AllianceBernstein Announces November 30, 2014 Assets Under Management
On June 14, the U.S. Senate Finance Committee introduced a bill that could potentially alter the way AllianceBernstein's AB income is taxed. To this point, the firm has benefited from below-average tax rates in part because of its partnership structure. The Senate finance bill, if enacted, would void the firm's tax-preferred status, thereby subjecting it to higher corporate tax rates. The bipartisan bill appears to stand at least a decent shot at passage. However, it remains unclear whether the bill will apply to Alliance, as it's ostensibly aimed at private-equity partnerships that have either gone public or are contemplating an offering in the future. (Per a representative, Alliance is not commenting pending further legal review; a call to the Senate Finance Committee was not returned as of this note). As such, we're placing our fair value estimate for Alliance under review as we further investigate the proposed bill's implications. We will closely monitor the situation and provide ...
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