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Ares to convert from partnership to C-corp

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
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