AllianceBernstein (AB)

Overview

AllianceBernstein (AB) provides diversified investment management and related services globally through three client channels: Institutions, Retail, and Private Wealth Management. The firm manages assets across multiple asset classes and strategies for a broad range of clients.

Scale and key financials (2025 Annual Report)

• Total AUM: $867 billion (December 31, 2025). Prior years: $792 billion (2024); $725 billion (2023).
• AUM by client channel (as of 12/31/2025):
  • Institutional Services: $354.239 billion
    • Equity: Active $51.108B; Passive $28.599B; Global & Non-U.S. $36.374B
    • Fixed Income: $120.465B (U.S. $92.903B; Global & Non-U.S. $27.562B)
    • Alternatives/Multi-Asset Solutions: $154.067B (U.S. $41.007B; Global & Non-U.S. $113.060B)
  • Retail Services: $356.396 billion
    • Equity: $79.707B (U.S. $43.333B; Global & Non-U.S. $36.374B)
    • Fixed Income: $120.465B
    • Alternatives/Multi-Asset Solutions: $154.067B (U.S. $41.007B; Global & Non-U.S. $113.060B)
  • Private Wealth Services: $156.253 billion
    • Equity: $68.789B (U.S. $45.247B; Global & Non-U.S. $23.542B)
    • Fixed Income: $53.645B (U.S. $48.298B; Global & Non-U.S. $5.347B)
    • Alternatives/Multi-Asset: $33.819B (U.S. $10.933B; Global & Non-U.S. $22.886B)
• AB’s AUM is split roughly evenly between Institutional and Retail, with Private Wealth representing a smaller portion.
• EQH (AB’s parent) and its subsidiaries were AB’s largest client, representing about 16% of total AUM in 2025 and contributing about 4% of net revenues in 2025.

Net revenues (2025)

• Total net revenues: about $4.5 billion (2025); $4.5 billion (2024); $4.2 billion (2023).
• Net revenues by channel (approximate 2025 figures):
  • Institutional Services: about $683.5 million
  • Retail Services: about $2.470 billion
  • Private Wealth Services: about $1.279 billion
• Retail Services represented roughly 55% of consolidated net revenues in 2025.
• Retail Services revenue components (2025):
  • Investment Advisory and Services Fees: $1.603 billion
  • Distribution Revenues: $787.3 million
  • Shareholder Servicing Fees: $79.4 million
  • Total Retail Services revenues: about $2.470 billion
• Affiliated vs. non-affiliated revenue in Retail (2025):
  • Non-affiliated revenue: about $2.446 billion
  • Affiliated revenue (principally EQH): about $24 million

AUM and revenue by business line (2025)

• Institutional Services AUM by investment service:
  • Equity: $79.707 billion total
  • Fixed Income: $120.465 billion total
  • Alternatives/Multi-Asset: $154.067 billion total
• Retail Services AUM by investment service:
  • Equity: $207.833 billion total
  • Fixed Income: $139.445 billion total
  • Alternatives/Multi-Asset: $9.118 billion total
• Private Wealth Services AUM by investment service:
  • Equity: $68.789 billion total
  • Fixed Income: $53.645 billion total
  • Alternatives/Multi-Asset: $33.819 billion total

Clients and distribution

• Primary client channels: Institutions (pension plans, foundations, endowments, insurance companies, government clients, EQH and affiliates), Retail (mutual funds and other retail products, AB Funds and sub-advisory relationships), and Private Wealth Management (high-net-worth individuals and families).
• Mutual funds sponsored and sub-advised by AB form a significant portion of the Retail business.
• EQH and its subsidiaries represented a material institutional relationship in 2025.

Employees

• 4,468 full-time employees as of December 31, 2025 (4,341 as of December 31, 2024).

Geography and operations

• AB operates globally with meaningful client activity and AUM outside the United States (non-U.S. AUM share varies by segment; some segments were about 37% non-U.S.).
• Offices and leases include locations in the U.S. and abroad, including Nashville (headquarters), New York, San Antonio, Pune (India), London, and Hong Kong.
• Product platform includes mutual funds (AB Funds), sub-advisory relationships, separately managed accounts, hedge funds, and private alternatives (private credit, real assets, real estate debt, etc.).

Recent business developments

• Bernstein Research Services (BRS) was deconsolidated in 2024–25; AB retained Bernstein Private Wealth Management.
• AB entered an Amended and Restated Shareholder Agreement with Société Générale and restructured ownership in joint ventures (AB/SG JV) as of January 2026: AB owning 49% of the North America JV and 51% of the Rest of World JV, and forming a single AB/SG JV with AB holding 49%.
• Corporate structure includes a master limited partnership (AB Holding) with a General Partner; EQH and its subsidiaries hold a substantial economic interest.
• AB operates under multiple regulatory regimes with established governance, risk management, and board oversight structures.

Core business and services

• Investment management across:
  • Equities: active and passive/index strategies
  • Fixed Income: traditional, unconstrained, taxable and tax-exempt
  • Multi-Asset Solutions: outcome-oriented allocation and customized solutions
  • Hedge Fund Strategies: funds and fund-of-funds (event-driven, macro, market neutral)
  • Private Alternatives: private credit, asset-based finance, real assets, real estate debt
  • Systematic Strategies: quantitative and enhanced-index products
• Revenue model: primarily investment advisory and services fees tied to AUM, augmented by performance-based fees and fund/servicing fees.

Notes

• Figures and descriptions are based on AB’s 2025 Annual Report. All values are in U.S. dollars.