Fund Manager by US Department of the Treasury
NEW YORK, July 8 /PRNewswire/ -- AllianceBernstein Holding L.P. (NYSE: AB)
and AllianceBernstein L.P. today announced that AllianceBernstein has been
selected by the US Department of the Treasury (Treasury) to be one of nine
pre-qualified fund managers under the Treasury's Legacy Securities
Public-Private Investment Program (PPIP). AllianceBernstein, along with the
other eight chosen fund managers, was pre-qualified after an extensive
evaluation of submissions from over 100 unique applicants.
"We feel fortunate to be among those pre-qualified, and we look forward to
working with private investors and the Treasury Department on this important
initiative," said Peter S. Kraus, chairman and chief executive officer of
AllianceBernstein.
Under the program, AllianceBernstein will partner with the Treasury --
which will be a co-investor and will provide leverage for PPIP funds -- to
create a Public-Private Investment Fund (PPIF) that will invest in distressed
"legacy" non-agency residential mortgage-backed securities (RMBSs) and
commercial mortgage-backed securities (CMBSs) currently on the balance sheets
of many financial institutions.
Jeffrey S. Phlegar, chief investment officer and head of
AllianceBernstein's Special Situations Team and a 22-year veteran of
AllianceBernstein and mortgage markets, will lead the effort.
To most effectively meet the opportunity, and provide specialized skills
needed for investing in this asset class, AllianceBernstein has entered into a
strategic relationship with Greenfield Partners, LLC, Rialto Capital
Management, LLC and Altura Capital Group, LLC. Greenfield and Rialto, both
specialist real estate investment firms, will provide extensive expertise in
the analysis, due diligence and valuation of distressed real estate assets.
Altura Capital's expertise, market intelligence and innovative approach to the
emerging and diverse money manager segment will complement the team's
investment capabilities and provide access to a network of emerging real
estate firms and broker-dealers to augment the fund's sourcing capabilities
for potential investments.
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
independent research, portfolio strategy and brokerage-related services to
institutional investors.
At March 31, 2009, AllianceBernstein Holding L.P. owned approximately
34.3% of the issued and outstanding AllianceBernstein Units and AXA, one of
the largest global financial services organizations, owned an approximate
64.3% economic interest in AllianceBernstein.
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" in Item 1A and "Cautions Regarding Forward-Looking Statements"
in Item 7 of our Form 10-K for the year ended December 31, 2008. 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 revenues, financial condition, results of operations and
business prospects.
SOURCE AllianceBernstein L.P.
CONTACT:
Philip Talamo,
Investor Relations,
+1-212-969-2383,
ir@alliancebernstein.com,
or John Meyers,
Media,
+1-212-969-2301,
john.meyers@alliancebernstein.com