NEW YORK, Dec. 12, 2013 /PRNewswire/ -- AllianceBernstein L.P. (AllianceBernstein), a global investment management firm with $447 billion in assets under management as of November 30, 2013, announced today that it has completed the acquisition of W.P. Stewart & Co., Ltd. (Pink Sheets: WPSL), an equity manager with approximately $2 billion in assets under management in U.S., Global and EAFE concentrated growth equity strategies for institutional and retail clients at closing.
W.P. Stewart's Head of Concentrated U.S. Growth, James T. Tierney, Jr., and Head of Concentrated Global Growth, Mark Phelps, and their teams will remain in place and continue managing their investment services as they have in the past.
As previously disclosed, in exchange for each share of W.P. Stewart common stock, AllianceBernstein is paying W.P. Stewart shareholders $12 per share in cash and issuing one transferable contingent value right entitling the holders to an additional cash payment of $4 per share if the assets under management in the acquired W.P. Stewart investment services reach $5 billion on or before the third anniversary of the closing.
About AllianceBernsteinAllianceBernstein 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. At September 30, 2013, AllianceBernstein Holding L.P. owned approximately 34.8% of the issued and outstanding AllianceBernstein Units and AXA, one of the largest global financial services organizations, owned an approximate 64.6% economic interest in AllianceBernstein. Additional information about AllianceBernstein may be found on our website, www.alliancebernstein.com. SOURCE AllianceBernstein L.P.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV