Kraus Gets More Time to Fix AllianceBernstein

Fund Scope | Scoreboard

AllianceBernstein has become a poster child for the agonies of asset management since the crash of 2008. The New York firm was managing $400 billion in assets on May 31—4% less than it had a month earlier and about half its peak on Dec. 31, 2007. Investors have been withdrawing more money than they have been depositing in the firm’s long-term funds every quarter since Jan. 1, 2008, according to Morningstar. Net revenue for 2011 fell 7% while adjusted net income per share fell 29%. And the stock price is down 86% from its top on …

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Saturday, June 30th, 2012 EN

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