Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:AllianceBernstein Closes a $60MM Deal Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, December 13, 2013

AllianceBernstein Closes a $60MM Deal

Reported by Neil Anderson, Managing Editor

Peter Kraus and his team just closed a $60-million deal.

Yesterday AllianceBernstein [profile] revealed the close of its purchase of W.P. Stewart for $12 per share (i.e. about $60 million in total), with another $4 per share (another $20 million) contingent on Stewart's assets under management rising from $2 billion to $5 billion by December 12, 2016. AllianceBernstein announced the deal back in August.

AllianceBernstein confirmed that, with the close of the deal, W.P. Stewart concentrated U.S. growth chief James Tierney and concentrated global growth chief Mark Phelps, and their teams, will stick with AllianceBernstein.

AllianceBernstein had $447 billion in AUM as of November 30.


Company Press Release

AllianceBernstein L.P. Completes Purchase of W.P. Stewart & Co., Ltd.
Deal Brings Strong Track Records in Complementary Concentrated Growth Equity Strategies

NEW YORK, Dec. 12, 2013 -- AllianceBernstein L.P. (AllianceBernstein), a global investment management firm with $447 billion in assets under management as of November 30, 2013, announced today that it has completed the acquisition of W.P. Stewart & Co., Ltd. (Pink Sheets: WPSL), an equity manager with approximately $2 billion in assets under management in U.S., Global and EAFE concentrated growth equity strategies for institutional and retail clients at closing.

W.P. Stewart's Head of Concentrated U.S. Growth, James T. Tierney, Jr., and Head of Concentrated Global Growth, Mark Phelps, and their teams will remain in place and continue managing their investment services as they have in the past.

As previously disclosed, in exchange for each share of W.P. Stewart common stock, AllianceBernstein is paying W.P. Stewart shareholders $12 per share in cash and issuing one transferable contingent value right entitling the holders to an additional cash payment of $4 per share if the assets under management in the acquired W.P. Stewart investment services reach $5 billion on or before the third anniversary of the closing.

About AllianceBernstein

AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private clients in major world markets.

At September 30, 2013, AllianceBernstein Holding L.P. owned approximately 34.8% of the issued and outstanding AllianceBernstein Units and AXA, one of the largest global financial services organizations, owned an approximate 64.6% economic interest in AllianceBernstein.

Additional information about AllianceBernstein may be found on our website, www.alliancebernstein.com. 
 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2021: Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. MFDF Director Discussion Series - Open Forum via Zoom (Midwest), March 10
  2. FinReg Outlook 2021, March 10
  3. Irish Funds North American Digital Seminar, March 11
  4. MFDF webinar - Municipal and Taxable Fixed Income — A Multi-Speed Recovery, March 12
  5. 2021 Virtual Mutual Funds and Investment Management Conference, Mar 15-19
  6. Women for Impact - A Call to Action, March 16
  7. SEC & DOL Standard of Conduct Rulemakings — Present & Future Considerations, March 23
  8. Expect Miracles Foundation's Virtual Mystery Game Night, March 24
  9. MFDF Director Discussion Series - Open Forum via Zoom, March 24
  10. ETFGI Global ETFs Insights Summit - ESG & Active ETF Trends, Mar 24-25
  11. MFDF webinar - Asset Management M&A for Fund Directors — Recent Trends and Governance Issues, March 31
  12. MFDF Director Discussion Series - Open Forum via Zoom, April 7
  13. MFDF In Focus: Board Oversight of Sub-advisers, April 15
  14. ETF.com Awards 2020, April 20
  15. The 31st Sub-Advised Funds Forum, Apr 20-21
  16. MFDF Director Discussion Series - Open Forum via Zoom (Northeast), April 21
  17. FIASI virtual event - ESG in Fixed Income: Shining a Light on Transparency, Apr 22-23
  18. 44th Annual AIMSE Marketing & Sales Conference, May 2-4
  19. MFDF Director Discussion Series - Open Forum via Zoom (Southeast), May 5
  20. ICI 2021 General Membership Meeting - Day 1, May 6
  21. ICI 2021 General Membership Meeting - Day 2, May 13
  22. 2021 FINRA Annual Conference, May 18-20
  23. MFDF Director Discussion Series - Open Forum via Zoom, May 19
  24. 2nd annual ETFGI Global ETFs Insights Summit - USA, May 19-20
  25. Irish Funds Online Annual Global Funds Conference 2021, May 19-20
  26. MFDF webinar - Fund Director Compensation: MPI Annual Survey (2021), May 20




©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use