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From my understanding you would need Google Analytics setup on your environment and then you would add the custom HTML tag in Google Tag Manager for this to work within Analytics. I don't believe there is anything needed on the Managed Hosting side to get you setup other than making sure Analytics is on your system.
The instructions mentions adding the snippet of code to our page to track which we had to do with Google in staging for MH.
I can create ticket for that if needed as I am unable to add that via the GUI unless there is a way to do so.