Ares Management LP, the first alternative-asset manager to go public in two years, fell in its trading debut after pricing its initial public offering below the marketed range.

Ares dropped 4.5 percent to $18.14 as of 9:49 a.m. in New York. The firm, which oversees $74 billion in credit and private-equity assets, raised $216 million by selling the shares for $19 apiece.

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