NEW YORK, April 14 /PRNewswire-FirstCall/ --
AllianceBernstein Holding L.P. (NYSE: AB) and AllianceBernstein
L.P. today announced that AllianceBernstein has completed the final
round of capital raising for its Public-Private Investment Fund
(PPIF), exceeding the $1.1 billion
capacity originally allocated for the PPIF when it was launched in
2009. The capital was raised from a variety of institutional and
individual investors globally.
With matching capital plus leverage provided by the US
Department of the Treasury (Treasury), under the US Government's
Legacy Securities Public-Private Investment Program (PPIP), the
AllianceBernstein PPIF brings to bear $4.6
billion for investing in distressed "legacy" non-agency
residential mortgage-backed securities and commercial
mortgage-backed securities.
Jeffrey Phlegar, chief investment
officer and president of AllianceBernstein's Special Opportunities
and Advisory Services Group, said, "This marks another significant
milestone for market participants as risk aversion continues to
subside and investors seek to deploy capital into strategies that
seek to generate income. PPIP has enabled price discovery and
the re-distribution of legacy assets. We have deployed more
than 50 percent of the PPIF's capital, along with financing from
Treasury, to acquire eligible investments."
As previously announced, AllianceBernstein was selected by
Treasury to be one of nine pre-qualified fund managers under PPIP.
In addition, AllianceBernstein has entered into a strategic
relationship with Greenfield Partners, LLC, Rialto Capital
Management, LLC, and Altura Capital Group, LLC.
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 above,
could also adversely affect our financial condition, results of
operations and business prospects.
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 March 31, 2010,
AllianceBernstein Holding L.P. owned approximately 36.6% of the
issued and outstanding AllianceBernstein Units and AXA, one of the
largest global financial services organizations, owned an
approximate 62.3% economic interest in AllianceBernstein.
SOURCE AllianceBernstein Holding L.P.