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Ares Dynamic Credit Allocation Fund Appoints Elaine Orr to Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Ares Dynamic Credit Allocation Fund, Inc. (NYSE: ARDC) has appointed Elaine Orr as an independent director and chair of the audit committee, effective August 9, 2022. She replaces Paula B. Pretlow, who has resigned from the Board. Ms. Orr brings significant experience in institutional investment and leadership roles from renowned financial institutions, including BlackRock and HSBC. The Board expresses confidence in her ability to enhance ARDC's portfolio strategy and deliver attractive returns for investors.
Positive
Appointment of Elaine Orr brings extensive financial expertise.
Orr's background in investment management could provide fresh insights to ARDC's strategy.
Negative
Resignation of Paula B. Pretlow may raise concerns about Board continuity.
NEW YORK--(BUSINESS WIRE)--
Ares Dynamic Credit Allocation Fund, Inc. (the “Fund”) (NYSE: ARDC) announced today the appointment of Elaine Orr to its Board of Directors (the “Board”) as an independent director and chair of the audit committee. In addition, ARDC announced today the resignation of Paula B. Pretlow from the Board. Both Ms. Orr’s appointment and Ms. Pretlow’s resignation became effective August 9, 2022.
Ms. Orr brings extensive institutional investment, foundation and wealth management experience, having served in leadership and board positions at a number of leading global financial institutions. Most recently, Ms. Orr served as Senior Director of Philanthropy and Strategic Partnerships for the Robert Toigo Foundation, focusing on major gifts fundraising to advance the mission of supporting underrepresented talent in finance. She previously served as Director of Investments at Silicon Valley Community Foundation. Ms. Orr also held various business, product and relationship development roles at Morningstar, BlackRock, Morgan Stanley, Barclays and HSBC.
“We are very pleased to welcome Elaine, a highly accomplished financial services industry veteran, to the ARDC Board,” said David A. Sachs, Director and Chairman of the ARDC Board. “As the Fund continues to execute against our portfolio strategy through a complex market environment, we are confident that we will benefit from Elaine’s financial acumen and decades of experience leading business development and investment management strategies. I look forward to collaborating with her to support ARDC in our objective to deliver attractive returns for our investors.”
Mr. Sachs continued, “On behalf of the ARDC Board, I want to thank Paula for her service to the Fund and our investors. We appreciate her contributions and wish her the best on her future endeavors.”
Ms. Orr is currently a board member of Engine No. 1, San Mateo County Employees’ Retirement System and Federated City Employees’ Retirement System. Ms. Orr holds a Bachelor of Commerce and Business Administration degree, majoring in finance, from the University of British Columbia and is a CFA® charterholder.
About Ares Dynamic Credit Allocation Fund, Inc.
Ares Dynamic Credit Allocation Fund, Inc. (“ARDC”) is a closed-end management company that is externally managed by Ares Capital Management II LLC, a subsidiary of Ares Management Corporation. ARDC seeks to provide an attractive level of total return primarily through current income and, secondarily, through capital appreciation. ARDC invests in a broad, dynamically-managed portfolio of credit investments. There can be no assurance that ARDC will achieve its investment objective. ARDC’s net asset value may be accessed through its NASDAQ ticker symbol, XADCX. Additional information is available at www.arespublicfunds.com.
