This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Oil Investors Get $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? So we actually tend to see a consolidation of share and maybe counterintuitive and acceleration of capital that comes onto our platform to help navigate. The HOPE Community Credit Score Index A Closer Look at the Twin Identities of Washington, DC. What I've been pleased with is in our portfolios, inflation is present, it has shifted from cost of goods to cost of labor, at least in our US portfolios, but the margins are still at or near all time highs. The estimated net worth of Michael J. Arougheti is at least $39.08 million as of November 10th, 2022. What Im hoping is that we can continue to have that mindset as we scale. Last month, Reed Smith attorney Constantine Karides paid $17.3 million for a waterfront home on Sunset Island I. Picker: It's shifting. He served two terms as Mayor of Atlanta, one of the fastest growing cities in the world. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom. I remember clearly, the many times I pushed him to have the company he led, Ares Management, to support Operation HOPE, but the timing back then was not right. And it's moving around a little bit, right. Mr. Arougheti joined RBC in October 2001 from Indosuez Capital, where he was a Principal and an Investment Committee member, responsible for originating, structuring and executing leveraged transactions across a broad range of products and asset classes. It's somewhat counter cyclical. Director, Co-Founder, Chief Executive Officer and President of Ares. Whats interesting about this environment is that we had to pivot from growth opportunity in our business to real crisis management, and now we find ourselves in this in-between place were still in the middle of a crisis, but the business is not projecting itself that way. Leslie Picker:How long do you think these tailwinds for your business will last? The . Sticker shock: Ranking South Floridas priciest residential rentals, Here are Chicago's top 10 construction permits issued in May. He previously occupied the position of Principal at Royal Bank of Canada and Managing Partner-Principal Finance Group at RBC Capital Partners Ltd. (a subsidiary of Royal Bank of Canada), Principal at Onyx Partners, Inc., Executive Vice President at Columbia Savings & Loan Association (Milwaukee, Wisconsin), Member-Mergers & Acquisitions Group at Kidder, Peabody & Co., Inc., Principal at Taylor & Co. Law Offices LLP, Co-Chairman for ACRE Capital LLC, Director at Evercom, Inc., Director at Imperial Capital LLC and Principal at Indosuez Capital. now if I can only get you to co-write my current one. Arougheti:Yeah, we're already seeing the pipeline start to build into the end of the year. Are you still seeing that as active? Of having a willingness to try new things. Learn More about insider trades at Ares Management. So we're going in with more health than we typically would have when we're talking about recession risk, the order of magnitude that some people are anxious about. ". Information on this page was last updated on 2/15/2023. The Real Estate Group segment provides debt, mortgage loans, and equity capital to borrowers, property owners, and real estate developers. When you talk about belonging, youre talking about being able to bring your authentic self to work. Michael Arougheti is 47, he's been the President, Chief Executive Officer, Co-Founder, and Director of Ares Management Corp since 2018. You cant execute well on a good strategy if you dont have a strong culture, and you cant rally people around core values and a cultural imperative if you dont have the strategic vision for who you are and who the company is. Finance is an apprentice business, one often hears in this sector. Michael Arougheti A Co-Founder, Director, Chief Executive Officer & President at Ares Management Mr. Arougheti is Co-Founder, Chief Executive Officer and President, as well as a Director of Ares Management Corporation. After catching up for an hour recently, tackling a slew of questions and meaty subjects, Mike Arougheti had a question for me. Sign up for free newsletters and get more CNBC delivered to your inbox. Mr. Arougheti received a B.A. From there, its really going to be a function of what incremental fiscal and monetary stimulus exists. The most recent stock trade was executed by Antony P Ressler on 10 February 2023, trading 16,879 units of ARES stock currently worth $1,436,740. But ultimately, the market is there, and the demand for the product is there. So I don't want to say that that's good. Inflation? Helping me was certainly not his job, nor his calling or his role in life, but he never once made me feel like I was secondary to what was his primary. Arougheti:I think, in the US market, we still have a shot, I think the Fed is on the task, if you look at the strength of the market, and this what makes it particularly challenging to invest in, all of the data that we see, up until this point in our significant private portfolios, we tell you that the economy is still quite strong, corporate