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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.