Group 1 - Consolidated Edison, Inc. (NYSE:ED) is recognized as one of the 11 Energy Stocks to consider for a retirement portfolio [1] - The company operates one of the largest energy delivery systems globally, serving 10 million customers in New York City and Westchester County [2] - Consolidated Edison has agreed to divest its approximately 6.6% interest in the Mountain Valley Pipeline for $357.5 million, with the transaction expected to close in the first half of 2026 [3] Group 2 - The proceeds from the divestment will be used to partially offset the company's common equity needs for the upcoming year and for general corporate purposes [3] - On November 21, Consolidated Edison faced pressure from President Trump and New York City Mayor-elect Zohran Mamdani to reduce its rates, citing that lower fuel prices have not been reflected in the utility's rates [4]

Biggest names in banking are convening here in New York City for Goldman Sachs annual financial services conference. Been a busy week already, including Aries management co-founder and [music] CEO Michael Aragetti, who joins us now with Leslie Picker. Hey, Leslie. >> Hey, Carl.Thank you. And thank you, Michael. >> Hey, Leslie.It's good to be here. Good to have you. Um, so your stock was up about 7% yesterday on the inclusion into the S&P 500.Uh, what do you think that moment says about Aries in the industry ...

Core Insights - The annual financial services conference hosted by Goldman Sachs is gathering major banking figures, highlighting the significance of the event in the industry [1] - Aries Management's stock rose approximately 7% following its inclusion in the S&P 500, indicating positive market reception and investor confidence [1][2] Company Performance - Aries Management experienced a significant milestone with its S&P 500 inclusion, reflecting its growth and success over the past three decades [3][4] - The company has shown resilience in the face of recent high-profile bankruptcies in the private credit space, with a strong recovery in stock performance [4] Market Dynamics - The alternative investment landscape is described as sizable, scaled, global, and growing, suggesting a robust environment for private equity and credit [4] - Recent incidents of fraud and credit challenges in the market were viewed as isolated events rather than indicative of systemic issues, with low non-accrual rates reported by large managers [5][6] Regulatory Environment - The Bank of England is initiating stress tests for private equity and private credit, with Aries Management participating, indicating a proactive approach to risk management in the industry [7] - There is ongoing dialogue between private market participants and regulators in the US, emphasizing the importance of understanding the relationship between private and public markets [8] Industry Outlook - The stress testing process by the Bank of England is anticipated to benefit the industry by demonstrating the critical role of private markets in modern capital markets [9] - Private markets are seen as essential for driving growth in the middle market economy and mitigating volatility in liquid markets [9]

Ares Management Conference Call Summary Company Overview - **Company**: Ares Management (NYSE: ARES) - **Assets Under Management**: Approximately $600 billion - **Core Expertise**: Credit, real assets, secondaries, and private equity - **2025 Performance**: Sustained industry-leading growth momentum with record fundraising, strong deployment, and investment performance [1][5][12] Key Industry Insights Private Credit Market - **Market Sentiment**: Investors are moving away from anxiety regarding private credit, supported by strong fundamentals [5][6] - **Portfolio Performance**: Ares credit portfolios are large, diversified, with non-accrual rates near historic lows; company-level cash flow growing at 10%-12% annually [7] - **Market Strength**: Deployment in Q4 is strong, with pipelines at or near record levels [7][12] Fundraising Dynamics - **2025 Fundraising**: On track for a record year, exceeding $90 billion, with strong demand from institutional and wealth channels [12][13] - **2026 Outlook**: Anticipated strong demand for private credit, with larger flagship funds expected to enter the market [14] Alternative Credit Opportunities - **ABF Strategies**: Ares focuses on both investment-grade (IG) and non-rated asset-backed finance (ABF), with non-rated strategies being more profitable [15][17] - **Market Position**: Ares has raised three of the four largest ABF funds, indicating strong market presence [16] Deployment and Market Activity - **Deployment Overview**: Q3 saw over $40 billion deployed; Q4 is expected to continue this momentum across various segments, including infrastructure and real estate credit [21][22] - **Market Segmentation**: Deployment is broad-based, indicating overall market health, with strong opportunities in asset-backed finance and opportunistic credit [22] Wealth Channel Growth - **Wealth AUM Target**: Increased target to $125 billion by 2028, with consistent quarterly inflows of about $4 billion [23][24] - **Product Evolution**: Introduction of new funds in core infrastructure and sports/media, with ongoing demand for geography-specific funds [25] Direct Lending Insights - **Advisor Demand**: Financial advisors are focusing on durable yield from various asset classes, not solely private credit [26][28] - **Market Dynamics**: Demand for private credit remains stable despite changing interest rates, driven by excess return generation [29] International Market Dynamics - **Distribution Landscape**: About 40% of wealth products come from outside the U.S., with a more fragmented and less concentrated market in Europe and Asia-Pacific [30][33] Strategic Partnerships and Growth - **Partnership Approach**: Ares is cautious about partnerships with traditional managers, focusing on delivering differentiated outcomes for clients [38][39] - **401(k) Market Potential**: Ares supports the inclusion of alternative assets in defined contribution plans but emphasizes the need for investor suitability and fiduciary duty considerations [40][42] Acquisition and Integration - **GCP Acquisition**: Integration is progressing well, with expectations for margin expansion as duplicative infrastructure costs decrease [47][48] - **Secondaries Market Growth**: Ares is expanding into infra secondaries, with significant growth expected in the coming years [49][51] Financial Outlook - **FRE Margin Guidance**: Expected margin expansion in 2026 due to successful fundraising and deployment [54][56] - **Capital Management Strategy**: Ares is considering various options for redeploying free cash flow, including dividends, buybacks, and investments in growth [59][61] Conclusion - Ares Management is positioned for continued growth in the alternative asset management space, with strong fundamentals in private credit, a robust fundraising outlook, and strategic expansion into new markets and product offerings.

