ComplaintsforAres Management Corporation
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Complaint Details
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Initial Complaint
02/27/2023
- Complaint Type:
- Delivery Issues
- Status:
- Resolved
I redeemed my interest in the Ares ********************** Income Trust on December 30, 2022. From Ares Management Corp doing business as Ares Wealth Management Solutions, I have not received a ****-B reflecting my capital gains. I have received only a ****-DIV. I have made multiple phone calls and I have been told that the **** that I seek is about to be mailed or is being mailed that day. Today is February 27, 2023. I should have received this form by February 15, 2023. I intend to pass any penalty that the *** inflicts on me to Ares Management Corp.Business response
03/03/2023
We have reviewed the investor complaint and believe we have resolved the underlying issue. A timeline of events is detailed below.
The investor redeemed their full position in Ares ********************** Income Trust Inc. (AIREIT) on December 31, 2022. On February 2, 2023, the investor called AIREITs transfer agent because they received a Form 1099-DIV, but they did not receive anything reporting the proceeds from the December 31st sale. Our transfer agent explained that redemptions are reported separately on Form 1099-B, which was scheduled to be mailed on or around February 15, 2023.
Based on a review of Form 1099-Bs in mid-February, it became apparent that our external vendor had made certain calculation errors that were resulting in an incorrect cost basis being shown for investors that reinvested their AIREIT dividends in 2022, and subsequently redeemed their AIREIT shares. *************************** filed an extension with the I.R.S. to extend AIREITs Form 1099-B filing deadline to March 15, 2023.
The investor called our transfer agent again on February 21, 2023 to follow up on the status of their Form 1099-B and was informed that forms were expected to be released that day. While well intentioned, because the calculation issue was actively being corrected, this information ended up being inaccurate as the cost basis issues were not fully resolved on that date and additional troubleshooting was required.
As of March 1, 2023 we have corrected the cost basis calculation issues and the investors Form 1099-B was sent to the investor via their preferred delivery method. We have also made direct efforts to contact the investor via phone, leaving a voicemail with a direct number for the investor to call us with any questions.
Regarding any potential tax issues, individual investors have until April 18, 2023 to file their tax returns.
We apologized to the investor for the two-week delay in sending a Form 1099-B this year. The underlying issue has now been resolved and we have notified the client, as discussed above. Please let us know if you have any questions.
Customer response
03/03/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Sincerely,
*********************Initial Complaint
10/19/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
My mother had a **** with****** She passed away in July. I have attempted for the better part of two months to reach someone with******to help me change the name of the Trust that the **** is under as well as to liquidate as I need this money to settle my mother's debts. When I called the help number, I was told that the had no idea who to contact so I should email everyone on their websites contact page. He even went so far as to ask me to call back and let him know the result. I did email... several times. I have heard no response at all. This is a terrible way to handle a business. Not only am I grieving my mother, but now I have to use a lawyer to get the money. Very disappointing.Business response
11/23/2022
Business Response /* (1000, 5, 2022/11/09) */ Thank you for reaching out regarding the Client's communications complaint regarding the transfer of ownership of the Client's deceased mother's interest in a fund managed by a subsidiary of Ares Management. We have investigated our records to gain a full understanding of the communications history between the Client and our firm. We believe the Client's complaint related to our responsiveness is unsubstantiated as we describe below. Importantly, the transfer issue with the Client has now been fully resolved as of 11/4/22. Please see a timeline of events detailed below. In the complaint filed with the BBB on October 19th, the Client stated "I have attempted for the better part of two months to reach someone at Ares. I did email...several times. I have heard no response at all." However, we received an email from the Client directed to our Wealth Management Solutions Operations inbox on 10/10, and a member of our team responded the next day (10/11) with details on how to process the Client's request. The Client did not respond to this email chain. The next communication from the Client was a new email created on 10/19 sent to the Ares Investor Relations email which we responded to on the same day. On this email, there was correspondence about the transfer. The Client again stated that they have been calling and emailing with no response; however, this is not accurate since we had received and responded to the Client's previous email to our Wealth Management Solutions team on 10/11, as noted above. On October 19th, the Client responded to the Ares Wealth Management Solutions team and provided the necessary paperwork to begin the legal process of transferring the accounts. Our team responded that day and began to facilitate the account transfer. That same day, the Client filed the BBB complaint. Pursuant to the above, we believe that we were responsive in a timely fashion to the Client's request and believe their complaint is not warranted. This issue has now been resolved as the transfer was completed on 11/4. With this timeline, we request that you remove this complaint from your system. Thank you very much for your consideration and please let us know if you have any questions. Ares Management
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Customer Complaints Summary
2 total complaints in the last 3 years.
0 complaints closed in the last 12 months.