The Other Shoe Drops at AllianceBernstein
As evidence and expenses mount, it's hard to recommend this firm.
It’s time to consider selling AllianceBernstein Funds.
Shortly after Alliance Capital Management (AC) announced it had suspended a portfolio manager and sales executive for trading market-timing privileges in one of the firm’s AllianceBernstein mutual funds for long-term investments in the company’s hedge funds, we warned investors to limit their holdings in the family. We stopped short of the blanket sell recommendation we issued on other fund complexes implicated in the mutual fund trading scandal because, at the time, we had seen no evidence that members of Alliance Capital’s upper management were aware of the timing, or if there had been other arrangements.
Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.