AllianceBernstein picked David Steyn to become its new chief operating officer when Gerald Lieberman, who also serves as president, retires from the Manhattan-headquartered investment manager at the end of next month.
Steyn, 49, is currently global head of distribution and will continue to lead distribution in addition to assuming the COO post.
Company Press Release
NEW YORK, June 10 /PRNewswire-FirstCall/ -- AllianceBernstein Holding L.P. (NYSE: AB) and AllianceBernstein L.P. today announced that Gerald M. Lieberman, 62, will be retiring as president and chief operating officer, effective July 31, 2009. David A. Steyn, global head of distribution for AllianceBernstein, will assume the role of chief operating officer.
Peter S. Kraus, chairman and chief executive officer of AllianceBernstein, said, "Jerry has played a significant role in shaping our firm as we know it today, most notably in developing our global integrated platform, risk management, corporate governance and financial transparency. He has also led our firmwide expense-reduction efforts which have strengthened the firm's financial position, now and for the future."
"My time at AllianceBernstein has been both professionally and personally rewarding," said Mr. Lieberman. "I am confident that the deep pool of leadership and talent at the firm will continue to do well for our clients, our employees and our unitholders."
Mr. Steyn, 49, will continue to oversee AllianceBernstein's distribution services in addition to assuming his new duties as chief operating officer. Mr. Kraus said, "With 30 years of both investment and sales-management experience in the financial services industry, including the last 10 with our firm, David brings a wealth of knowledge and the broad perspective necessary to succeed in his new role."
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.