vesting in 1 year .
Performance Compensation
No granular, award‑level disclosure is provided for Mr. Ressler (he was not a Named Executive Officer in 2024). Ares’ overall program emphasizes carried interest/incentive fees, long‑term equity (time‑based restricted units), and alignment to long‑term fund performance hurdles and FRE; hedging/pledging and short‑selling are restricted by policy . In 2024, the Board reallocated incentive fee economics for certain executives (CEO and Co‑President) in exchange for multi‑year RSUs with vesting and lock‑up features to further align pay with long‑term equity outcomes; this reallocation did not include Mr. Ressler .
Not disclosed for Mr. Ressler: base salary, target bonus, specific performance metric weightings/targets, option awards, and vesting schedules (skip due to lack of disclosure).
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Class A shares beneficially owned | 115,276,649 (35.68% of Class A) |
| Class B shares | 1,000 (100%) |
| Class C shares | 108,114,920 (100%) |
| Combined total voting power | 80.67% (through Ares Partners Holdco structure) |
| Governance control nuance | As a Holdco member, Mr. Ressler “generally has veto authority” over Holdco Members’ decisions; Holdco controls Class B and Class C and directs a portion of Class A votes, conferring control under NYSE “controlled company” rules . |
| Pledging/hedging | Company policy prohibits hedging and margin/pledging without prior approval; no pledge disclosure identified for Mr. Ressler in the proxy . |
| Ownership guidelines | Independent director ownership guidelines exist; executive ownership guidelines not specified in the proxy . |
Additional alignment data points:
- Co‑invested $12,057,510 alongside Ares funds in 2024; distributions received were $5,339,826 .
- Business use of his privately owned aircraft by Ares personnel totaled $249,800 (company paid at/below market for business use) .
Employment Terms
| Element | Disclosure |
|---|---|
| Role and tenure | Executive Chairman; Director since 2014; Ares co‑founder since 1997 . |
| Contract/agreements | Specific executive employment agreement terms, severance or CIC economics for Mr. Ressler are not disclosed in the 2025 proxy (skip). |
| Historical authority over incentive awards | While Executive Management Committee policy had permitted Mr. Ressler to decide on certain carried interest/incentive fee allocations above thresholds (so long as he is a Class I director), the Board terminated that policy in Feb 2025 and adopted a new performance fee award policy (governance tightening) . |
| Non‑compete/non‑solicit | Company details such covenants in 2024 Incentive Fee Agreements (CEO/Co‑President); not specifically disclosed for Mr. Ressler . |
| Indemnification | Broad indemnification per charter; applies to directors/officers (subject to law) . |
Board Governance
| Topic | Detail |
|---|---|
| Independence | Non‑independent director; Executive Chairman . |
| Committee roles | Chair, Nominating & Governance Committee; served on Equity Incentive Committee prior to its Feb 2025 dissolution . |
| Board leadership structure | Separate CEO (Arougheti) and Executive Chairman (Ressler); independent directors hold executive sessions led by an independent director . |
| Controlled company | Holdco (owned by co‑founders including Mr. Ressler) controls 80%+ of combined voting; Ares uses NYSE “controlled company” exemptions; audit and conflicts committees comprised entirely of independent directors . |
| Meetings/attendance | Board held eight formal meetings in 2024; each director attended at least 75% of meetings of the Board/committees served; all directors attended the 2024 Annual Meeting . |
Director compensation (context): Independent directors receive retainers/equity as noted above; Mr. Ressler (non‑independent) received no director pay .
