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.

“I'm excited to be adding W.P. Stewart's complementary concentrated growth equity services and strong bench of talent to our equity platform,” said Peter S. Kraus, Chairman and Chief Executive Officer of AllianceBernstein in a statment. “While our equity business is well-positioned to deliver in many areas, we also understand that our clients want more options, particularly in concentrated strategies that can help improve alpha generation potential within their portfolios. W.P. Stewart has an impressive track record as concentrated growth managers and brings a unique set of capabilities to our existing equity platform that position us even better to serve our clients.”

James T. Tierney, Jr., Chief Investment Officer of W.P. Stewart, added in a statement: “In joining AllianceBernstein, we can remain focused on building and managing concentrated equity portfolios, yet at the same time leverage the firm’s exceptional research, corporate access and global presence. We've chosen a partner that shares our unwavering client focus, and enables us to take our differentiated investment approach and strong performance to the type of broad client base that only a global firm like AllianceBernstein can provide.”

Founding Partner William P. Stewart will stay on to ensure a smooth transition. Once the deal is completed, he will retire from the firm after nearly 60 years in the industry.

 

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