UPDATE 1-AllianceBernstein seeks new CFO after resignation
* John Howard to stay until Feb. 15, then return to AQR
* Firm under pressure from outflows
BOSTON Jan 12 (Reuters) - Asset manager AllianceBernstein Holding LP (AB.N) said Chief Financial Officer John Howard will leave the company on Feb. 15 to return to his past job as Chief Operating Officer of investment firm AQR Capital Management.
Howard, 41, had joined AllianceBernstein of New York about a year ago. He will be replaced on an interim basis by Controller Edward J. Farrell, aged 50, the company said in a statement.
AllianceBernstein will conduct an internal and external search for a successor, it said.
AllianceBernstein is among a number of asset managers that through the third quarter were reporting continued outflows from their funds, putting pressure on top executives.
Another company in the same situation is Legg Mason Inc (LM.N) of Baltimore, which former CFO C.J. Daley left for a privately held asset manager over the summer. Daley was recently replaced by Peter Nachtwey from private equity firm Carlyle Group.
- Malaysia military tracked missing plane to west coast: source |
- Malaysia air probe finds scant evidence of attack: sources |
- Ukraine appeals to West as Crimea turns to Russia |
- UPDATE 1-Missing Malaysian plane last seen at Strait of Malacca-source
- Freescale loss in Malaysia tragedy leads to travel policy questions