Announces Filing and Availability of 2009 Form 10-K NEW YORK, Feb.
11 /PRNewswire-FirstCall/ -- AllianceBernstein Holding L.P.
("AllianceBernstein Holding") (NYSE:AB) and AllianceBernstein L.P.
("AllianceBernstein") today reported financial and operating
results for the quarter ended December 31, 2009. Private Assets
Under Management ($ billions) Institutions Retail Client
----------------------- ------------ ------ ------- Ending Assets
Under Management: $496 $300 $121 $75 Net Flows for Three Months
Ended 12/31/09:($16.8) ($15.6) ($0.4) ($0.8) Three Months Ended
Financial Results ($ millions ------------------------ except per
Unit amounts) 12/31/2009 12/31/2008 Change
------------------------------ ---------- ---------- ------
AllianceBernstein L.P. Net Revenues $782 $581 35% Net Income $192
$92 108% Operating Margin 25.7% 16.2% 9.5% AllianceBernstein
Holding L.P Diluted Net Income per Unit $0.62 $0.27 130%
Distribution per Unit $0.62 $0.29 114% The distribution is payable
on March 4, 2010 to holders of record of AllianceBernstein Holding
Units at the close of business on February 22, 2010. Performance
For the fourth quarter of 2009, the performance of
AllianceBernstein's investment services relative to benchmarks or
peer averages was strong in non-US Growth Equities and Fixed Income
but mixed in our Value services. For the full year 2009, most of
our services outperformed, materially so in many cases, exemplified
by the exceptional returns in our Blend Strategies portfolios, with
our top four institutional Blend services outperforming their
benchmarks by 280 to over 1,000 basis points for the year.
Furthermore, Fixed Income services had a stellar year, with three
of our five largest institutional services outperforming benchmarks
by more than 1,000 basis points. In addition, three of our four
largest retail Fixed Income services generated returns of more than
1,500 basis points above peer averages. Assets Under Management
Total assets under management as of December 31, 2009 were $496
billion, down $2 billion from the third quarter of 2009, as net
outflows of $16.8 billion were largely offset by positive
investment performance. In the Institutions channel, net outflows
increased to $15.6 billion from $10.0 billion in the third quarter
of 2009. However, our pipeline of won but unfunded Institutional
mandates increased by 6% sequentially to $3.6 billion. Net outflows
in our other channels decreased sequentially, from $1.9 billion to
$400 million in Retail and from $1.0 billion to $800 million in
Private Client. Assets under management increased 7%
year-over-year, as strong performance by many of our investment
services during 2009 more than offset substantially higher net
asset outflows. Full-year 2009 net outflows increased significantly
in our Institutions channel, were up modestly in our Private Client
channel and decreased materially in our Retail channel. Financial
Results In the fourth quarter of 2009, Net Income Attributable to
AllianceBernstein Unitholders more than doubled from the fourth
quarter of 2008 and our operating margin increased to 25.7% from
16.2%. The majority of this improvement is due to positive
investment gains on deferred compensation-related investments, with
the remainder attributable to stronger operational results. Diluted
net income per Unit for the publicly-traded partnership increased
130% to $0.62 from $0.27 in the prior-year quarter. The $0.62
distribution per Unit represents a 114% increase compared to the
prior-year quarter's $0.29 distribution. Base fee revenues
increased by $14 million, or 3%, compared to the prior-year quarter
due to higher revenue in our Retail channel. In addition, we
generated $16 million in performance fees during the current
quarter, compared to only $1 million in the fourth quarter of 2008,
largely from hedge funds in our Private Client channel. Fourth
quarter 2009 investment gains of $14 million resulted almost
entirely from gains on deferred compensation-related investments.
