Ares Management to join S&P 500 on December 11, replacing Kellanova

Dec 9 (Reuters) - Ares Management ARES.N will join the S&P 500 .SPX before market open on December 11, S&P Dow Jones Indices said on Monday, becoming the latest alternative asset manager to join the benchmark index.

The company will replace Pringles maker Kellanova K.N in the S&P 500, which is set to be acquired by candy and snacks giant Mars in a $36 billion deal.

Shares of Ares Management were last up 9% in premarket trading on Tuesday. The stock has slipped roughly 7% this year as of the last close.

The inclusion cements Ares' standing as one of the most influential players in the alternative asset manager field, with the industry moving into the mainstream in recent years.

Alternative asset management heavyweights Blackstone BX.N, KKR KKR.N and Apollo Global Management APO.N have joined the S&P 500 in the past two years.

Ares had long been seen as a potential candidate from the financial sector to be included in the S&P 500.

Founded in 1997, Ares is one of the biggest alternative asset managers and had over $596 billion in assets under management as of September 30.

While it operates across asset classes such as real estate, private equity and infrastructure, Ares is best known for its strong presence in the private-credit market.

Shares tend to rise on being added to the S&P 500 as index-tracking funds are required to add them to their portfolios, boosting demand for the stock.

Besides quarterly rebalancing, the S&P Dow Jones Indices often rejigs the S&P 500 to account for corporate actions such as mergers and acquisitions.