AllianceBernstein Holding L.P. Units (AB, Financial) filed Annual Report for the period ended 2010-12-31.
Alliancebernstein Holding L.p. has a market cap of $2.15 billion; its shares were traded at around $21.33 with a P/E ratio of 11.7 and P/S ratio of 0.8. The dividend yield of Alliancebernstein Holding L.p. stocks is 2.3%.Hedge Fund Gurus that owns AB: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns AB: Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Charles Brandes of Brandes Investment.
We are eligible to earn performance-based fees on hedge fund services, as well as some long-only services provided to our institutional clients. In these situations, we charge a base advisory fee and are eligible to earn an additional performance-based fee or incentive allocation that is calculated as either a percentage of absolute investment results or a percentage of investment results in excess of a stated benchmark over a specified period of time. In addition, some performance-based fees include a high-watermark provision, which generally provides that if a client account underperforms relative to its performance target (whether absolute or relative to a specified benchmark), it must gain back such underperformance before we can collect future performance-based fees. Therefore, if we fail to achieve our performance target for a particular period, we will not earn a performance-based fee for that period and, for accounts with a high-watermark provision, our ability to earn future performance-based fees will be impaired. If the percentage of our AUM subject to performance-based fees grows, seasonality and volatility of revenue and earnings are likely to become more significant. Our performance-based fees in 2010, 2009 and 2008 were $20.5 million, $29.8 million and $13.4 million, respectively. For additional information about performance-based fees, see “Risk Factors” in Item 1A and “Management s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7.
We serve our institutional clients primarily through AllianceBernstein Institutional Investments (“Institutional Investments”), a unit of AllianceBernstein, and through other units in our international subsidiaries and one of our joint ventures (institutional relationships of less than $25 million are generally serviced by Bernstein GWM, our Private Client channel, discussed below). Institutional Services include actively managed equity accounts (including growth, value and blend accounts), fixed income accounts and balanced accounts (which combine equity and fixed income), as well as passive management of index and enhanced index accounts. These services are provided through separately-managed accounts, sub-advisory relationships, structured products, collective investment trusts, mutual funds and other investment vehicles. As of December 31, 2010, institutional AUM was $273 billion, or 57% of our company-wide AUM as compared to $291 billion, or 60%, as of December 31, 2009 and $278 billion, or 62%, as of December 31, 2008. For more information concerning institutional AUM, revenues and fees, see “Assets Under Management, Revenues and Fees” in this Item 1.
We provide investment management and related services to a wide variety of individual retail investors, both in the U.S. and internationally, through retail mutual funds sponsored by our company, our subsidiaries and affiliated joint venture companies; mutual fund sub-advisory relationships; Separately-Managed Account Programs; and other investment vehicles (“Retail Products and Services”). As of December 31, 2010, retail AUM was $127 billion, or 27% of our company-wide AUM as compared to $121 billion, or 25%, as of December 31, 2009 and $102 billion, or 23%, as of December 31, 2008. For more information concerning retail AUM, revenues and fees, see “Assets Under Management, Revenues and Fees” in this Item 1.
Our U.S. Funds, which include retail funds, our variable products series fund (a component of an insurance product) and the retail share classes of the Sanford C. Bernstein Funds (principally Private Client Services products), currently offer 115 different portfolios to U.S. investors. As of December 31, 2010, retail U.S. Funds AUM was approximately $46 billion, or 36% of total retail AUM as compared to $45 billion, or 37%, as of December 31, 2009 and $39 billion, or 38%, as of December 31, 2008. Because of the way they are marketed and serviced, we report substantially all of the AUM in the Sanford C. Bernstein Funds (“SCB Funds”), which totaled $30 billion as of December 31, 2010, as private client AUM.
Through Bernstein GWM, we provide Private Client Services to high-net-worth individuals, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities by means of separately-managed accounts, hedge funds, mutual funds and other investment vehicles. As of December 31, 2010, private client AUM was $78 billion, or 16% of our company-wide AUM as compared to $75 billion, or 15%, as of December 31, 2009 and $69 billion, or 15%, as of December 31, 2008. For more information concerning private client AUM, revenues and fees, see “Assets Under Management, Revenues and Fees” in this Item 1.
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Alliancebernstein Holding L.p. has a market cap of $2.15 billion; its shares were traded at around $21.33 with a P/E ratio of 11.7 and P/S ratio of 0.8. The dividend yield of Alliancebernstein Holding L.p. stocks is 2.3%.Hedge Fund Gurus that owns AB: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns AB: Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Charles Brandes of Brandes Investment.
