Ares Earnings Miss Estimates Despite Record Fundraising Haul (1)

Ares Management Corp., facing a slump in dealmaking while navigating broader market turmoil, reported first-quarter earnings that missed Wall Street estimates even as wealthy clients helped fuel a record $30 billion of fundraising during the period.

Realized income rose about a quarter from a year earlier to $502.7 million, or $1.24 a share on an after-tax basis, the Los Angeles-based alternative asset manager said Friday in a statement. That missed the $1.33 average estimate of analysts surveyed by Bloomberg. Fee-related earnings of $464.4 million also fell short of expectations.

Shares of Ares fell 1.9% to $115.44 at 10:21 a.m. ...