Company Overview

AllianceBernstein is one of the largest investment management companies in the United States, with more than $659 billion assets under management as of September 30, 2006. The acquisition of independent research firm Sanford C. Bernstein in 2000 rounded out the firm’s offerings for private and high-net-worth clients, and complemented the firm’s growth-style investing with value-focused products. As of the end of 2005, assets managed for institutions made up 62 percent of client assets. Assets in value-style stocks comprise about 40 percent of the investments made by the firm (compared with just 19 percent in 2000); the rest is allocated to growth stocks and fixed-income securities. The firm is 61 percent owned by French insurance giant AXA, with 32 percent held by the public and the rest by executives and directors. Headquartered in New York City, AllianceBernstein has a presence in 47 cities worldwide. Its roster includes over 4,300 employees and its institutional research arm employs more than 100 analysts. The firm suffered from the 2003 mutual fund scandal, which caused several company executives to resign and sent 2003 sales plunging by 40 percent. Its fortunes rebounded fairly quickly and strongly, and the company continues to grow.