Ares Management Corporation (NYSE:ARES) has taken over control of three funds previously managed by Indonesian private equity firm Northstar Group (Northstar Advisors Pte. Ltd) despite the latter?s investments in failed startup eFishery, according to people familiar with the matter. The deal comes after months of detailed discussions and due diligence work by the global alternative assets manager, the people said, asking not to be identified because the matter is private.
About 20 Northstar staff including investment professionals will move to Ares, though its two co-founders Patrick Walujo and Glenn Sugita won?t be joining, one of the people added.
