AllianceBernstein Holding L.P.
TypePublicly traded partnership
NYSE: AB
IndustryAsset management
Founded1967 (1967)
Founders
HeadquartersNashville, Tennessee, U.S.
Area served
Worldwide
Key people
Seth Bernstein (CEO)
Ramon de Oliveira (Chairman)
Kate Burke (COO)
John Weisenseel (CFO)
ProductsAsset management, Mutual funds, Sell-side research, private wealth management
RevenueDecrease US$4.12 billion (2022)[1]
Decrease US$815 million (2022)[1]
Decrease US$832 million (2022)[1]
AUMDecrease US$646 billion (2022)[1]
Total assetsIncrease US$11.1 billion (2022)[1]
Total equityIncrease US$4.47 billion (2022)[1]
OwnerEquitable Holdings (64%)
Number of employees
4,436 (Dec 2022)[1]
Websitealliancebernstein.com

AllianceBernstein Holding L.P. (AB) is a global asset management firm providing investment management and research services worldwide to institutional, high-net-worth and retail investors.

AllianceBernstein's headquarters are located in Nashville, Tennessee; the firm also has locations throughout the world. It has approximately US$779 billion in assets under management as of 31 December 2021.

History

Origins

AllianceBernstein traces its origins back to the founding of Sanford C. Bernstein in 1967 as an investment-management firm for private clients. Sanford C. Bernstein & Company was originally co-founded by Zalman Bernstein, Paul P. Bernstein, Shepard D. Osherow, Roger Hertog and Lewis A. Sanders.[2]

Alliance Capital was founded in 1971 when the investment-management department of Donaldson, Lufkin & Jenrette, Inc. merged with the investment-advisory business of Moody's Investor Services, Inc.[3]

2000–2020

In October 2000, Alliance Capital acquired Sanford C. Bernstein.[4] Alliance Capital's growth equity and corporate fixed-income investing, and its family of retail mutual funds, accompanied Bernstein's value equity and tax-exempt fixed-income management and its private-client business.

It had approximately US$800 billion assets under management as of the end of 2007.[5]

On January 20, 2015, AllianceBernstein announced a new brand name ("AB") and logo.[6]

AllianceBernstein and Fidelity Investments took control of supermarket Winn-Dixie's parent company during the latter's 2018 bankruptcy.[7]

In 2018, AllianceBernstein announced the move of their global headquarters from New York City to Nashville, while also having an office remaining in Midtown in New York City.[8][9]

In 2019, AllianceBernstein partnered with Columbia University to provide training courses on sustainability and environmental sciences to its staff of investors.[10][11]

In 2019, Alliance Bernstein was flagged by the Boycott, Divestment and Sanctions movement as a subsidiary of AXA through which the French insurance group maintained indirect investments in Elbit Systems and Israeli banks despite a partial divestment by the parent company.[12]

In June 2020, AllianceBernstein acquired investment management firm AnchorPath for $400 million.[13]

2021–present

In April 2021, AllianceBernstein moved to a new headquarters in Nashville, Tennessee.[14][15] In September 2021, AllianceBernstein gave a $100,000 gift to the Nashville-based Martha O'Bryan Center.[16]

In mid-August 2021, AllianceBernstein disclosed that it had entered a strategic partnership with LSV Advisors, LLC, in which AB would become the exclusive private wealth partner for LSV..[17]

In March 2022, it was announced that AllianceBernstein had acquired the Minneapolis-headquartered CarVal Investors – a global private alternatives investment manager.[18][19]

Organization

AllianceBernstein is 64 percent owned by Equitable Holdings.[20] Its global headquarters are located in Nashville, Tennessee at the Fifth and Broadway development.[8][9] AllianceBernstein has offices in 46 locations across 22 countries.[21]

AllianceBernstein provides investment services for institutions. Typical clients include defined benefit pension plans and defined contribution plans. It has approximately US$498 billion in assets under management as of June 30, 2017.[22] The retail part of AllianceBernstein provides financial professionals and individual investors with investments, research and tools that cover mutual funds, managed accounts, college and retirement saving, and insurance services.[23]

