||This article may require cleanup to meet Wikipedia's quality standards. (May 2008)|
|Type||Publicly traded partnership (NYSE: AB)|
|Key people||Peter S. Kraus, Chairman & CEO
Gerald Lieberman, President and Chief Operating Officer
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.
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.
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.
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.
French insurer AXA owns more than half of the company.
- Yahoo! - Alliance Bernstein Holding LP Company Profile