AllianceBernstein

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AllianceBernstein
TypePublicly traded partnership (NYSEAB)
IndustryAsset Management
Founded1967
HeadquartersNew York
Key peoplePeter S. Kraus, Chairman & CEO
Gerald Lieberman, President and Chief Operating Officer
Employeesaround 4,700
Websitealliancebernstein.com
 
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AllianceBernstein
TypePublicly traded partnership (NYSEAB)
IndustryAsset Management
Founded1967
HeadquartersNew York
Key peoplePeter S. Kraus, Chairman & CEO
Gerald Lieberman, President and Chief Operating Officer
Employeesaround 4,700
Websitealliancebernstein.com

AllianceBernstein LP (NYSEAB) is a U.S.-based investment management firm majority-owned by France's AXA.

AllianceBernstein is based in New York, U.S.A. It has approximately US$444 billion in assets under management as of Jul 31, 2013. Over 2% up from June 2013.

Overview[edit]

AllianceBernstein provides diversified, global investment management services that include growth equities and value equities, blend strategies and fixed income services to institutional, high-net-worth individuals and retail clients worldwide.

The company's retail services individual investors comprise retail mutual funds sponsored by AllianceBernstein, its subsidiaries and its affiliated joint venture companies, sub-advisory relationships with mutual funds sponsored by third parties and separately managed account programs sponsored by various financial intermediaries. It provides separately managed accounts, hedge funds, mutual funds and other investment vehicles for private clients, including high-net-worth individuals, trusts and estates, charitable foundations, partnerships, private and family corporations and other entities.

It also offers in-depth and independent fundamental research, portfolio strategy, trading and brokerage-related services to institutional investors. In addition, AllianceBernstein provides distribution, shareholder servicing and administrative services to its sponsored mutual funds.

AllianceBernstein includes renewable energy, electric vehicle and environment funds (i.e. AB American Equity Blend).

History[edit]

The company was founded in 1967. It was formerly known as Alliance Capital Management Holding L.P. and changed its name to AllianceBernstein Holding L.P. in 2006.

Company news[edit]

September 2008 - Company begins to see big outflows of client funds due to poor investment performance. AllianceBernstein was the biggest investor in Lehman Brothers, having raised its stake by 75% in the second quarter of 2008. It was also the biggest investor in Fannie Mae and the third-biggest investor in Freddie Mac according to the Wall Street Journal. Investors in all three companies lost virtually 100% of their investments.

October 2008 - Company recently started laying off an indeterminate amount of employees due to loss of assets under management.

February 2009 - Peter Kraus, the CEO appointed in December 2008, is summoned to a US Senate hearing on the bonus scandal at Merrill Lynch, his previous employer.

March 2009 - Company recently started laying off more employees due to further losses.

May 2009 - May 2009 - Patrick Whalen from failed investment bank Lehman Brothers has joined AllianceBernstein as Global Head of Trading, at a time when there is a firm wide hiring freeze.

Company owners[edit]

French insurer AXA owns more than half of the company.

See also[edit]

References[edit]