Sell-side research and brokerage services are provided by wholly-owned subsidiary Sanford C. Bernstein, also known as Bernstein Research.[24] Bernstein Wealth Management, part of AllianceBernstein, provides investment and wealth-planning services for high-net-worth clients in the Americas.[25]

Rhode Island's 529 savings plan, CollegeBoundfund, was managed by AllianceBernstein and featured AllianceBernstein mutual funds until 2016.[26]

See also

References

  1. 1 2 3 4 5 6 7 "10-K Form 2022". U.S. Securities and Exchange Commission. February 10, 2023.
  2. ↑ "Shepard D. Osherow, Co-Founder Sanford C. Bernstein and Company". yourcompanyswebsite.com. Archived from the original on December 23, 2015. Retrieved December 23, 2015.
  3. ↑ "Our History". AB. Retrieved March 16, 2020.
  4. ↑ "Alliance Capital to Buy Sanford C. Bernstein". Los Angeles Times. June 21, 2000.
  5. ↑ Kerber, Ross; McLaughlin, Tim (May 2, 2017). "AllianceBernstein parent abruptly removes CEO Kraus, directors". Reuters. Retrieved May 4, 2017.
  6. ↑ "AllianceBernstein Launches New Branding Initiative". www.prnewswire.com.
  7. ↑ "Fidelity, AllianceBernstein Reap Payday After Winn-Dixie Rescue". Bloomberg.com. August 9, 2021. Retrieved September 11, 2021.
  8. 1 2 Cheng, Evelyn (May 2, 2018). "An old Wall Street money manager with $500 billion is moving to Nashville from Manhattan to save money". CNBC. Retrieved May 11, 2022.
  9. 1 2 Massa, Annie (May 11, 2022). "What Happened When a Wall Street Investment Giant Moved to Nashville". Bloomberg Businessweek. Retrieved May 11, 2022.
  10. ↑ Nauman, Billy (September 11, 2019). "AllianceBernstein sends staff to climate school". www.ft.com. Archived from the original on September 14, 2019. Retrieved September 11, 2021.
  11. ↑ Lerner-Lam, Michelle Dunstan, Lisa Sachs, and Art. "The World Is Starting to Pivot on Climate. It's Not Enough". www.barrons.com. Retrieved September 11, 2021.{{cite web}}: CS1 maint: multiple names: authors list (link)
  12. ↑ "France investment firm AXA IM divests from Israel arms manufacturer". Middle East Monitor.
  13. ↑ "AllianceBernstein acquires investment manager AnchorPath". www.spglobal.com. Retrieved May 17, 2021.
  14. ↑ Stinnett, Joel (April 29, 2021). "AllianceBernstein sets timetable for opening of new Fifth + Broadway headquarters". Nashville Business Journal. Retrieved June 4, 2021.
  15. ↑ Stinnett, Joel (April 29, 2021). "AllianceBernstein sets timetable for opening of new Fifth + Broadway headquarters". www.bizjournals.com. Archived from the original on April 29, 2021. Retrieved September 11, 2021.
  16. ↑ "Of Note: AllianceBernstein gifts O'Bryan Center $100K". Nashville Post. Retrieved September 11, 2021.
  17. ↑ "AllianceBernstein Forms Partnership with LSV Advisors for Firm's Private Wealth Business - SWFI". www.swfinstitute.org. Retrieved September 11, 2021.
  18. ↑ "AllianceBernstein to acquire global private alternatives manager CarVal Investors". www.hedgeweek.com. March 17, 2022. Retrieved March 17, 2022.
  19. ↑ "AllianceBernstein Buys CarVal Investors for $750 Million - SWFI". www.swfinstitute.org. Retrieved August 30, 2023.
  20. ↑ Bary, Andrew. "Life Insurer Equitable Is a Cheap Way to Play AllianceBernstein". www.barrons.com. Retrieved September 25, 2021.
  21. ↑ "All Locations, AllianceBernstein". www.alliancebernstein.com.
  22. ↑ "Fourth Quarter Fact Sheet" (PDF).
  23. ↑ "About Us-Investments | AB". www.alliancebernstein.com.
  24. ↑ "Bernstein Research". AB.
  25. ↑ "Overview". www.bernstein.com.
  26. ↑ "Rhode Island (RI) 529 College Savings Plans - Saving for College". www.savingforcollege.com.
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