This compares favorably to investment losses of $162 million in the
fourth quarter of 2008, including $132 million from investments
related to deferred compensation obligations. Bernstein Research
Services revenues declined 8% compared to the fourth quarter of
2008, as higher European revenues were more than offset by declines
in the US. Notably, new services such as derivatives and equity
capital markets made important contributions to fourth quarter 2009
revenue. Operating expenses for the fourth quarter of 2009 were
$582 million, an increase of $73 million, or 14%, compared to the
fourth quarter of 2008. Compensation and benefits increased 22%
year-over-year, the result of substantially higher incentive
compensation in the fourth quarter of 2009, which was caused by two
factors. The first is higher amortization of deferred compensation
due to mark-to-market gains on related investments compared to
losses in the prior-year quarter. The second is the substantially
reduced cash bonus accrual in the prior-year quarter, reflecting
the decline in 2008 income caused by severe capital market declines
in the second half of that year. The increase was partially offset
by lower base compensation, the result of lower severance charges
and headcount, and lower commissions. Promotion and servicing
expenses increased by $15 million, or 14%, due to higher
distribution plan expenses associated with higher Retail AUM,
in-line with increased distribution revenues. General and
administrative expenses were flat compared to the fourth quarter of
2008, as lower technology and occupancy expenses were offset by
lower foreign exchange gains. General and administrative expenses
also benefited from a reimbursement for claims accrued in the
second quarter of 2009. Although assets under management grew by 7%
in 2009 compared to 2008, a 31% decline in average AUM resulted in
a decrease of more than $900 million, or 32%, in advisory fee
revenues. Despite higher trading volumes, reflecting market share
gains, and revenues from new services, Bernstein Research Services
revenues fell 8% for the full year compared to a record 2008 due to
a mix shift toward low-touch trading and lower securities
valuations in Europe, where fees are calculated as basis points on
the value of securities traded. And while a nearly $500 million
positive variance in investment gains mitigated a portion of these
declines, net revenue fell by 17% for the full year. Operating
expenses declined by 11% due to lower compensation and benefits as
well as lower promotion and servicing expenses. Net Income
Attributable to AllianceBernstein Unitholders fell 34%
year-over-year and our operating margin also declined, down 650
basis points to 19.6%. Management Commentary "Our firm made
significant progress in 2009 following a very difficult 2008,
posting strong relative investment returns for clients across our
global platform. We enhanced our investment process while staying
true to our philosophy of combining our high-quality, in-depth
fundamental research with innovative quantitative tools to deliver
alpha to our clients," said Peter S. Kraus, Chairman and Chief
Executive Officer. "The strong capital markets of 2009, coupled
with our broad-based relative outperformance, enabled us to grow
AUM in 2009 despite higher net client outflows for the full year,
which peaked in the second quarter of 2009. I feel confident that
the trend of improving sales we have seen since then will continue
into 2010, and I am optimistic that the direction of net client
flows will reverse before the year is out. Specifically, I expect
that our Private Client and Retail channels will be the first to
show positive quarterly net flows, with our Institutions channel
lagging. In order for this to happen, we will need to sustain the
positive performance we achieved in 2009. Additionally, the
successful launch of new services in all our channels, which we are
aggressively pursuing, will aid in achieving this goal. "Despite
lower Bernstein Research Services revenues in 2009 compared to
2008, due primarily to market forces, our sell-side business made
important strides in gaining market share and launching new
products. We anticipate this trend will continue, as we further
globalize our research footprint and expand our array of client
services in 2010. Specifically, we expect to grow our US and
European research market share, build out our newly established
Asia research platform, expand equity derivatives and electronic
trading services and develop our nascent equity capital markets
business. The Bernstein Research brand has never been stronger, and
we will capitalize on this strength to build an even larger and
more successful business. "We began 2010 with AUM 8% higher than
average AUM for 2009 and with a much smaller expense base. We
