TRANSACTION SUMMARY

On 30 October 2025, Ares Management Corporation (“Ares”), the global alternative investment manager, announced the acquisition of BlueCove Limited (“BlueCove”), the London-based scientific fixed income manager. This follows the acquisition of a minority stake by Ares in BlueCove in 2023. Terms of the transaction were not disclosed.

Founded in 2018 by Alex Khein and Hugh Willis - who have respectively served as CEO and Executive Chairman - BlueCove has grown to become a leader in systematic credit investing. The firm is comprised of a highly experienced, long-tenured team of fixed income investment, engineering, and business infrastructure professionals specialiSing in systematic portfolio management. Through its proprietary technology and varied product offering, BlueCove invests in high-yield, corporate investment grade, convertible bonds, and other liquid credit instruments. Since Ares first partnered with BlueCove through a minority stake acquisition in 2023, assets under management have grown from $1.8 billion to approximately $5.5 billion, as of September 30, 2025.

Ares believes that as part of its scaled investment platform, the BlueCove business will benefit from

accelerated growth and expanded distribution relationships, particularly with insurance clients. Integrated within Ares, BlueCove will form the Ares Systematic Credit strategy and will focus on harnessing the power of data and technology to deliver differentiated returns and solutions to investors. Ares Systematic Credit will be led by Alex Khein, supported by a team of approximately 60 professionals, with Hugh Willis serving as a Senior Advisor to the organisation.

BLUECOVE

BlueCove is an institutional scientific fixed income asset manager with $5.5 billion of assets under management, as of September 30, 2025. It brings together market-leading fixed income industry investment, engineering, and business infrastructure professionals, with the specific purpose of researching and developing state-of-the-art scientific investment processes applicable to fixed income investment management. The firm was founded in 2018 by Hugh Willis and Alex Khein, previously Co-founder and CEO/Executive Chairman, and COO/CEO respectively of BlueBay Asset Management.

ARES MANAGEMENT

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. As of June 30, 2025, Ares Management Corporation's global platform had over $572 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East.

ROLE

SHP acted as financial adviser to BlueCove.