Sanders Says No Timing Trades at Alliance
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Friday, October 31, 2003

Sanders Says No Timing Trades at Alliance

Lew Sanders, CEO of Alliance Capital Management, says that the firm turned up no improper trading of mutual fund through an internal probe. Sanders revealed the results of the investigation during the firm's quarterly earnings conference call.

Sanders also told analysts that he knows of no exceptions made by Alliance to allowing market-timing trades.

The probe was initiated after Alliance suspended the portfolio manager of the AllianceBernstein Technology Fund and the head of its sales to hedge funds. The suspensions were made because of conflicts of interest in connection with certain market timing transactions.

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