There's a War for Talent on Wall Street: : Ares Management CEO

Ares Management CEO and co-founder Michael Arougheti talks about succession plans at the firm, the outlook for monetary policy in the US, consolidation in the industry and creating jobs.
Arougheti also says  he isn’t ruling out more acquisitions for the firm as the race to grow private credit shows little sign of slowing.
“Acquisitions are always going to be part of our growth,” Arougheti said Thursday on Bloomberg TV. “Consolidation in our industry will absolutely continue.”
Still, he said the firm has become more selective about its targets. “The bar for acquisitions is getting higher and higher as we fill out our bingo card in terms of capabilities and geographies,” Arougheti added. 
Private credit has proliferated in recent years, reshaping Wall Street and pushing investment banks to partner with private credit firms. That has sparked a wave of consolidation among alternative and traditional asset managers. 
BlackRock Inc., the world’s largest asset manager, went on a buying spree last year that included the purchase of credit firm HPS Investment Partners for about $12 billion. Meanwhile, Ares agreed last year to buy GLP Capital Partners’ operations outside of China for as much as $5.2 billion.
“If you look at the benefits of scale in this industry in terms of capital raising, capital deployment, talent acquisition and retention, the big are getting bigger for good reason and size is actually showing up in performance,” Arougheti said. 

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