Highlight of Business Operations:
We market and distribute alternative investment products globally to high-net-worth clients and institutional investors. Alternative product AUM totaled $12.7 billion as of December 31, 2010, $11.0 billion of which was institutional AUM and $1.6 billion of which was private client AUM. In October 2010, we announced that we had acquired SunAmerica s alternative investments group, a team that manages a portfolio of hedge fund and private equity fund investments. Additionally, in October 2010, we launched a real estate fund focused on opportunistic real estate investments. These initiatives have helped us expand our alternative investment capabilities.We are eligible to earn performance-based fees on hedge fund services, as well as some long-only services provided to our institutional clients. In these situations, we charge a base advisory fee and are eligible to earn an additional performance-based fee or incentive allocation that is calculated as either a percentage of absolute investment results or a percentage of investment results in excess of a stated benchmark over a specified period of time. In addition, some performance-based fees include a high-watermark provision, which generally provides that if a client account underperforms relative to its performance target (whether absolute or relative to a specified benchmark), it must gain back such underperformance before we can collect future performance-based fees. Therefore, if we fail to achieve our performance target for a particular period, we will not earn a performance-based fee for that period and, for accounts with a high-watermark provision, our ability to earn future performance-based fees will be impaired. If the percentage of our AUM subject to performance-based fees grows, seasonality and volatility of revenue and earnings are likely to become more significant. Our performance-based fees in 2010, 2009 and 2008 were $20.5 million, $29.8 million and $13.4 million, respectively. For additional information about performance-based fees, see “Risk Factors” in Item 1A and “Management s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7.
We serve our institutional clients primarily through AllianceBernstein Institutional Investments (“Institutional Investments”), a unit of AllianceBernstein, and through other units in our international subsidiaries and one of our joint ventures (institutional relationships of less than $25 million are generally serviced by Bernstein GWM, our Private Client channel, discussed below). Institutional Services include actively managed equity accounts (including growth, value and blend accounts), fixed income accounts and balanced accounts (which combine equity and fixed income), as well as passive management of index and enhanced index accounts. These services are provided through separately-managed accounts, sub-advisory relationships, structured products, collective investment trusts, mutual funds and other investment vehicles. As of December 31, 2010, institutional AUM was $273 billion, or 57% of our company-wide AUM as compared to $291 billion, or 60%, as of December 31, 2009 and $278 billion, or 62%, as of December 31, 2008. For more information concerning institutional AUM, revenues and fees, see “Assets Under Management, Revenues and Fees” in this Item 1.
We provide investment management and related services to a wide variety of individual retail investors, both in the U.S. and internationally, through retail mutual funds sponsored by our company, our subsidiaries and affiliated joint venture companies; mutual fund sub-advisory relationships; Separately-Managed Account Programs; and other investment vehicles (“Retail Products and Services”). As of December 31, 2010, retail AUM was $127 billion, or 27% of our company-wide AUM as compared to $121 billion, or 25%, as of December 31, 2009 and $102 billion, or 23%, as of December 31, 2008. For more information concerning retail AUM, revenues and fees, see “Assets Under Management, Revenues and Fees” in this Item 1.
Our U.S. Funds, which include retail funds, our variable products series fund (a component of an insurance product) and the retail share classes of the Sanford C. Bernstein Funds (principally Private Client Services products), currently offer 115 different portfolios to U.S. investors. As of December 31, 2010, retail U.S. Funds AUM was approximately $46 billion, or 36% of total retail AUM as compared to $45 billion, or 37%, as of December 31, 2009 and $39 billion, or 38%, as of December 31, 2008. Because of the way they are marketed and serviced, we report substantially all of the AUM in the Sanford C. Bernstein Funds (“SCB Funds”), which totaled $30 billion as of December 31, 2010, as private client AUM.
Through Bernstein GWM, we provide Private Client Services to high-net-worth individuals, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities by means of separately-managed accounts, hedge funds, mutual funds and other investment vehicles. As of December 31, 2010, private client AUM was $78 billion, or 16% of our company-wide AUM as compared to $75 billion, or 15%, as of December 31, 2009 and $69 billion, or 15%, as of December 31, 2008. For more information concerning private client AUM, revenues and fees, see “Assets Under Management, Revenues and Fees” in this Item 1.
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