NEW YORK, Oct. 15, 2019 /PRNewswire/ -- AllianceBernstein
L.P. ("AB"), a leading global investment manager with approximately
$592 billion in assets under
management, and AllianceBernstein Holding L.P. ("AB Holding")
(NYSE: AB) announced today that the firm has established a broadly
syndicated loan and CLO management business. Scott Macklin, who joined AB in April 2019 from Och-Ziff Capital Management, will
lead the new effort. In his previous position, Mr. Macklin amassed
deep experience as head of research and as a member of the
Portfolio Committee for the Och-Ziff's performing credit business,
including its CLO management platform. The business will be
initially funded with investments from AXA Equitable Life Insurance
Company, expanding on the existing relationship between AB and AXA
Equitable Holdings, Inc. ("EQH").
In addition to new hires to the firm, the CLO platform will
leverage the resources and infrastructure of AB's existing high
yield credit business, which manages about $34 billion in assets. Additionally, the new
business will be supported by AB's established CLO execution
capabilities associated with the firm's middle market direct
lending platform, AB Private Credit Investors. AB Private Credit
Investors has issued seven CLO transactions since 2016 totaling
$2.9 billion.
"With robust growth over the past several years, the leveraged
loan market presents a large and diverse investment opportunity
that will benefit from active management," said Gershon Distenfeld, Co-Head of Fixed Income and
Director of Credit at AB. "Our deep expertise and successful track
record in leveraged finance
positions us well to participate and add value through this
attractive, strategic opportunity."
About AllianceBernstein
AB is a leading global investment management firm that offers
high-quality research and diversified investment services to
institutional investors, individuals and private wealth clients in
major world markets.
As of September 30, 2019,
including both the general partnership and limited partnership
interests in AB, AB Holding owned approximately 35.4% of AB and
EQH, directly and through various subsidiaries, owned an
approximate 65.3% economic interest in AB.
Additional information about AB may be found on our website,
www.alliancebernstein.com.
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SOURCE AllianceBernstein