CION Ares Diversified Credit Fund, a closed-end interval fund, has reduced the incentive fee and management fee paid to its advisor CION Ares Management LLC.
The fund’s board of trustees approved a reduction in the management fee from 1.50 percent to 1.25 percent of managed assets, as well as a reduction in the incentive fee from 20 percent to 15 percent.
CION Ares Diversified Credit Fund invests primarily in a portfolio of directly originated loans, secured floating and fixed rate syndicated loans, corporate bonds, asset-backed securities, commercial real estate loans and other types of credit instruments.
“Our goal is to provide investors with unparalleled value and better structured investing options that individuals need and deserve. We believe these changes will only enhance the value we aim to provide investors,” said Michael Reisner, co-CEO of CION Investments.
CION Investments is an alternative investment manager that currently manages CION Investment Corporation, a non-traded business development company with approximately $1.7 billion in assets under management, and through CION Ares Management, sponsors CION Ares Diversified Credit Fund, a globally diversified interval fund.
Ares Management Corporation (NYSE: ARES) is a publicly-traded global alternative asset manager with approximately $125 billion of assets under management as of September 30, 2018.