Form 4: Ares Management Corp Director Antony P. Ressler Sells Class A Common Stock

Antony P. Ressler, Co-Founder and Executive Chairman of Ares Management Corp, sold shares of Class A Common Stock on April 17, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• Antony P. Ressler, Co-Founder and Executive Chairman of Ares Management Corp, reported the sale of Class A Common Stock on April 17, 2024.
• The sales were executed under a 10b5-1 trading plan adopted on December 15, 2023.
• Ressler sold 37,193 shares at a weighted average price of $131.08, 104,776 shares at $131.65, and 1,600 shares at $132.48.
• These transactions resulted in adjustments to Ressler's directly and indirectly held shares.
• After the reported transactions, Ressler indirectly holds 5,984,625 shares through Ares Owners Holdings L.P.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the transactions were pre-planned under a 10b5-1 trading plan and do not necessarily reflect a change in the executive's outlook on the company.

Future Outlook

The sales were conducted under a pre-arranged 10b5-1 trading plan, suggesting further transactions may occur under the plan's parameters.

Industry Context

Insider sales are a common occurrence, and the use of a 10b5-1 trading plan suggests the sales were pre-planned and intended to avoid concerns about trading on inside information. Investors often monitor insider transactions for signals about a company's prospects, but pre-planned sales are generally viewed as less informative.

Comparison to Industry Standards

• Comparing Ressler's transactions to other executives in similar asset management firms, the use of 10b5-1 plans is a standard practice for managing personal liquidity while avoiding accusations of insider trading.
• For example, executives at Blackstone and Apollo Global Management also frequently utilize such plans.
• The size and frequency of these sales are typical for high-level executives with significant equity holdings.

Stakeholder Impact

• The sales may have a minor impact on shareholder sentiment, but the pre-planned nature of the transactions should mitigate concerns.
• Employees are unlikely to be directly affected by these transactions.

Key Dates