reduced headcount by 13% compared to the end of 2008, and have also
reduced other controllable costs, creating strong operating
leverage in our business model. Increased AUM should lead to higher
revenues which, when supported by a lower expense base, will
generate a greater amount of income. Capital Markets Commentary "We
see evidence continuing to mount that economies are on the mend
globally. Global GDP rebounded strongly in the second half of 2009,
led initially by impressive gains in many of the emerging market
economies, and then by a solid rebound in the US. Surveys of
industrial activity in early 2010, as well as trends in global
trade, indicate that the economic recovery is gaining speed and
breadth. We expect economies globally to continue to record solid
growth in 2010, with emerging markets running more than twice as
fast as the industrialized economies. With actions by governments
and central banks beginning to take hold, investors are
increasingly turning their attention toward the risks associated
with unwinding the massive stimulus programs in place. We expect
interest rates to rise from their current extremely low levels, but
for monetary policy to remain accommodative. Ongoing deleveraging
of household balance sheets, high unemployment, lack of credit
creation, government regulatory initiatives (health and finance) as
well as the fiscal soundness of governments are the major risks in
this outlook. "Global equity markets, as measured by the MSCI World
index, are still only halfway back to their October 2007 peak, even
after rising over 70% from the bottom. Furthermore, cumulative
10-year returns for the S&P 500 and the MSCI World indices are
both still negative. Short term measures of valuation, such as
price to trailing earnings, may not be provocative, but with
profitability at 30-year lows, we expect corporate earnings to
rise. Most importantly, the uncertainty regarding the shape of the
recovery has produced significant disagreement about individual
company prospects. This creates a particularly rich environment in
which active equity managers can generate alpha for their clients.
"While spreads in the credit markets have contracted significantly
from the high levels reached in 2009, the opportunity for
out-performance of non-government sectors still looks attractive in
the global fixed income marketplace. Spreads in nearly all markets,
with the exception of agency mortgage backed securities, are still
above historical averages and, if as we expect, the economic
recovery continues, there will be opportunity for excess returns.
While interest rates on government securities are expected to
normalize, the record steepness in most yield curves should help to
cushion the impact of rising rates on returns. Concluding Remarks
"In closing, we began 2009 with three objectives: improving
investment performance, reducing net asset outflows and
right-sizing our firm and I believe we have succeeded on all three
fronts. For 2010, we are focused on continuing to provide solid
investment returns and world class service for our clients,
expanding our product offerings, acquiring new clients, engaging
and motivating our employees and improving returns for Unitholders
- in short, executing on our strategy," concluded Mr. Kraus. Fourth
Quarter 2009 Earnings Conference Call Information
AllianceBernstein's management will review fourth quarter 2009
financial and operating results on Thursday, February 11, 2010
during a conference call beginning at 5:00 p.m. (EST), following
the release of its financial results after the close of trading on
the New York Stock Exchange. The conference call will be hosted by
Peter S. Kraus, Chairman and Chief Executive Officer, David A.
Steyn, Chief Operating Officer and Robert H. Joseph, Jr., Chief
Financial Officer. Parties may access the conference call by either
webcast or telephone: 1. To listen by webcast, please visit
AllianceBernstein's Investor Relations website at
http://ir.alliancebernstein.com/investorrelations at least 15
minutes prior to the call to download and install any necessary
audio software. 2. To listen by telephone, please dial (866)
556-2265 in the U.S. or (973) 935-8521 outside the U.S., 10 minutes
before the 5:00 p.m. (EST) scheduled start time. The conference ID#
is 50182270. The presentation that will be reviewed during the
conference call will be available on AllianceBernstein's Investor
Relations website shortly after the release of its financial
results. A replay of the webcast will be made available beginning
at approximately 7:00 p.m. (EST) on February 11, 2010 and will be
available on our website for one week. An audio replay of the
conference call will also be available for one week. To access the
audio replay, please call (800) 642-1687 from the U.S., or outside
the U.S. call (706) 645-9291, and provide conference ID# 50182270.