Performance & Track Record (Company context)
Pay vs Performance (Company metrics; $100 initial investment basis; Net Income and FRE in $ thousands):
| Year | TSR ($) | Peer Group TSR ($) | Net Income ($000s) | FRE ($000s) |
|---|---|---|---|---|
| 2020 | 138 | 115 | 130,442 | 431,231 |
| 2021 | 245 | 162 | 386,748 | 712,308 |
| 2022 | 213 | 127 | 167,541 | 994,350 |
| 2023 | 383 | 156 | 474,326 | 1,163,741 |
| 2024 | 585 | 215 | 440,961 | 1,361,737 |
Company financials (S&P Global; USD):
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenues ($) | 4,112,658,000* | 3,043,164,000* | 3,595,368,000* | 3,839,357,000* |
| EBITDA ($) | 982,194,000* | 1,035,551,000* | 1,151,772,000* | 1,151,718,000* |
Values retrieved from S&P Global.*
Compensation Committee Analysis
- 2024 compensation committee members: Joubert, Lynton (chair), Bhutani, Bush, Naughton, Olian; all independent; 4 meetings in 2024 .
- Korn Ferry engaged for compensation advice; 2024 fees $85,500; independence assessed .
- In 2024–2025, the Board approved RSU grants to CEO/Co‑President in exchange for reduced incentive fee allocations (re‑weighting toward long‑term equity; 400,000 RSUs each in 2024; 250,000 each in 2025) with multi‑year vesting and lock-ups .
- Clawback policy adopted in 2023 in line with NYSE/Exchange Act Section 10D; no restatements requiring recovery as of proxy date .
Say‑on‑Pay & Shareholder Feedback
- Prior say‑on‑pay (2022) approval: ~91.3% in favor .
- 2025 proposals include say‑on‑pay and say‑on‑frequency; Board recommends triennial votes .
Related‑Party Transactions and Red Flags
- Controlled company structure and Holdco concentration of voting power (80.67%) with Mr. Ressler’s veto authority at Holdco—governance risk offset by independent audit/conflicts committees .
- Company payments for business use of Mr. Ressler’s private aircraft totaled $249,800 in 2024 (at/below market) .
- Proposed secondary offering by Mr. Ressler (company covered $229,219 in fees/expenses) indicates potential supply overhang if executed .
- Co‑investment activity: invested $12,057,510; distributions $5,339,826 (2024) .
- Broad prohibitions on hedging, shorting, and margin/pledging without approval; clawback policy in place .
Equity Ownership & Alignment (Detail)
| Holder/Structure | Key Facts |
|---|---|
| Ares Partners Holdco LLC | Sole member of Ares GP LLC (Class B) and Ares Voting (Class C); general partner of Ares Owners; combined voting power 80.67% . |
| Mr. Ressler’s beneficial position | 115,276,649 Class A (35.68%), 1,000 Class B (100%), 108,114,920 Class C (100%); combined voting power 80.67% . |
| Exchange rights | Holders of Ares Operating Group Units may exchange into Class A shares (one‑for‑one), affecting float and potential selling pressure; investor rights agreement enables registrations/shelf access . |
Investment Implications
- Alignment vs control: Mr. Ressler’s substantial economic exposure and voting control strongly align long‑term incentives, but the “controlled company” structure and Holdco veto dynamics concentrate governance power (monitor independent committee efficacy and any further governance enhancements like the Feb‑2025 termination of his historical discretion on carry awards) .
- Supply overhang and liquidity: The exchange agreement, investor rights, and the disclosed proposed secondary offering by Mr. Ressler suggest potential episodic selling pressure; track future 8‑Ks and registration statements for secondary activity .
- Pay and retention signaling: While Mr. Ressler’s individual pay metrics aren’t disclosed, Ares’ shift of senior comp from incentive fees to multi‑year RSUs (CEO/Co‑President) and firm‑wide carry structures with long‑dated vesting/high water marks indicate long‑term alignment and retention mechanisms that typically reduce near‑term selling pressure from vesting events (monitor vesting/carry distributions in periodic filings) .
- Performance under stewardship: TSR materially outpaced the sector benchmark over 2020–2024 with rising FRE; revenue and EBITDA trends remain resilient (flat to higher EBITDA in 2024) supporting confidence in execution, albeit with governance risk premiums typical of controlled structures .
Notes: All data and statements are sourced from Ares’ 2025 DEF 14A unless otherwise cited; where specific award terms for Mr. Ressler were not disclosed, items have been omitted per disclosure.