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AllianceBernstein Announces Organizational Changes To Streamline Management

Stocks in this article: AB AXA

NEW YORK, Dec. 19, 2011 /PRNewswire/ -- AllianceBernstein Holding L.P. (NYSE: AB) and AllianceBernstein L.P today announced organizational changes that streamline the firm's management structure. With these changes, the firm aims to improve the execution of its long-term strategy of diversifying the mix of investment services it offers to clients, and increasing operating leverage.

  • James A. Gingrich -- Chairman and Chief Executive Officer of the firm's sell-side research subsidiary, Sanford C. Bernstein & Co., LLC -- will assume the role of Chief Operating Officer of AllianceBernstein, effective immediately.
  • Robert P. van Brugge, Global Director of Research at Sanford C. Bernstein & Co., LLC, will succeed Mr. Gingrich as Chairman and CEO of Sanford C. Bernstein & Co., LLC.
  • Robert M. Keith, Co-Head of Institutional and Retail Distribution, will assume sole responsibility for client service, sales and marketing in those channels, globally.
  • Lawrence Cohen, Chief Technology Officer, will head both Technology and Operations.
  • The firm's current Chief Operating Officer, David A. Steyn, and Co-Head of Institutional and Retail Sales and Marketing, Gregory J. Tencza, will be leaving the firm effective January 3, 2012. The director of operations, Richard G. Taggart, will be leaving the firm on January 31, 2012.

Peter S. Kraus, Chairman and Chief Executive Officer of AllianceBernstein, said, "Jim has a tremendous track record of success, first as a research analyst and then as global director of research. Over the past five years, he has been at the forefront in establishing and growing our European and Asian sell-side research efforts and launching European electronic trading and U.S. derivatives trading businesses as well. He has achieved this global expansion while maintaining the preeminence of our sell-side research brand in the United States. Jim's experience makes him ideally suited for managing the broad portfolio that the COO role requires." 

Kraus continued: "I want to thank David Steyn for his many contributions to our firm over the years.  Since establishing our London office over a decade ago, he has grown our institutional business to be one of the U.K.'s ten largest pension fund managers and played a pivotal role in globalizing our sales and marketing efforts.  He also led the integration of our institutional, retail and private client channels, and cultivated talent at all levels of our organization worldwide. I wish David well in his future endeavors."

In his new role, Gingrich, 53, will be responsible for all sales and marketing efforts related to the firm's asset management business as well as its finance, legal, operations and technology infrastructure. Van Brugge, 43, Keith, 51, and Cohen, 50, will report to Gingrich. Investment management and trading will continue to report directly to Kraus.

About AllianceBernstein

AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private clients in major world markets.

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