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AllianceBernstein's review to affect Australian arm
AllianceBernstein has confirmed the review of its global business would affect its Australian arm to a limited extend.
However, AllianceBernstein Australia's spokesperson did not wish to comment on rumours about possible redundancies which might result from the review.
AllianceBernstein Australia will stay committed to the local market, the spokesperson said.
Furthermore, the impact of AXA Asia Pacific's departure from the joint venture with AllianceBernstein Australia is yet to be seen.
Following AMP's purchase of AXA Asia Pacific, the institution did not hold onto AllianceBernstein Australia as its fund manager - due to the duplication of services - which resulted in AllianceBernstein Australia taking the remaining 50 per cent of the venture (AXA-AllianceBernstein Australia).
AllianceBernstein is reviewing its operations with the objective of "maintaining its unrelenting focus on delivering strong investment returns while also balancing resources with client assets and needs", the firm stated.
Its global assets under management stood at US$421 billion as at 31 January 2012.
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