NEW YORK--(BUSINESS WIRE)--Ares Dynamic Credit Allocation Fund, Inc. (NYSE: ARDC) announced that effective November 1, 2016, Mr. M. Freddie Reiss resigned from the Board of Directors of the Fund. Mr. Reiss was the Chairperson of the Audit Committee of the Fund’s Board of Directors and also served as a member of the Nominating and Governance Committee. In light of Mr. Reiss’s service as a director or consultant for other financial services companies, and the potential for conflicts of interest to arise if the Fund were to come into competition with such other companies, Mr. Reiss concluded that it would be beneficial and in the best interest of the Fund to tender his resignation. Also effective November 1, 2016, Mr. James K. Hunt was appointed to the Board of Directors of the Fund. Mr. Hunt was also appointed as the Chairperson of the Audit Committee of the Fund’s Board of Directors and as a member of the Nominating and Governance Committee. The Fund’s fiscal year ended on October 31, 2016. Mr. Reiss’s resignation and Mr. Hunt’s appointment occurred in connection with the commencement of the Fund’s current fiscal year on November 1, 2016. The Fund is grateful to Mr. Reiss for his service and dedication.
This press release is not intended to, and does not constitute, an offer to purchase or sell shares of ARDC.
About Ares Dynamic Credit Allocation Fund, Inc.
Ares Dynamic Credit Allocation Fund, Inc. (“ARDC”) is a closed-end management company that is externally managed by Ares Capital Management II LLC, a subsidiary of Ares Management, L.P. ARDC seeks to provide an attractive level of total return primarily through current income and, secondarily, through capital appreciation. ARDC invests in a broad, dynamically-managed portfolio of credit investments. There can be no assurance that ARDC will achieve its investment objective. ARDC’s net asset value may be accessed through its NASDAQ ticker symbol, XADCX. Additional information is available at www.arespublicfunds.com.
About Ares Management, L.P.
Ares Management, L.P. (NYSE: ARES) is a leading global alternative asset manager with approximately $95 billion1 of assets under management and more than 15 offices in the United States, Europe and Asia as of June 30, 2016. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole.
