It looks like Lew Sanders is coming out of retirement. According to a published report, the former AllianceBernstein chairman and CEO is launching a new company next with the help of John Mahedy, currently chief investment officer of U.S. and North American value equities at AllianceBernstein.

P&I's Douglas Appell reported the news of Sanders' plans.

John Meyers, a spokesman for AllianceBernstein, confirmed that Mahedy will leave AllianceBernstein in mid-October to take the CIO reins at Sanders' new operation. Gerry Paul and David Yuen will then split the CIO duties at AllianceBernstein for U.S. large-cap equities while Paul takes over CIO duties for North American value equities.

"We have an extremely deep bench of experience here in value investing," Meyers told the MFWire, pointing to Paul and Yuen's combined 33 years of experience with AllianceBernstein. "We expect to have a completely seamless transition."

Meyers added that Paul and Yuen will retain their current posts as head of global diversified value services and director of research for U.S. large-cap value equities, respectively. Yet Paul will pass the leadership of AllianceBernstein's global diversified strategies team to one of the team's members, Drew Demakis.

In December, AllianceBernstein named Peter Kraus to succeed Sanders as chairman and CEO.  

Edited by: Neil Anderson, Managing Editor


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