See matts comments further above about vrms, this is the main reason I'm not a big fan of this type of gpu cooling, no amount of small heatsinks and fans are going to come close to a bit of copper and a direct water path. Even some 'full cover' waterblocks suffer this fate I.e. alphacool & early xspc as they don't have active cooling on vrm areas
Hot vrms are inefficient, so core temps are only a part of the picture as ideally you want vrm temps as close to the core temp as possible, in your situation I'd wager the vrms are running a good 35-55c hotter then the core.
Its not to say these hybrid aio cooling solutions aren't any good, they can fair quite well as the ares did, but asus dealt with the other important parts well in the cooler design.