AllianceBernstein has confirmed that it has made sweeping cuts to its business after its assets under management (AuM) tumbled last year.
“In the current environment, we have taken proactive actions impacting headcount across our global businesses, which is approximately 4% of our global employee base. Combined with other ongoing saving efforts, these actions will help to offset some of the current dynamics and allow us to continue to invest in our key priorities,” a spokesperson told FSA.
The spokesperson confirmed that the cuts included roles in Asia.
Last week, AllianceBernstein announced that its AuM fell 17% to $646.4bn.
“2022 presented an extraordinarily challenging investing and operating environment. Investment returns were adversely impacted by a concurrent decline in equity and fixed income markets, with fixed income posting the worst annual returns on record,” said Seth P Bernstein, president and CEO of AllianceBernstein.