Availability of 2009 Form 10-K Unitholders may obtain a copy of our
Form 10-K for the year ended December 31, 2009 in either electronic
format or hard copy on http://www.alliancebernstein.com/ --
Download Electronic Copy: Unitholders with internet access can
download an electronic version of the report by visiting
http://www.alliancebernstein.com/ and clicking on
"AllianceBernstein 2009 Form 10-K". The report is also accessible
in the "Featured Documents" section of the "Investor & Media
Relations" page at
http://www.alliancebernstein.com/investorrelations. -- Order Hard
Copy Electronically or by Phone: Unitholders may also order a hard
copy of the report, which is expected to be available for mailing
in approximately eight weeks, free of charge. Unitholders with
internet access can follow the above instructions to order a hard
copy electronically. Unitholders without internet access, or who
would prefer to order by phone, can call 800-227-4618. 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" and "Cautions
Regarding Forward-Looking Statements" in our Form 10-K for the year
ended December 31, 2009. 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 below, could also adversely affect our financial condition,
results of operations and business prospects. The forward-looking
statements referred to in the preceding paragraph include
statements regarding: -- Our pipeline of new institutional mandates
not yet funded: Before they are funded, institutional mandates do
not represent legally binding commitments to fund and, accordingly,
the possibility exists that not all mandates will be funded in the
amounts and at the times we currently anticipate. -- Our optimism
regarding improving sales and the direction of client flows: Our
ability to sustain our improved investment performance, as well as
the actual performance of the capital markets and other factors
beyond our control, will affect our asset flows. -- Our expectation
that we will further globalize our sell-side research footprint and
expand our array of client services in 2010: Factors beyond our
control, including the effect of the performance of the financial
markets on our results of operations, may adversely affect our
ability to implement our strategic initiatives. -- Our expectation
that increased levels of AUM should lead to increased revenues
which, when supported by a lower expense base, will generate a
greater amount of income: Unanticipated events and factors,
including pursuit of strategic initiatives, may cause us to expand
our expense base, thus limiting the extent to which we benefit from
any positive leverage in future periods. Growth in our revenues
will depend on the level of our assets under management, which in
turn depends on factors such as the actual performance of the
capital markets, the performance of our investment products and
other factors beyond our control. -- Our expectation that corporate
earnings will rise and the economic recovery will continue: The
extent to which global economies have recently stabilized is not
necessarily indicative of future growth and there are significant
obstacles that may hinder sustained growth. The actual performance
of the capital markets and other factors beyond our control will
affect our investment success for clients and asset flows.
Qualified Tax Notice This announcement is intended to be a
qualified notice under Treasury Regulation section 1.1446-4(b).
Please note that 100% of AllianceBernstein Holding's distributions
to foreign investors is attributable to income that is effectively
connected with a United States trade or business. Accordingly,
AllianceBernstein Holding's distributions to foreign investors are
subject to federal income tax withholding at the highest applicable
tax rate, currently 35%. 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 high-quality, in-depth research,
portfolio strategy and brokerage-related services to institutional
investors, and equity capital markets services to issuers of
publicly-traded securities. At December 31, 2009, AllianceBernstein
