Bloomberg) -- 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% 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.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.