AllianceBernstein LP to take over Australian business
Global fund manager AllianceBernstein LP announced it will acquire full ownership of AllianceBernstein Australia, in which it is an equal joint-venture partner with AXA Asia-Pacific Holdings.
The announcement came following an agreement with AMP that AllianceBernstein LP would acquire AXA’s 50 per cent share once AMP completed its acquisition of AXA, expected to go through tomorrow.
“This is an investment we are delighted to make,” said AllianceBernstein Australia chairman and chief operating officer of AllianceBernstein LP, David Steyn.
“Australia is the fourth-largest market for managed funds in the world. We see a long and secure future for the firm here, providing global and domestic investment services to both institutional and retail clients.”
The Australian business is AllianceBernstein’s fourth largest source of assets under management.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