Holding L.P. owned approximately 36.5% of the issued and
outstanding AllianceBernstein Units and AXA, one of the largest
global financial services organizations, owned an approximate 62.1%
economic interest in AllianceBernstein. AllianceBernstein L.P. (The
Operating Partnership) SUMMARY CONSOLIDATED STATEMENT OF INCOME |
December 31, 2009 Three Months Ended Twelve Months Ended
------------------ ------------------- $ thousands, unaudited
12/31/09 12/31/08 12/31/09 12/31/08 ---------------------- --------
-------- -------- -------- Revenues: Investment Advisory &
Services Fees $543,162 $514,428 $1,920,332 $2,839,526 Distribution
Revenues 80,891 64,477 277,328 378,425 Bernstein Research Services
108,775 118,122 434,605 471,716 Dividend and Interest Income 7,386
20,501 26,730 91,752 Investment Gains (Losses) 13,720 (162,078)
144,447 (349,172) Other Revenues 28,430 28,739 107,848 118,436
------ ------ ------- ------- Total Revenues 782,364 584,189
2,911,290 3,550,683 Less: Interest Expense 503 3,667 4,411 36,524
--- ----- ----- ------ Net Revenues 781,861 580,522 2,906,879
3,514,159 ------- ------- --------- --------- Expenses: Employee
Compensation & Benefits 323,391 264,207 1,298,053 1,454,691
Promotion & Servicing Distribution Plan Payments 61,261 46,474
207,643 274,359 Amortization of Deferred Sales Commissions 12,819
17,250 54,922 79,111 Other 47,833 42,853 173,250 207,506 General
& Administrative 130,779 131,872 558,361 539,198 Interest on
Borrowings 566 1,144 2,696 13,077 Amortization of Intangible Assets
4,956 5,179 21,126 20,716 ----- ----- ------ ------ 581,605 508,979
2,316,051 2,588,658 ------- ------- --------- --------- Operating
Income 200,256 71,543 590,828 925,501 Non-Operating Income 4,552
5,464 33,657 18,728 ----- ----- ------ ------ Income Before Income
Taxes 204,808 77,007 624,485 944,229 Income Taxes 13,901 7,509
45,977 95,803 ------ ----- ------ ------ Net Income 190,907 69,498
578,508 848,426 Net Loss (Income) of Consolidated Entities
Attributable to Non- Controlling Interests 733 22,481 (22,381)
(9,186) --- ------ ------- ------ Net Income Attributable to
AllianceBernstein Unitholders $191,640 $91,979 $556,127 $839,240
======== ======= ======== ======== Operating Margin(1) 25.7% 16.2%
19.6% 26.1% (1) Operating Margin = (Operating Income less Net
Income/plus Net Loss of Consolidated Entities Attributable to
Non-Controlling Interests) / Net Revenues. AllianceBernstein
Holding L.P. (The Publicly-Traded Partnership) SUMMARY STATEMENT OF
INCOME Three Months Ended Twelve Months Ended ------------------
------------------- $ thousands except per Unit amounts, unaudited
12/31/09 12/31/08 12/31/09 12/31/08 ------------------ --------
-------- -------- -------- Equity in Net Income Attributable to
AllianceBernstein Unitholders $67,086 $30,661 $192,513 $278,636
Income Taxes 7,415 6,643 25,324 33,910 -------- -------- --------
-------- NET INCOME 59,671 24,018 167,189 244,726 Additional Equity
in Earnings of Operating Partnership (1) 731 - 328 1,133 --------
-------- -------- -------- NET INCOME - Diluted (2) $60,402 $24,018
$167,517 $245,859 ======= ======= ======== ======== DILUTED NET
INCOME PER UNIT $0.62 $0.27 $1.80 $2.79 ======= ======= ========
======== DISTRIBUTION PER UNIT $0.62 $0.29 $1.77 $2.68 =======
======= ======== ======== (1) To reflect higher ownership in the
Operating Partnership resulting from application of the treasury
stock method to outstanding options. (2) For calculation of Diluted
Net Income per Unit. AllianceBernstein L.P. and AllianceBernstein
Holding L.P. UNITS OUTSTANDING AND WEIGHTED AVERAGE UNITS
OUTSTANDING - 2009 Weighted Average Units Weighted Average Units
Three Months Ended Twelve Months Ended Period
---------------------- ---------------------- End Units Basic
Diluted Basic Diluted ----- ----- ------- ------ -------
AllianceBernstein L.P. 274,745,592 268,554,450 270,165,289
266,299,938 266,543,601 AllianceBernstein Holding L.P 101,351,749
95,160,607 96,771,446 92,906,095 93,149,758 AllianceBernstein L.P.
