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Stories of Interest
- New Law Bans Kaspersky Software from Use in U.S. Government
- I Owned Bitcoin For a Weekend and Here's What I Learned
- SEC Appoints New Chair and Board Members to PCAOB
- FINRA, Georgetown Team Up to Deliver 'Certified Regulatory and Compliance Professional' Program
- FINRA Board Meeting - This Week's Agenda
- Statement on Cryptocurrencies and Initial Coin Offerings - SEC Chair Clayton
- Company Halts Initial Coin Offering Over SEC Registration Concerns
- Kevin O'Leary Explains One Big Thing People Don't Understand About Bitcoin (But Need To)
- CME Bitcoin Futures: A Better Way to Buy (or Short) Bitcoin?
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
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NEWSLETTERS & ALERTS
AllianceBernstein: New York Staff Moving Out of Town
Money manager AllianceBernstein, a wholly-owned subsidiary of insurer AXA SA, is planning to move some of its staff from New York to Charlotte, NC, and San Antonio, TX, in a move to cut expenses. AllianceBernstein has an office in San Antonio, while AXA is in the process of expanding its base of operations in Charlotte.
The moves, which have not been finalized and could change, would affect only a portion of AllianceBernsteim's more than 3,400 employees worldwide – most are based in New York, London and Hong Kong. The move, if it proceeds as anticipated, would likely be completed by late 2018.
The planned moves are a response to the losing battle that AllianceBernstein and other active money managers are having with index-based mutual funds and ETFs, which offer investors lower fees and competitive returns.
Charlotte, NC, has been prominently mentioned because parent company AXA SA has been growing its footprint there. According to FoxBusiness, the firm announced in May that it would almost double its head count there over the next 5 years. That city is home to big banks including Wells Fargo & Co. (from its acquisition of Wachovia Bank) and Bank of America Corp.