23. Antony Ressler — $3.6 billion | Los Angeles Business Journal

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NET WORTH: $3.6 billion
AGE: 60
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Private equity
LAST YEAR: $2.9 billion
CHANGE: +24%

THE MONEY: Ressler is the co-founder and executive chairman of Century City-based asset manager Ares Management Corp. He owns a major stake in the firm, which had $149 billion in assets under management at the end of March. Despite a mid-March dip in value, Ares’ share price rose more than 46% between July 2019 and July 2020, pulling up Ressler’s net worth with it. The firm’s long investment horizons and ample dry powder capital have made it an attractive destination for investors amid the Covid-19 market turmoil. Ares has also ramped up its distressed debt investing business, closing a $3.5 billion Special Opportunities Fund in June to provide lines of credit or buy into distressed companies at attractive valuations.

THE BUZZ: Prior to co-founding Ares in 1997, Ressler co-founded asset management giant Apollo Global Management Inc. with his brother-in-law, Leon Black. Ressler has invested in several sports teams: He is a minority owner of the Milwaukee Brewers and principal owner and chairman of the Atlanta Hawks. Ressler made headlines in June with the proposal to turn the Hawks’ State Farm Arena into a giant early voting station for the Nov. 3 election. The Hawks’ increase in value from $1.3 billion last year to roughly $1.5 billion this year also helped boost Ressler’s net worth.

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