* Kraus has left intact most of firms' top management
* John Howard was CFO at AQR Capital Management
BOSTON, March 22 AllianceBernstein Holding LP
(AB.N) said on Monday it has selected an outsider to replace
its retiring chief financial officer, marking one of the first
marquee hires by the money manager's top executive after just
more than a year on the job.
New York-based AllianceBernstein named as CFO John Howard,
who previously had the same job at privately held hedge fund
firm AQR Capital Management.
The move is an early high-level executive appointment by
Peter Kraus, a former co-CEO of Goldman Sachs Asset Management
and a former Merrill Lynch & Co executive who took over as
AllianceBernstein's chief executive and chairman at the end of
Howard, 40, also was named senior vice president. He will
replace AllianceBernstein's current CFO, Robert Joseph, 62, who
Kraus, who came in after Lew Sanders abruptly left the
company, has so far largely left the upper ranks of
AllianceBernstein alone. He has kept in place executives
including Chief Operating Officer David Steyn and General
Counsel Laurence Cranch.
Howard will take his new post immediately and report to
Steyn, AllianceBernstein said in a statement. Joseph, who had
been CFO since 1994, will remain as a senior adviser to the
firm until the end of 2010.
In a statement Kraus praised Joseph's work including the
merger that created the firm as it stands today, when the
management firm then called Alliance Capital Management paid
$3.5 billion to buy what had been the research company Sanford
C. Bernstein Inc.
AllianceBernstein had about $484 billion under management
as of Feb. 28.
(Reporting by Ross Kerber, editing by Matthew Lewis)