Ares Management yesterday announced that it is converting its corporate tax status from a partnership to a corporation, becoming the first publicly-traded investment firm to make the switch. Others, including Apollo Global Management and KKR, are weighing a similar move.
"We believe [the conversion] will simplify our structure, broaden our potential investor base, improve our liquidity and trading volume and provide a more attractive currency for strategic acquisitions."— Ares CEO Michael McFerran