Ashish Bhutani
Ares ManagementAbout Ashish Bhutani
Ashish Bhutani (age 64) has served as an independent Director of Ares Management Corporation since January 2023. He is Founder and President of 1989 Holdings Management Corp (since 2023), and previously served as CEO of Lazard Asset Management (2004–2022) and Vice Chairman of Lazard Ltd (through December 31, 2022). He holds a B.S. from Concordia College and an MBA from Pace University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lazard Asset Management (LAM) | Chief Executive Officer | 2004–2022 | Led global asset management; served as Chairman of LAM |
| Lazard Ltd | Vice Chairman; Director | Director 2010–2022; Vice Chairman until 12/31/2022 | Board-level oversight of parent company to LAM |
| Wasserstein Perella Group / Dresdner Kleinwort Wasserstein | Co-CEO, North America | Pre-2003 | Senior leadership across investment banking businesses |
| Wasserstein Perella Securities | Chief Executive Officer | 1994–2001 | Oversight of securities operations |
| Salomon Brothers | Early career | Began 1985 | Investment banking foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| 1989 Holdings Management Corp | Founder & President | Since 2023 | Private investment/management firm |
| City Harvest | Board Member | Not disclosed | Philanthropy (hunger relief) |
| Children’s Aid | Board Member | Not disclosed | Philanthropy (education) |
| Council on Foreign Relations | Member | Not disclosed | Policy network membership |
Board Governance
- Independence: The Board determined in April 2025 that Ashish Bhutani is “independent” under NYSE rules .
- Committee assignments:
- Compensation Committee: Member in 2024; no current/former executive officer participants; no cross-company interlocks with ARES executives in 2024 .
- Conflicts Committee: Member; committee held two formal meetings in 2024; composed entirely of independent directors; reviews related-person transactions (not handled by Audit) and corporate conflicts .
- Audit Committee: Not a member (current members are Joubert [Chair], Bush, Olian; six meetings in 2024) .
- Nominating & Governance Committee: Not a member (current members are Bush, Olian, Arougheti, Ressler) .
- Attendance and engagement:
- Board met eight times in FY2024; each director attended at least 75% of Board and applicable committee meetings; all directors attended the 2024 Annual Meeting .
- Controlled company framework:
- ARES is a “controlled company” under NYSE rules; has elected exemptions (e.g., nominating & governance committee not entirely independent), while Audit and Conflicts Committees are entirely independent .
- Stockholder engagement and governance enhancements: Adoption of updated independent director ownership guidelines; prohibition on margin/pledging/hedging/speculative trading in Company securities; independent compensation committee established (2023); clawback policy adopted (2023) .
Fixed Compensation
| Metric | FY 2024 |
|---|---|
| Annual retainer (program structure) | Independent directors receive a $300,000 annual retainer payable in cash and equity, with additional cash retainers for Audit Chair ($40,000), Audit members ($25,000), and Nominating & Governance members ($15,000) . |
| Fees Earned or Paid in Cash ($) | $130,000 (Bhutani) |
| All Other Compensation ($) | $15,000 (charitable contribution directed under Company program) |
| Total ($) | $324,704 |
Notes:
- Mix implies meaningful equity alignment (see Performance Compensation below). Cash fees vary by committee roles; Bhutani is not on Audit or Nominating & Governance committees, which carry additional cash retainers .
Performance Compensation
| Equity Award | Grant Date | Units/Shares | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| Restricted units (independent director annual grant) | August 1, 2024 | 1,173 restricted units | $179,704 | 100% on first anniversary of grant date |
- Option awards: ARES does not currently grant new stock options/option-like instruments; no timing policy applicable as none are issued .
- Performance metrics tied to director compensation: None disclosed; director equity vests time-based only (no TSR/EBITDA/ESG metrics specified) .
Other Directorships & Interlocks
| Company/Institution | Role | Status |
|---|---|---|
| Lazard Ltd | Director | Prior (2010–2022) |
| Interlocks (Compensation Committee) | Cross-membership check | No member (including Bhutani) was an executive officer of another entity where ARES executives served on the board or compensation committee in 2024 |
Expertise & Qualifications
- Global asset management leadership (CEO of LAM for ~18 years; Vice Chairman at Lazard Ltd) supports board effectiveness in capital allocation, distribution, and fiduciary oversight .
- Prior senior leadership in investment banking (Wasserstein Perella/Dresdner KW; Salomon Brothers) adds capital markets proficiency .
- Education: B.S., Concordia College; MBA, Pace University .
- Philanthropic governance experience and CFR membership broaden stakeholder perspective .
Equity Ownership
| Metric | Amount |
|---|---|
| Class A common stock beneficially owned (total) | 22,905 shares (Bhutani) |
| Directly held Class A shares | 21,732 |
| Restricted units outstanding (unvested) | 1,173 (each represents the right to receive one Class A share upon vesting) |
| Beneficial ownership % of Class A | * (as presented in proxy) |
| Independent director ownership guidelines | Required to own shares valued at 3× the cash component of annual retainer; expected within 5 years of joining; all directors have met or are on track |
| Hedging/pledging policy | Prohibits margin accounts, pledging, hedging, and speculative trading in Company securities |
Governance Assessment
- Strengths:
- Independence confirmed (NYSE standard); membership on Conflicts and Compensation committees aligns with governance focus on conflicts review and pay oversight .
- Attendance and AGM participation signal engagement; Board met eight times in 2024 with ≥75% attendance for all directors .
- Equity alignment via annual restricted units; updated ownership guidelines and trading prohibitions support investor alignment .
- No compensation committee interlocks or insider participation concerns in 2024; committee comprised solely of independent directors .
- Risks/Watch items:
- Controlled company exemptions (e.g., nominating & governance committee composition) can dilute independence of director selection; mitigated by fully independent Audit and Conflicts Committees and independent Compensation Committee .
- Director equity awards are time-based without disclosed performance metrics (no PSUs/options currently), offering alignment but limited pay-for-performance linkage for directors .
- Related-party/Conflicts:
- No related-person transactions disclosed for Bhutani; Conflicts Committee structure provides oversight. Notably, another independent director (Lynton) receives < $120,000 advisory fees from an ARES fund advisory board; disclosed and considered in independence determinations (Bhutani remains independent) .
Overall, Bhutani’s asset management expertise, independent status, consistent attendance, and equity-based compensation support investor confidence; governance risk stems primarily from the controlled company framework rather than individual conflicts tied to Bhutani .