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Wednesday, February 20, 2019

What Jobs Is This $538B Asset Manager Moving?

News summary by MFWire's editors

A publicly traded asset manager will be moving or adding more than 1,000 jobs to its new headquarters over the next three years, and the plurality of those jobs will be behind the scenes, while it seems like investment staff won't be going anywhere.

Seth P. Bernstein
AllianceBernstein
President, CEO
Of the 1,050 jobs that AllianceBernstein [profile] CEO Seth Bernstein and his team will be bringing to Nashville (probably a mix of new hires and existing team members who will move) by the end of 2022, more than 450 will be in "financial operations," according to fresh AB disclosures under year-old local legislation, the Nashville Business Journal reports. More than 200 will be in management, more than 200 will be in technology, 100 will be in sales, less than 50 will be in "office support", and and less than 25 will be in sales. Like when AB's impending move was first revealed last spring, there is no mention of moving AB's PMs and analysts (from the current headquarters in New York City). Prior disclosures reveal that the AB team expects the average salary for their Nashville team to be between $150,000 and $200,000 per year.

Last spring, word leaked that AB's new Nashville office tower is expected to be read by 2021, powered by an investment of more than $70 million, though AB is moving staff into temporary Nashville office space for now. Now the Journal reminds readers that AB's chief operating officer, Jim Gingrich, previously revealed a move timetable that includes adding about 300 Nashville jobs by mid 2020 and the rest by the end of 2022.

AB had $538 billion in AUM as of January 31, 2019. As of December 31, 2018, the firm had 3,641 employees worldwide. 

Edited by: Neil Anderson, Managing Editor


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