Ares Management is expanding its presence in the European CLO market.
The private equity firm said today it had agreed to acquire Indicus Advisors, a London-based firm that manages $2 billion in various investment vehicles, including collateralized loan obligations, and provides advisory services on approximately $4 billion.
Ares, based in Los Angeles, has approximately $43 billion in committed capital in private equity and debt funds. It has a publicly traded business development company, Ares Capital Corp., that lends to middle-market companies and, through its portfolio company, Ivy Asset Management, manages several CLOs.
"This transaction will enhance our presence in European corporate credit, where we will manage in excess of $5 billion in long-only, long-short, structured products and private debt investment strategies,” Tony Ressler, senior partner and chairman of the executive committee at Ares Management, said in a statement.
"We believe that European corporate credit will continue to grow for years to come,” he said.
Seven Indicus professionals will join Ares’ capital markets group in the firm’s London and New York offices. David Reilly and Ujjaval Desai, who are based in London, will be named co-heads of Ares’ European capital markets group and will be responsible for European syndicated debt and global structured products.