Former AllianceBernstein CEO to open new firm

Former AllianceBernstein CEO Lewis A. Sanders will launch a new firm as early as January, according to sources who declined to be identified.
SEP 03, 2009
Former AllianceBernstein CEO Lewis A. Sanders will launch a new firm as early as January, according to sources who declined to be identified. John Mahedy, now CIO of U.S. and North American value equities at AllianceBernstein, will leave AllianceBernstein in mid-October to join Mr. Sanders, the sources said. Mr. Mahedy will serve as CIO of the new investment firm. At AllianceBernstein, Gerry Paul and David Yuen will become co-CIOs of U.S. large-cap value equities when Mr. Mahedy leaves, while Mr. Paul will become sole CIO of North American value equities. Mr. Yuen will retain his current duties as director of research for U.S. large-cap value equities. Mr. Paul, meanwhile, will relinquish his role as head of global diversified strategies to Drew Demakis, who has served as a member of that team. Mr. Paul will retain his other role as head of global diversified value services. AllianceBernstein spokesman John Meyers confirmed the pending changes, saying the transition would be seamless because Mr. Paul, a 22-year Bernstein veteran, and Mr. Yuen, an 11-year Bernstein veteran, have long “worked hand in glove with John.” Mr. Sanders didn’t immediately return calls to his home for comment. Mr. Mahedy also did not immediately return calls.

Latest News

LPL building out alts, banking services to chase wirehouse advisors, new CEO says
LPL building out alts, banking services to chase wirehouse advisors, new CEO says

New chief executive Rich Steinmeier replaced Dan Arnold on October 1.

Franklin Templeton CEO vows to "do what's right" amid record outflows
Franklin Templeton CEO vows to "do what's right" amid record outflows

The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.

For asset managers, easy experience is key to winning advisors' businesses
For asset managers, easy experience is key to winning advisors' businesses

Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.

Why retaining HNW clients ultimately comes down to one basic thing
Why retaining HNW clients ultimately comes down to one basic thing

New survey finds varied levels of loyalty to advisors by generation.

Stocks drop as investors digest Microsoft, Meta earnings
Stocks drop as investors digest Microsoft, Meta earnings

Busy day for results, key data give markets concerns.

SPONSORED Out with the old and in with the new: a 50% private markets portfolio

A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.

SPONSORED Destiny Wealth Partners: RIA Team of the Year shares keys to success

Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.