Alliance Capital president and chief operating officer Gerald Lieberman has an interesting take on the cause of the company's problems over the past few years.

While "mutual fund scandal" may come to mind, it's certainly not what Lieberman thinks went wrong. "That's not what hurt us, what hurt us was that too many people invested in the wrong funds," Reuters reported Lieberman as saying at a conference.

In that vein, the money manager plans to continue on the path of winnowing its fund lineup. The fund firm currently has about 58 funds, compared to 70 one year ago, and will shed another six or so funds in the next six months. But the fund shop may also add new products to replace the outgoing funds.  

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