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Deals & People October 1, 2010
AllianceBernstein Adds SunAmerica’s Alternatives Group
In another shift in the asset management industry,
AllianceBernstein L.P. announced it has acquired SunAmerica's
alternative investments group.
Reported by
Rebecca Moore
The team manages a portfolio of hedge fund and private equity fund investments. AllianceBernstein said the acquisition is its most recent step in the strategic expansion of its alternative investment capabilities by adding investment professionals and new products.
“We are pleased to add to our alternative investment capabilities this exceptional hedge fund and private equity fund investment team,” said AllianceBernstein Chairman and CEO Peter Kraus, in the announcement. “Marc Gamsin and his SunAmerica Alternative Investments colleagues have built an outstanding platform, which we believe will provide valued investment opportunities for our clients.”
In July, SunTrust Banks, Inc. announced an agreement for Federated Investors, Inc. to acquire approximately $17 billion in managed liquidity assets of its RidgeWorth Capital Management subsidiary (see Federated Investors to Acquire RidgeWorth Assets).