Core Insights - Ares Management Corporation is a leading global alternative investment manager specializing in credit, private equity, and real estate investments, competing with firms like Blackstone and KKR [1] - Deutsche Bank upgraded ARES from a "Hold" to a "Buy" rating on February 6, 2026, with the stock priced at $121.87 at that time [1] Financial Performance - In 2025, Ares Management reported assets under management (AUM) exceeding $622 billion, reflecting a 29% increase from the previous year [2][6] - The company achieved a record $113 billion in fundraising, indicating strong market position and strategic expansion efforts, including the acquisition of GCP [2] - The wealth management sector saw AUM grow by 69% year over year to over $66 billion, showcasing robust financial performance and optimism for future growth [3] - Ares announced a 20% year-over-year increase in its first-quarter 2026 common dividend [3][6] Stock Performance - Despite strong performance indicators, ARES stock has decreased by $15.35, or approximately -11.19%, with a current price of $121.87 [4][6] - The stock has fluctuated between $119.47 and $132.93 during the trading day, with a yearly high of $195.26 and a low of $110.63 [4] - Ares Management's market capitalization is approximately $40 billion, with a trading volume of 10.93 million shares on the NYSE [5]

Core Insights - The fiduciary role is evolving, requiring trustees to enhance their expertise across five critical dimensions to navigate complexity and specialization in modern trust administration [1] Income Tax Planning - The passage of the One Big Beautiful Bill Act (OBBBA) on July 4, 2025, provides clarity on tax provisions, allowing trustees to plan with confidence regarding existing and future trusts [2] - The OBBBA increased the estate and gift tax exemption to $15 million per individual and $30 million per couple, indexed for inflation starting in 2027, creating new lifetime gifting opportunities [3] - Income tax planning is now a priority, with new deductions and limitations based on adjusted gross income (AGI), making timing and taxpayer identity critical for optimization [3] Market Context - The S&P 500 has appreciated over 17% year-to-date as of early December 2025, prompting trustees to educate beneficiaries on the benefits of realizing gains for diversification and risk reduction [4] Action Points for Trustees - Evaluate the implications of switching from grantor to non-grantor trust status, considering potential tax liabilities and the impact on beneficiaries [5][6] - Plan transactions carefully before altering trust status to optimize tax outcomes [7] - Coordinate timing of income recognition and deductions to leverage new AGI-based provisions [8] Structural Flexibility - There is an increasing demand for changes to trust terms due to the longevity of trusts and evolving beneficiary needs, with new legal tools available for modifications [10] - Trustees must balance current beneficiary desires with the original intent of the grantor, ensuring that modifications align with the trust's purpose [11][12] Beneficiary Well-Being - The purpose of trusts is shifting towards supporting beneficiaries' holistic well-being, with new state statutes recognizing well-being trusts that allow trustees to consider factors beyond financial needs [17][18] - Trustees face challenges in assessing beneficiaries' well-being, requiring detailed qualitative evaluations and potentially increasing administrative costs [22][23] Specialty Assets - The investment strategy for trusts is evolving, with a focus on portfolio diversification and the inclusion of private investments, which have become essential due to the decline in publicly listed companies [25][27] - Trustees must ensure that beneficiaries understand the implications of investing in private markets, including illiquidity and valuation timing [32] AI Integration - Technology, particularly AI, is transforming fiduciary practices, offering opportunities for improved efficiency but also presenting ethical challenges [35][36] - Trustees must validate AI-generated outcomes and maintain strong data security and privacy protections [37][38] Fiduciary Excellence - In 2026, fiduciary excellence will be defined by the ability to manage complexity with clarity, requiring a depth of expertise to navigate the evolving trust landscape [43]

Group 1 - Apollo Global Management, Inc. (NYSE:APO) is receiving increased attention from Wall Street analysts, with Morgan Stanley raising its price target to $180.00 from $151.00 and upgrading the stock from Equalweight to Overweight, citing confidence in over 20% fee-related earnings growth [1] - Goldman Sachs also raised its price target for Apollo Global Management to $155.00 from $151.00, maintaining a 'Buy' rating, indicating a potential upside of nearly 23% due to the company's strong origination capabilities [2] - Apollo Global Management is projected to achieve over 20% growth in fee-related earnings (FRE) for 2026, with better-than-expected guidance for spread-related earnings (SRE), leading to an average EPS forecast increase of around 4% for 2026/2027 [3] Group 2 - Apollo Global Management is a New York-based private equity firm that specializes in private equity, infrastructure, credit, secondaries, and real estate investments, founded in 1990 [4]

Core Viewpoint - NB Private Equity Partners ("NBPE") has announced the buyback of Class A Shares as authorized by shareholders, indicating a strategic move to manage share capital and enhance shareholder value [1][2]. Share Buyback Details - On 29 September 2025, NBPE purchased 10,822 Class A Shares at prices ranging from £15.06 to £14.82 [2]. - Following the buyback, the total number of outstanding Class A Shares will be 45,169,426, with an additional 3,150,408 Class A shares held in treasury [2]. Company Overview - NBPE is a closed-end investment company based in Guernsey, focusing on direct private equity investments alongside leading private equity firms globally [3][6]. - The investment manager, NB Alternatives Advisers LLC, is a wholly owned subsidiary of Neuberger Berman Group LLC, which emphasizes fee efficiency by not charging management fees or carried interest to third-party general partners [3]. Neuberger Berman Background - Neuberger Berman, founded in 1939, manages $538 billion across various asset classes and has a strong reputation for active management and fundamental research [4]. - The firm has been recognized as one of the best places to work in money management for eleven consecutive years [4].