After 22 years with the firm, Andrew Adelson, chief investment officer and manager of international investments for AllianceBernstein Institutional Investment Management, is hanging up his hat, a staff member at the firm said.

Adelson, 48, is retiring from Wall Street at the end of this year, the staff member said.

He will be replaced by two current AllianceBernstein managers.

Kevin Simms has been promoted to co-CIO while retaining his position as director of international research. Sharon Fay, the firm's current CIO of U.K. and European equity, will pick up additional responsibilities in the global equity sector, the staffer said.

Notification and/or face-to-face meetings with major clients affected by the internal changes at AllianceBernstein have already taken place to ensure a smooth transition, the representative said.

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