Admitting conflicts of interest regarding mutual fund trades,
The industry giant also admitted that
Alliance Capital, with an estimated $430 billion in assets, said in a statement that based on the preliminary results of its own ongoing internal investigation concerning mutual fund transactions, it has identified conflicts of interest in connection with certain market-timing transactions.
The suspended portfolio manager had overseen the AllianceBernstein Technology Fund, while the executive sold company hedge fund products. The companys board of directors has formed a special committee comprised of members of the audit committee and independent directors to look into the matter.
