The firm said it made the decision as a direct result of the ongoing investigations into market timing and late trading both by the SEC and New York State, as well as more than 20 lawsuits. The filing also indicates that the firm might appoint an independent chairman to sit on all of its boards.
The SEC has said previously that it is considering requiring funds to have an independent chairman of the board.
Alliance announced that John D. Carifa has been replaced as chairman of the board and president of the AllianceBernstein Mutual Funds by Marc O. Mayer, now president and director, and William H. Foulk, Jr., as chairman of the board.
While this may sound like an unusual move, roughly 20% of mutual funds already have an independent chairman, said Meyrick Payne, senior partner with
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