AllianceBernstein
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 |
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| Type | Publicly traded partnership (NYSE: AB) |
|---|---|
| Founded | 1971[1] |
| Headquarters | New York |
| Key people | Peter S. Kraus, Chairman & CEO Gerald Lieberman, President and Chief Operating Officer |
| Industry | Asset Management |
| Employees | around 4,650 |
| Website | alliancebernstein.com |
AllianceBernstein LP (NYSE: AB) is a U.S.-based investment management firm majority-owned by France's AXA.
AllianceBernstein is based in New York, New York. It has approximately US$458 billion in assets under management as of May 31st, 2009[2].
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[edit] Overview
AllianceBernstein provides diversified, global investment management services that include growth, thematic, and value equities, blend strategies and fixed income services to institutional, high net worth individuals, and retail clients worldwide.
The company's retail services comprise mutual funds, sub-advisory relationships with mutual funds and variable annuities 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 through sell-side subsidiary Sanford C. Bernstein & Co.
In addition, AllianceBernstein provides distribution, shareholder servicing, and administrative services to its sponsored mutual funds.
[edit] History
AllianceBernstein traces its roots back over 40 years to Alliance Capital Management and Sanford C. Bernstein & Co. In October of 2000, Alliance Capital agreed to purchase Sanford C Bernstein and the two companies merge. Until the 2006 name change to AllianceBernstein, Bernstein remains a relatively independent subsidiary of Alliance Capital.
Previous companies that have been bought out and merged into AllianceBernstein include;
- Whittingdale Holdings Ltd [3]
[edit] Company news
September 2008 – Along with the rest of the investment management industry, AllianceBernstein began seeing large outflows from their equity strategies. Poor relative performance due to high financial exposure further exacerbates the outflows. As the financial crisis unfolds, the Wall Street Journal reports that AllianceBernstein advised funds and strategies are among the largest shareholders in failed investment bank Lehman Brothers, insurance giant AIG and the quasi-government enterprises Fannie Mae and Freddie Mac.
December 2008 – Lew Sanders, then CEO of AllianceBernstein, announces his retirement and the Board of Directors' decision to name Peter Kraus as his successor. Kraus joined AllianceBernstein after spending most of his career at Goldman Sachs and a brief stint at Merrill Lynch.
April 2009 – The US Treasury names AllianceBernstein as one of the three asset managers to help value and manage the TARP assets, including senior preferred equity, senior debt, equity warrants, and other equity and debt securities. The contract is for 5 years and is effective through April 20th, 2014. During the first quarter conference call, CEO Peter Kraus indicates that AllianceBernstein will not count the assets, which may total up to $200 billion, in their AUM.
[edit] Company owners
French insurer AXA owns 64.3% of the company as of 31st May 2009[2].
[edit] See also
[edit] References
- ^ Company History
- ^ a b Assets Under Management
- ^ Alliance Capital Management LP acquires Whittingdale Holdings Ltd
- Yahoo! - Alliance Bernstein Holding LP Company Profile
- http://online.barrons.com/article/SB119950546752269751.html?mod=yahoobarrons&ru=yahoo
- http://www.forbes.com/home/leadership/2007/03/26/companies-accounting-governance-lead-cx_pm_0327trustyintro.html
- http://www.alliancebernstein.com/CMSObjectPortal/PDF/InvRel/Researchinnovation_KnowingMore_LAS.pdf
