Century City private equity firm Ares Management filed for an initial public offering on Monday.
JPMorgan in New York and BofA Merrill Lynch in Charlotte, N.C. are the lead underwriters for the initial public offering. Ares plans to trade on the New York Stock Exchange under the ticker symbol ARES.
The firm earned $180 million in net income on revenue of $873 million last year. It had $74 billion in assets under management at the end of last year.
Ares employs about 700 people in 15 offices across the United States, Europe and Asia. It has four main lines of business: tradable credit, direct lending, private equity and real estate. Its chief executive is Antony Ressler, a co-founder of the company and former executive at Apollo Global Management, a New York private equity firm founded by former Drexel Burnham Lambert partner Leon Black.
It is the first private equity firm to file for an IPO since The Carlyle Group in New York in May 2012.
Ares will now start marketing the IPO and will likely set a price in coming weeks.
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