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AllianceBernstein Going to the Well a Second Time
March 5, 2012
[ by Melanie Gretchen ]
Working at AllianceBernstein can be stressful. For the 2nd time since the 2008 downturn, the giant global asset manager prepares for its 2nd major overhaul, that will entail downsizing its global equity analyst staff and shuffling its major ranks. The cost-cutting measures aim to reduce redundancies, reorient the product lineup toward areas of growth, and return business to acceptable profit levels, the firm reports.
Who's Leaving. Going forward, the firm will cut 31 investment positions, much of which will come in the analyst pool. In addition, the number of global equity analysts will shrink to 84 from 106. The firm manages $81 billion and $44 billion in value and growth strategies, respectively.
Fund Management Changes. In total, 9 portfolio managers are leaving, including Scott Wallace and his team who run the negative-rated AllianceBernstein Large Cap Growth Fund. This will mark the 5th manager change at this offering since 2003.
Mr. Wallace will be replaced by Frank Caruso, who has produced mixed results at AllianceBernstein Core Opportunities and AllianceBernstein Growth & Income. Those are blend funds that use a relative-value approach - though the firm said Caruso has an institutional large-cap growth account that has beaten the Large Cap Growth mutual fund over the past three years. According to his bio, he's served as head of the firm's U.S. growth team since 2008.
In addition, the negative-rated AllianceBernstein International Value has added 2 managers, including the firm's chief investment officer in Japan.
Eric Franco, a current manager at International Value, will also assume the lead role at AllianceBerstein Global Real Estate Investment.
For further details, go to [Morning Star, 2/23/12].
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