June 3, 2010 / 12:43 PM / in 8 years

AllianceBernstein starts alternatives unit

BOSTON, June 3 (Reuters) - AllianceBernstein Holding LP (AB.N) has created a new alternatives strategy unit, the company’s Chief Operating Officer David Steyn said on Thursday.

    The new unit is part of a bid by the New York asset manager to attract private clients, Steyn said, speaking at a financial conference sponsored by investment bank Keefe, Bruyette & Woods, which was webcast.

    Steyn said the new unit and other initiatives may lead AllianceBernstein to hire addition personnel, but it will consider cutting jobs in other areas to keep its headcount steady around 4,276 currently, down 24 percent from its peak in 2008. (Reporting by Ross Kerber, editing by Gerald E. McCormick)

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