AllianceBernstein L.P and W.P. Stewart & Co., Ltd. announced yesterday that the two firms have entered into a definitive agreement under which AllianceBernstein, a global investment management firm with $444 billion in assets under management, will acquire W.P. Stewart, an equity investment manager that currently manages $2 billion in U.S., Global and EAFE concentrated growth equity strategies for institutional and retail clients, primarily in the U.S. and Europe.
Once the purchase is completed, W.P. Stewart’s investment services will be rolled into AllianceBernstein's equity offering. W.P. Stewart’s investment managers will continue handling investment services. In addition, they will benefit from access to AllianceBernstein’s extensive global market and research team.