ASSETS UNDER MANAGEMENT | December 31, 2009 ($ billions) Ending and
Average Three Month Period Twelve Month Period --------------------
------------------- 12/31/09 12/31/08 12/31/09 12/31/08 --------
-------- --------- -------- Ending Assets Under Management $495.5
$462.0 $495.5 $462.0 Average Assets Under Management $494.0 $496.7
$458.6 $665.1 Three-Month Changes By Distribution Channel
Institutions Retail Private Client Total ------------ ------
-------------- ----- Beginning of Period $307.5 $116.7 $73.6 $497.8
Sales/New accounts 4.3 7.9 2.4 14.6 Redemptions/Terminations (12.5)
(6.0) (1.7) (20.2) Cash flow (7.4) (2.0) (1.2) (10.6) Unreinvested
dividends - (0.3) (0.3) (0.6) ------ ------ ------ ------ Net Flows
(15.6) (0.4) (0.8) (16.8) Investment Performance 8.1 4.4 2.0 14.5
------ ------ ------ ------ End of Period $300.0 $120.7 $74.8
$495.5 ====== ====== ====== ====== Three-Month Changes By
Investment Service Value Growth Fixed Income (1) Other(1)(2) Total
------ ------- --------------- ----------- ----- Beginning of
Period $175.7 $93.3 $181.6 $47.2 $497.8 Sales/New accounts 2.7 1.7
7.1 3.1 14.6 Redemptions/ Terminations (10.5) (5.2) (4.4) (0.1)
(20.2) Cash flow (2.9) (1.3) (0.9) (5.5) (10.6) Unreinvested
dividends (0.1) (0.1) (0.4) - (0.6) ---- ---- ---- ---- ---- Net
Flows (10.8) (4.9) 1.4 (2.5) (16.8) Investment Performance 6.3 5.7
1.3 1.2 14.5 --- --- --- --- ---- End of Period(3) $171.2 $94.1
$184.3 $45.9 $495.5 ====== ===== ====== ===== ====== (1) Certain
client assets were reclassified among investment services to more
accurately reflect how these assets are managed by our firm. (2)
Includes index, structured, asset allocation services and other
non- actively managed AUM. (3) Approximately $90 billion in Blend
Strategies AUM are reported in their respective services. By Client
Domicile Institutions Retail Private Client Total ------------
------ -------------- ----- U.S. Clients $159.2 $86.1 $72.7 $318.0
Non-U.S. Clients 140.8 34.6 2.1 177.5 ----- ----- ----- ----- Total
$300.0 $120.7 $74.8 $495.5 ====== ====== ===== ======
AllianceBernstein L.P. ASSETS UNDER MANAGEMENT | December 31, 2009
continued ($ billions) By Investment Service Institutions Retail
Private Client Total ------------ ------ -------------- -----
Equity: Value U.S. $19.0 $11.3 $14.1 $44.4 Global &
International 88.8 26.2 11.8 126.8 ---- ---- ---- ----- 107.8 37.5
25.9 171.2 ----- ---- ---- ----- Growth U.S. 18.1 9.6 10.4 38.1
Global & International 34.8 14.3 6.9 56.0 ---- ---- --- ----
52.9 23.9 17.3 94.1 ---- ---- ---- ---- 160.7 61.4 43.2 265.3 -----
---- ---- ----- Fixed Income:(1) U.S. 71.8 9.6 30.9 112.3 Global
& International 41.1 30.3 0.6 72.0 ---- ---- --- ---- 112.9
39.9 31.5 184.3 ----- ---- ---- ----- Other:(1) (2) U.S. 9.7 16.4 -
26.1 Global & International 16.7 3.0 0.1 19.8 ---- --- --- ----
26.4 19.4 0.1 45.9 ---- ---- --- ---- Total: U.S. 118.6 46.9 55.4
220.9 Global & International 181.4 73.8 19.4 274.6 ----- ----
---- ----- Total(3) $300.0 $120.7 $74.8 $495.5 ====== ====== =====
====== (1) Certain client assets were reclassified among investment
services to more accurately reflect how these assets are managed by
our firm. (2) Includes index, structured, asset allocation services
and other non-actively managed AUM. (3) Approximately $90 billion
in Blend Strategies AUM are reported in their respective services.
DATASOURCE: AllianceBernstein CONTACT: Philip Talamo, Investor
Relations, +1-212-969-2383, , or John Meyers, Media,
+1-212-969-2301, Web Site: http://www.alliancebernstein.com/
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