Ares Management, a Los Angeles based investment manager, is looking to acquire 22 pieces CLOs worth as much as $767 million.

Ares is trying to take advantage of a 90% decline in value on some of the CLOs.

It couldn’t be determined when Ares might purchase the CLOs. Bill Mendel, an Ares spokesman, declined to comment.

CLO assets with a double-A rating, are priced between 20 and 30 cents on the dollar, while assets with a single-A rating and below are quoted at less than 10 cents.

Ares is following in the footsteps of other firms such as Sankaty Advisors, which last month offered to purchase as much as $949 million of its own CLOs and those of other managers including RiverSource Investments, Eaton Vance and Deutsche Asset Management, according to Bloomberg.

It couldn’t be determined if Sankaty went through with the purchase, and calls to the firm were not immediately returned.

Los Angeles-based Ares oversees approximately $29 billion in assets.

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