The raison d'etre of AllianceBernstein Holding is its more than 35% stake in investment manager AllianceBernstein. (French insurer AXA, through its AXA Financial unit, owns a majority of the subsidiary.) AllianceBernstein, which has more than $420 million of client assets under management, administers about 200 mutual funds invested in growth and value equities, fixed-income securities, and index and blended strategies. The subsidiary also offer separately managed accounts, closed-end funds, structured financial products, and alternative investments such as hedge funds. It mainly serves institutional clients such as pension funds, corporations, and not-for-profits, in addition to retail investors.
AllianceBernstein also owns Sanford C. Bernstein, known for investment research and private client services. Formerly Alliance Capital Management, the company changed its name in early 2006 to more closely align itself with the well-regarded research firm.
Alliance Bernstein recorded a loss in 2011 mainly related to client asset outflows due to market volatility and ongoing underperformance in its largest equity funds. AllianceBernstein Holdings' results reflect this. – less