International law firm Simmons & Simmons has advised on the sale of the entire outstanding share capital of BlueCove, a London-based scientific fixed income manager, to an affiliate of Ares Management Corporation (“Ares”)
Ares acquired a minority equity stake in BlueCove in 2023. This recent transaction is a definitive agreement to acquire the remaining outstanding share capital of BlueCove. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, including regulatory approvals.
Founded in 2018 by Hugh Willis and Alex Khein, who have respectively served as Executive Chairman and CEO, BlueCove has grown to become a leader in systematic credit investing. The firm is comprised of a highly experienced, long-tenured team of fixed income investment, engineering, and business infrastructure professionals specialising in systematic portfolio management.
Through its proprietary technology and varied product offering, BlueCove invests in high-yield, corporate investment grade, convertible bonds, and other liquid credit instruments. Since Ares first partnered with BlueCove in 2023, assets under management have grown from $1.8 billion to approximately $5.5 billion (as at 30 September 2025).
The Ares Credit Group is a leading manager of credit strategies across the global credit universe, with approximately $391.1 billion of AUM as of September 30, 2025, offering a range of illiquid and liquid credit and hybrid investment solutions. Since Ares' founding in 1997, the firm has been a leader in providing credit solutions to investors searching for yield and for less correlated returns. Strategies include U.S. and European Direct Lending, Syndicated Loans, High Yield Bonds, Multi-Asset Credit, Alternative Credit, Opportunistic Credit, APAC Private Credit and APAC Special Situations.
The cross-disciplinary Simmons team was led by Corporate partner Ania Rontaler, supported by a strong asset management specialist team, including Corporate Of Counsel Kim Farrar and Tax partner, Martin Shah and Tax Managing Associate, Daniella Koep.
Commenting on the deal, Ania Rontaler said: “It has been a real pleasure working with BlueCove on another very exciting transaction. We have been working together since the business was first launched and it is a real privilege to be part of this further next chapter. The deal plays to the strengths of Simmons and its asset management sector focus and its deep expertise in asset manager M&A across Corporate and our specialist departments.”
Dan Bebello, COO and GC at BlueCove said: “Simmons have been our trusted advisers since the inception of BlueCove and were the natural choice to lead on this milestone transaction. The team worked tirelessly, bringing together professionalism, dependability and deep technical expertise across multiple disciplines.”
