NASHVILLE - AllianceBernstein L.P. (NYSE: NYSE:AB), a global investment firm managing $737 billion in assets, announced the appointment of Bruce Holley as an independent member of its Board of Directors. Holley's tenure on the board commenced today, and he will serve on the Audit and Risk Committee.
The firm's President and CEO, Seth Bernstein, welcomed Holley, citing his 30 years of financial services expertise and his leadership skills as valuable assets for the company's growth. Holley's background includes a managing director role at Alvarez & Marsal's Financial Services Industry practice, with a focus on banking, wealth and asset management, insurance, fintech, and AI. His career also includes a substantial tenure at Accenture (NYSE:ACN) as a Senior Managing Director and 25 years at the Boston Consulting Group, where he was instrumental in launching their Global Wealth and Asset Management practice.
Holley holds a bachelor's degree in biochemistry and an MBA from Harvard University, further underscoring his diverse expertise and experience.
AllianceBernstein, headquartered in Nashville, offers investment management services to institutional investors, individuals, and private wealth clients globally. As of April 30, 2024, the firm has reported assets under management of $737 billion. The addition of Holley to the board is part of the company's ongoing efforts to strengthen its leadership and strategic position in the investment industry.
InvestingPro Insights
As AllianceBernstein (NYSE: AB) welcomes Bruce Holley to its Board of Directors, it's important to consider the company's financial health and market performance to understand its strategic positioning. With a market capitalization of $3.94 billion and a price-to-earnings (P/E) ratio of 14.08, which adjusts slightly to 14.32 when looking at the last twelve months as of Q1 2024, AllianceBernstein shows a stable valuation in the industry.
The firm's commitment to its shareholders is evident through its significant dividend yield of 8.71% as of May 2024, which is supported by a dividend growth of 4.29% over the last twelve months. Notably, AllianceBernstein has maintained dividend payments for 37 consecutive years, a testament to its financial resilience and dedication to delivering shareholder value. This is further highlighted by the company's strong return on assets, which stands at 13.27% for the same period.
InvestingPro Tips reveal that analysts predict AllianceBernstein will be profitable this year, and the company has been profitable over the last twelve months. Additionally, the stock has experienced a large price uptick of 28.0% over the last six months, indicating investor confidence in its performance and future prospects.
For those looking to delve deeper into AllianceBernstein's financials and gain additional insights, there are more InvestingPro Tips available at https://www.investing.com/pro/AB. To enhance your investment analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, where you can find a total of 7 additional InvestingPro Tips to guide your investment decisions.
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