balance sheets are well positioned, the consumer is still relatively underleveraged. Whenever I called on Michael, he was there. Michael Arougheti, co-founder and CEO of Ares Management, joins "Squawk Box" by phone to discuss the markets and the unprecedented economic turmoil driven by the coronavirus outbreak. Got a confidential news tip? Mr. Arougheti is a Co-Founder of Ares and the Chief Executive Officer and President, as well as a Director of Ares Management Corporation. Mr. Arougheti oversaw an investment team that originated, managed and monitored a diverse portfolio of middle-market leveraged loans, senior and junior subordinated debt, preferred equity and common stock and warrants on behalf of RBC and other third-party institutional investors. And I think now we're back to kind of what it used to be, which is to invest my money well, return it, and it could take 12 to 18 months. Michael J. Arougheti has not been actively trading shares of Ares Management during the past quarter. Ares Management CEO Michael Arougheti discusses consolidation in the asset management industry with Bloomberg's Erik Schatzker at the Bloomberg Invest virtual conference. Jobs People Learning Dismiss Dismiss. Moulds, Michael 12/27/1949 2/13/2023 Pierson, Michigan. Direct Lending and Pathfinder Investment Committees, the Ares Equity Income Opportunity Strategy Portfolio Review Committee and the Ares Sports, Media and Entertainment Investment Committee. Welcome toHuman Capital, an open exploration of the ideas and people moving financial services forward. Id like to think that Ive become more strategic in my thinking, as opposed to just tactical around parts of the business. He helped me assemble a team, and he introduced me to the language and structure and approach that I would need to implement, to make this new venture successful. Michael Arougheti is 47, he's been the President, Chief Executive Officer, Co-Founder, and Director of Ares Management Corp since 2018. That is going to be an interesting management challenge in and of itself going from crisis management back to ordinary course without losing the progress that weve made operationally and culturally. Veritas $450M loan default: A sign of things to come? and I will never, forget that that conviction, of one Michael Arougheti. So, what feels different now versus where we were pre-pandemic is theres a sense not just of urgency, but accountability up and down the chain. He is a member of the Ares Executive Management Committee, the Ares Enterprise Risk Committee and is on the Board of Directors of the Ares Charitable Foundation. There is a big difference between June and September in terms of a reopening and increased mobility. The reason I say 'no' is we've, despite the pandemic, we've had so much stimulus come into the market that people have had time to prepare. Arougheti: Yes, and no. Among leaders of the major alternative-asset managers think Blackstone, Apollo, Carlyle, KKR Arougheti is the understated, cerebral CEO. Picker: So you've seen a full transition from the cost of goods we've seen, and things like fuel costs go down, lumber go down, other raw materials go down, shift to the cost of wages, which have, of course gone up, not keeping pace with inflation. Data is a real-time snapshot *Data is delayed at least 15 minutes. In the moment, I thought back to the first time I met Arougheti, in a 50,000-square-foot house (not his) (or mine) in Beverly Hills almost a decade ago. Its been such an interesting year because in so many ways, it was probably one of the most challenging of my career. Michael didnt stop there. The house at 2535 Shelter Avenue also sold for more than double its previous purchase price in 2020. Because of what you did to help elevate me and my dreams, with Operation HOPE, and then later with the Promise Homes Company, you too get celebrated as a part of Black History Month. The corporate mailing address for Mr. Arougheti and other Ares Management executives is 2000 AVE OF THE STARS 12TH FLOOR, LOS ANGELES CA, 90067. So we have a ways to go. in Ethics, Politics and Economics, cum laude, from Yale University. That was probably the biggest challenge for me in those early days, leveraging the things that we had built, but leading in a new way. Michael Arougheti Age : 49 Public asset : 1,047,166,505 USD Country of residence : Unknown Linked companies : Ares Management Corporation - Ares Capital Corporation - Ares Acquisition Corporation - Ares Commercial Real Estate Corporation Biography of Michael Arougheti How do you preserve that at scale? Arougheti: Well, this is like something we haven't seen before. Mr. Arougheti also serves on the board of directors of Operation HOPE, a not-for-profit organization focused on expanding economic opportunity in underserved communities through education and empowerment. I think that capital will get raised, I think it will just take a little bit longer. Whats been rewarding for me is that we have spent so much time over the years building culture here around our core attributes of collaboration and social responsibility and entrepreneurialism.