** Shares of alternative investment manager Ares Management ARES.N rise 11.3% to $182.76 premarket

** Co set to join S&P 500 .SPX before market open on Dec 11

** ARES to replace pringles maker Kellanova K.N, which is set to be acquired by candy and snacks giant Mars before 2026

** ARES joins alternative asset management heavyweights including Blackstone BX.N, KKR KKR.N and Apollo Global Management APO.N in the SPX

** Twelve of 18 brokerages rate the stock "buy" or higher, six "hold"; their median PT is $188.5

** As of last close, stock had shed 7% of its value this year

(Reporting by Avinash P in Bengaluru)

((Avinash.P@thomsonreuters.com))