And right now we are 2 minutes away from the end of the trading day. Romaine Bostick here alongside Katie Greifeld, taking you through to that closing bell with a global simulcast. It starts now.Carol Massar and Tim Stenovec joining us from the radio booth. Welcome to our audiences across all of our Bloomberg platforms, television, radio, as well as our partnership with YouTube. We're going to get this actually back on track here.We counted down to the closing bells with dynamism and context, because I'm to ...

Core Viewpoint - Ares Management is set to join the S&P 500 index on December 11, coinciding with Mars Inc.'s acquisition of Kellanova valued at $36 billion, which manufactures Pringles and Pop-Tarts [1][2]. Group 1: Company Inclusion in S&P 500 - Ares Management will be included in the S&P 500 index ahead of three other companies, Carvana, CRH, and Comfort Systems USA, which will join on December 22 [1][2]. - Ares is recognized as a large company that meets the criteria for inclusion in the S&P 500 index based on profitability and market capitalization [3]. Group 2: Market Impact and Analyst Insights - Following the announcement, Ares's stock surged by 7% in after-hours trading, indicating market recognition of its inclusion in the S&P 500 [2][3]. - The financial services sector is noted to be underrepresented in the S&P 500 relative to its overall market weight, highlighting a potential opportunity for Ares [3].

Ares Management and Regions Bank led $800 million of private credit loans as part of a $1.1 billion refinancing for Palladium Equity Partners-backed Quirch Foods, according to people with knowledge of the matter https://t.co/zb18iE8lki ...

Core Viewpoint - Moderna, Inc. has secured a five-year term loan facility of up to $1.5 billion from Ares Management, enhancing its financial flexibility while maintaining a strong balance sheet [1] Group 1: Financing Details - The financing is structured as non-dilutive debt, consisting of three tranches over five years [1] - The initial tranche includes a $600 million term loan funded at closing [1] - A $400 million delayed draw term loan facility (DDTL) is available for multiple draws at Moderna's discretion through November 2027 [1] - An additional $500 million DDTL is also available for multiple draws at Moderna's discretion through November 2028 [1] Group 2: Financial Guidance - The company has reiterated its financial guidance for 2025, as provided during the 3Q25 earnings call [1] - Moderna is targeting cash breakeven by 2028 [1]

Market Trends & Investment Opportunities - New asset classes, innovative investment vehicles, and transformative technologies are reshaping investor behavior [1] - Crowded trades in AI, commodities, and crypto are making it harder to find real Alpha [1] - Ares Management and J P Morgan Asset & Wealth Management CEOs share their views on current and future opportunities [1]

Core Viewpoint - Investors should focus on the opportunities presented by artificial intelligence rather than concerns about current market bubbles, as stated by Mary Callahan Erdoes, CEO of JPMorgan Asset and Wealth Management [1] Group 1: Artificial Intelligence Opportunities - Erdoes emphasized that the world is at a stage where the expected value of AI significantly differs from its actual value, indicating that companies have yet to fully realize AI's potential through practical applications [1] - Concerns regarding the soaring stock prices of AI-related companies like Nvidia and AMD have led to market volatility, yet the U.S. stock market remains near historical highs [1] - Erdoes argued that AI is not a bubble, asserting that the notion is absurd and that a major transformation in corporate operations is on the horizon [1] Group 2: Economic Outlook - Ares Management CEO Michael Arougheti noted that the current investment scale is minimal compared to the vast potential of AI, suggesting that there is still a long way to go in terms of economic investment relative to the overall economy [2] - Erdoes expressed confidence that a recession is unlikely, countering ongoing predictions of an impending downturn that have persisted for five years [2] - She highlighted that if a recession is not imminent, it presents an excellent buying opportunity for investors to act quickly [2]