AllianceBernstein Pre-Qualified as Legacy Securities Public-Private Investment Program
July 08 2009 - 4:51PM
PR Newswire (US)
Fund Manager by US Department of the Treasury NEW YORK, July 8
/PRNewswire/ -- AllianceBernstein Holding L.P. (NYSE:AB) and
AllianceBernstein L.P. today announced that AllianceBernstein has
been selected by the US Department of the Treasury (Treasury) to be
one of nine pre-qualified fund managers under the Treasury's Legacy
Securities Public-Private Investment Program (PPIP).
AllianceBernstein, along with the other eight chosen fund managers,
was pre-qualified after an extensive evaluation of submissions from
over 100 unique applicants. "We feel fortunate to be among those
pre-qualified, and we look forward to working with private
investors and the Treasury Department on this important
initiative," said Peter S. Kraus, chairman and chief executive
officer of AllianceBernstein. Under the program, AllianceBernstein
will partner with the Treasury -- which will be a co-investor and
will provide leverage for PPIP funds -- to create a Public-Private
Investment Fund (PPIF) that will invest in distressed "legacy"
non-agency residential mortgage-backed securities (RMBSs) and
commercial mortgage-backed securities (CMBSs) currently on the
balance sheets of many financial institutions. Jeffrey S. Phlegar,
chief investment officer and head of AllianceBernstein's Special
Situations Team and a 22-year veteran of AllianceBernstein and
mortgage markets, will lead the effort. To most effectively meet
the opportunity, and provide specialized skills needed for
investing in this asset class, AllianceBernstein has entered into a
strategic relationship with Greenfield Partners, LLC, Rialto
Capital Management, LLC and Altura Capital Group, LLC. Greenfield
and Rialto, both specialist real estate investment firms, will
provide extensive expertise in the analysis, due diligence and
valuation of distressed real estate assets. Altura Capital's
expertise, market intelligence and innovative approach to the
emerging and diverse money manager segment will complement the
team's investment capabilities and provide access to a network of
emerging real estate firms and broker-dealers to augment the fund's
sourcing capabilities for potential investments. About
AllianceBernstein AllianceBernstein is a leading global investment
management firm that offers high-quality research and diversified
investment services to institutional clients, individuals and
private clients in major markets around the world.
AllianceBernstein employs more than 500 investment professionals
with expertise in growth equities, value equities, fixed income
securities, blend strategies and alternative investments and,
through its subsidiaries and joint ventures, operates in more than
20 countries. AllianceBernstein's research disciplines include
fundamental research, quantitative research, economic research and
currency forecasting capabilities. Through its integrated global
platform, AllianceBernstein is well-positioned to tailor investment
solutions for its clients. AllianceBernstein also offers
independent research, portfolio strategy and brokerage-related
services to institutional investors. At March 31, 2009,
AllianceBernstein Holding L.P. owned approximately 34.3% of the
issued and outstanding AllianceBernstein Units and AXA, one of the
largest global financial services organizations, owned an
approximate 64.3% economic interest in AllianceBernstein. Cautions
regarding Forward-Looking Statements Certain statements provided by
management in this news release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements are subject to risks,
uncertainties, and other factors that could cause actual results to
differ materially from future results expressed or implied by such
forward-looking statements. The most significant of these factors
include, but are not limited to, the following: the performance of
financial markets, the investment performance of sponsored
investment products and separately managed accounts, general
economic conditions, industry trends, future acquisitions,
competitive conditions, and government regulations, including
changes in tax regulations and rates and the manner in which the
earnings of publicly traded partnerships are taxed. We caution
readers to carefully consider such factors. Further, such
forward-looking statements speak only as of the date on which such
statements are made; we undertake no obligation to update any
forward-looking statements to reflect events or circumstances after
the date of such statements. For further information regarding
these forward-looking statements and the factors that could cause
actual results to differ, see "Risk Factors" in Item 1A and
"Cautions Regarding Forward-Looking Statements" in Item 7 of our
Form 10-K for the year ended December 31, 2008. Any or all of the
forward-looking statements that we make in this news release, Form
10-K, other documents we file with or furnish to the SEC, and any
other public statements we issue, may turn out to be wrong. It is
important to remember that other factors besides those listed in
"Risk Factors" and "Cautions Regarding Forward-Looking Statements",
and those listed above, could also adversely affect our revenues,
financial condition, results of operations and business prospects.
DATASOURCE: AllianceBernstein L.P. CONTACT: Philip Talamo, Investor
Relations, +1-212-969-2383, , or John Meyers, Media,
+1-212-969-2301,
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