Ares Management will join the S&P 500 on 11 December before the market opens, becoming the latest alternative asset manager to enter the benchmark, according to a report by Reuters citing S&P Dow Jones Indices.
The firm will replace Kellanova, which is due to be acquired by Mars in a $36bn deal. Ares shares were up about 9% in pre-market trading on Tuesday, though the stock remains down roughly 7% year-to-date.
The move strengthens Ares’ position among the private investment sector’s largest players, following recent S&P 500 additions including Blackstone, KKR and Apollo Global Management. Founded in 1997, Ares oversees more than $596bn in assets across real estate, private equity, infrastructure, and private credit.
