EXHIBIT 99.2
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FOR IMMEDIATE RELEASE:
Contacts: Karen Caddick (Investor Relations) Shira Zackai (Media)
(212) 969-6414 (212) 969-6387
[email protected] [email protected]
ALLIANCE CAPITAL MANAGEMENT ANNOUNCES
CLOSE OF THE ACQUISITION OF SANFORD C. BERNSTEIN INC.
NEW YORK, NY, OCTOBER 2, 2000 - Alliance Capital Management L.P.
("Alliance Capital"), Alliance Capital Management Holding L.P. ("Alliance
Holding") (NYSE: AC) and Sanford C. Bernstein Inc. ("Bernstein") announced today
the completion of the acquisition of the assets and liabilities of Bernstein by
Alliance Capital, previously announced on June 20, 2000. The purchase price
consisted of a payment to Bernstein of $1.4754 billion in cash and 40.8 million
newly issued private limited partnership units of Alliance Capital, for an
aggregate current value of approximately $3.5 billion.
ALLIANCE CAPITAL AND BERNSTEIN COMBINED HIGHLIGHTS
As of June 30, 2000
o Assets under management: $470 billion
o Annual revenues: $3 billion (six month period, annualized)
o Worldwide employees: 4,000, including 530 investment professionals
o 2,600 institutional client accounts
o 15,000 private client relationships
o 6.1 million worldwide mutual fund shareholder accounts
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Bruce W. Calvert, Chief Executive Officer of Alliance Capital,
commented, "Alliance Capital's combination with Bernstein achieves a logical
strategic fit for both organizations. Alliance Capital's strength as a
recognized leader in the growth style of investing and Bernstein's strength in
the value style, allows us to effectively compete for virtually any investment
assignment worldwide. Furthermore, we now serve a broader range of individual
investors, including high net-worth clients, with an expanded array of
investment products."
"Our complementary investment research capabilities - we now have 250
research analysts globally - will provide expanded investment options for all of
our clients. The scale and balance of the combined firms should lead to high
client satisfaction and therefore faster and more predictable growth than either
firm might achieve independently." said Lewis A. Sanders, the newly named Vice
Chairman and Chief Investment Officer of Alliance Capital.
John D. Carifa, President and Chief Operating Officer, added, "During
the three months since announcing the merger, we have established plans and
priorities for realizing the expected revenue synergies. Management and
organizational responsibilities are settled. The two firms are quickly becoming
one firm, and the interpersonal dynamics are very positive."
FORWARD LOOKING STATEMENTS
Certain statements included in this release are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements are subject to risks, uncertainties,
and other factors that could cause actual results to differ materially from
future results expressed or implied by such forward-looking statements. The most
significant of such factors include but are not limited to, the following: the
performance of financial markets, the investment performance of Alliance
Capital's sponsored investment products
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and separately managed accounts, general economic conditions, future
acquisitions, competitive conditions, and government regulations, including
changes in tax rates.
Alliance Capital and Alliance Holding caution readers to carefully
consider such factors. Further, such forward-looking statements speak only as of
the date on which such statements are made; Alliance Capital and Alliance
Holding undertake no obligation to update any forward-looking statements to
reflect events or circumstances after the date of such statements.
ABOUT ALLIANCE CAPITAL
Alliance Capital, a leading global investment management firm, is the
largest manager of actively-managed U.S. equity assets for U.S. pension funds
and non-profit organizations. Alliance Capital advises assets for many of the
largest U.S. public and private employee benefit plans, foundations, public
employee retirement funds, pension funds, endowments, banks, insurance companies
and high net worth individuals worldwide. Alliance Capital is also one of the
largest mutual fund sponsors, with a diverse family of globally distributed
mutual fund portfolios.
Alliance Capital Management Holding L.P. owns approximately 30% of the
units representing beneficial ownership of limited partnership interests in
Alliance Capital. AXA Financial, Inc. owns partnership interests in Alliance
Holding of 2% and in Alliance Capital of 53%, amounting to an approximate 53%
economic interest in Alliance Capital. AXA Group, which has operations in
approximately 60 countries, holds a 60% interest in AXA Financial, Inc.
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