Ares Shares Climb 2.78% on $475M Steward Investment Despite 317th-Ranked U.S. Trading Volume

Market Snapshot

, 2025, despite a notable decline in trading volume. , , ranking 317th in trading volume among U.S. equities. The price increase occurred against a backdrop of reduced liquidity, suggesting investor sentiment may have been influenced by external catalysts rather than broad market demand.

Key Drivers

, a major player in the wealth management sector. On December 19, Ares Credit funds announced a $475 million investment in Steward Partners, structured as a non-controlling minority equity stake and an expanded lending relationship. This transaction, the largest in Steward’s history, underscores Ares’ confidence in the firm’s growth trajectory and market position. Steward, which oversees nearly $50 billion in client assets, has evolved from a 2013 startup with three advisors and less than $100 million in assets into a national hybrid RIA platform. The deal aligns with broader trends of private capital inflows into the RIA sector, where firms are increasingly leveraging external funding to accelerate M&A, technology adoption, and advisor recruitment.

The investment also reflects Ares’ strategic pivot into wealth management. Earlier in 2025, , a $40 billion RIA, and has since expanded its credit facilities to support Steward’s dealmaking activities. , partner-led structures. Steward’s ownership model, which grants equity stakes to advisors and employees, is positioned as a key differentiator in a competitive market. The firm emphasized that the Ares investment preserves its independent governance while providing liquidity to employee-owners and enhancing its ability to pursue growth opportunities.

Further reinforcing the positive sentiment, Steward’s leadership framed the transaction as a validation of its long-term vision. . The firm’s plans to deploy the capital—including $60 million in acquired revenue targets for 2026—signal a focus on organic and inorganic growth. Ares’ participation in Steward’s capital raise also follows a broader industry trend, with other RIAs like DayMark Wealth Partners and Kathmere Capital Management recently securing minority stakes to fund expansion.

The transaction’s structure—combining equity and debt—offers Steward flexibility to fund strategic initiatives without diluting its core governance model. Ares’ expanded credit facility, which follows a prior $199 million loan in 2023, positions the firm as a key enabler of Steward’s M&A ambitions. , the investment aligns with Ares’ thesis of supporting platforms with strong unit economics and scalable infrastructure. Analysts have noted that Steward’s transition from a 1099 contractor model to a W-2 integration model over the past three years has further strengthened its operational resilience, making it an attractive partner for capital providers.

Finally, . By prioritizing returns for advisors and staff, Steward differentiates itself from traditional wirehouses and consolidators, where payouts often favor founders. Ares’ investment thus serves as both a growth catalyst and a validation of Steward’s unique value proposition. As the firm eyes a $100 billion asset milestone in the coming years, the partnership with Ares positions it to capitalize on ongoing consolidation in the wealth management industry.