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.
AUTHOR
Caroline Munro
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