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Stories of Interest
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
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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.