# Ares Systematic Credit Limited

> Ares Systematic Credit Limited is an SEC-registered investment advisory firm in London, United Kingdom, registered since 2021, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 26, 2026.

- CRD: 307090
- Filed as: ARES SYSTEMATIC CREDIT LIMITED
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: London, United Kingdom
- Filing period: October 2026
- Form ADV filing dated: August 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/307090
- AdvisorCensus page: https://advisorcensus.com/firm/ares-systematic-credit-limited-london-307090

## Quick answers

**How is Ares Systematic Credit Limited compensated?**
On its Form ADV (Item 5.E, October 2026), Ares Systematic Credit Limited reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**How much does Ares Systematic Credit Limited charge?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 1.25% to 1.5% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Ares Systematic Credit Limited located?**
Ares Systematic Credit Limited's principal office is in London, United Kingdom, according to its Form ADV; the September 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Ares Systematic Credit Limited registered with the SEC or a state?**
Ares Systematic Credit Limited is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 307090.

**How much does Ares Systematic Credit Limited manage?**
Ares Systematic Credit Limited reports $9,893,083,586 in regulatory assets under management in its Form ADV filing dated August 26, 2026 (100% discretionary).

**How have Ares Systematic Credit Limited's assets and staff changed since 2021?**
In the Form ADV data for Ares Systematic Credit Limited: Regulatory assets under management: $3,088,846,667 in the October 2021 data and $9,893,083,586 in the October 2026 data, up 220%. Total employees: 62 in October 2021 and 62 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Ares Systematic Credit Limited serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (5); investment companies (2); other (2).

**Which custodians does Ares Systematic Credit Limited use?**
Ares Systematic Credit Limited's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists JPMorgan Chase Bank, N.A. and Northern Trust Company Melbourne Branch as custodians holding 10% or more of its separately managed account assets.

**Does Ares Systematic Credit Limited report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/307090

**What changed in Ares Systematic Credit Limited's recent Form ADV filings?**
In the April 2026 filing data: Item 11 disclosure answers changed: 3 yes answers, previously 0 (now yes: 11.C(2), 11.C(4), 11.C(5)). Changed its legal name from Bluecove Limited to Ares Systematic Credit Limited. Employees performing advisory functions went from 20 to 16. Regulatory assets under management went from $11,114,184,261 to $9,893,083,586 (-11%). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 1.25% to 1.5% a year (a range, as the brochure states it)

> For the ASC Fund, ASC generally charges an annual management fee (“Management Fee”) which ranges from 1.25% - 1.50% of the net asset value of Investors’ investments.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- JPMorgan Chase Bank, N.A.
- Northern Trust Company Melbourne Branch

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $9,893,083,586
- Discretionary: $9,893,083,586
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 2 | $237,994,150 |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $4,912,246,374 |
| Other | 2 | $4,742,843,062 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2021 (5 years)
- Employees: 62 total, 16 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: DE, MA
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/307090

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Boston, MA

### Websites listed on Form ADV (Item 1.I)
- bluecove.com
- LinkedIn @bluecove
- X @bluecove

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,088,846,667 | 62 | March 31, 2021 |
| October 2022 | $7,010,560,201 | 62 | March 31, 2022 |
| October 2023 | $7,613,850,543 | 66 | June 26, 2023 |
| October 2024 | $7,865,770,003 | 66 | March 25, 2024 |
| October 2025 | $11,114,184,261 | 66 | March 26, 2025 |
| October 2026 | $9,893,083,586 | 62 | August 26, 2026 |

Regulatory assets under management: $3,088,846,667 in the October 2021 data and $9,893,083,586 in the October 2026 data, up 220%.
Total employees: 62 in October 2021 and 62 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Item 11 disclosure answers changed: 3 yes answers, previously 0 (now yes: 11.C(2), 11.C(4), 11.C(5)).
- Changed its legal name from Bluecove Limited to Ares Systematic Credit Limited.
- Employees performing advisory functions went from 20 to 16.
- Regulatory assets under management went from $11,114,184,261 to $9,893,083,586 (-11%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Ares Systematic Credit Limited (CRD 307090): Form ADV filing data as of October 2026.