AllianceBernstein LP to take over Australian business
Global fund manager AllianceBernstein LP announced it will acquire full ownership of AllianceBernstein Australia, in which it is an equal joint-venture partner with AXA Asia-Pacific Holdings.
The announcement came following an agreement with AMP that AllianceBernstein LP would acquire AXA’s 50 per cent share once AMP completed its acquisition of AXA, expected to go through tomorrow.
“This is an investment we are delighted to make,” said AllianceBernstein Australia chairman and chief operating officer of AllianceBernstein LP, David Steyn.
“Australia is the fourth-largest market for managed funds in the world. We see a long and secure future for the firm here, providing global and domestic investment services to both institutional and retail clients.”
The Australian business is AllianceBernstein’s fourth largest source of assets under management.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
