What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-14 compared with 2024-02-09 · 93 added, 86 removed, 446 unchanged (29% of the section changed)

9 unchanged sentences

We provide diversified investment management, research and related services globally to a broad range of clients through our three buy-side distribution channels:

Institutions, Retail and Private Wealth Management, and our sell-side business, Bernstein Research Services.

Institutions, Retail and Private Wealth Management.

S ee “Distribution Channels” in this Item 1 for additional information.

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EQH ( our parent company ) and its subsidiaries, whose AUM consist primarily of fixed income investments, is our largest client.

Our EQH affiliates represented approximately 16%, 16% and 17% of our AUM as of December 31, 2023, 2022 and 2021, and we earned approximately 5%, 4% and 4% of our net revenues from services we provided to them in each of 2023, 2022 and 2021, respectively.

Our EQH affiliates represented approximately 17%, 16% and 16% of our AUM as of December 31, 2024, 2023 and 2022, and we earned approximately 4% of our net revenues from services we provided to them in each of 2024, 2023 and 2022, respectively.

Assets Under Management (AUM)

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2024 Annual Report 1

Purpose, Values and Corporate Responsibility

At AB, we pursue insight that unlocks opportunity.

This is our firm's purpose.

Together with our firm's mission and values, which we have described below , our purpose forms the foundation of corporate responsibility at AB.

AB's mission is to help our clients define and achieve their investment goals, explicitly stating what we do to unlock opportunity for our clients.

As an active manager, our differentiated insights drive our ability to deliver alpha and design innovative investment solutions.

Our clients and their needs come first, always.

Our values provide a framework for the behaviors and actions that create our strong culture and enable us to meet our clients' needs.

Purpose, Values & Corporate Responsibility

Our purpose—to pursue insight that unlocks opportunity—describes the ethos of our firm.

Because we are an active investment manager, differentiated insights drive our ability to design innovative investment solutions and help our clients achieve their investment goals.

Our values illustrate the behaviors and actions that create our strong culture and enable us to meet our clients' needs.

Each value inspires us to be better:

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• We speak with courage and conviction , which informs how we engage with our AB colleagues, clients and others.

• We act with integrity — always, which is the bedrock of our relationships and drives us to avoid activities that could create potential conflicts of interest or distract us from our singular focus to provide asset management and research to our clients.

As noted above , we challenge ourselves to become a better version of AB.

We are committed to being a responsible firm and striving to model the behavior that we expect from the companies in which we invest.

This means, in part, giving back to the communities in which we work, and reducing our environmental footprint.

Additionally, by promoting diversity, equity and inclusion, we are afforded different perspectives and ways of thinking, which can lead to better outcomes for our clients ( See Diversity, Equity and Inclusion below in this Item 1 ).

Also, striving to be a good corporate citizen gives us a richer perspective for evaluating other companies.

Our investors — research analysts and portfolio managers — understand the companies and industries they cover in-depth.

And, we continue to invest in technology and innovation to further enable our investment teams to formalize their evaluations and share insights from our engagements with other companies.

• We act with integrity — always , which is the bedrock of our relationships and drives us to avoid activities that could create potential conflicts of interest or distract us from our singular focus to provide superior asset management and research to our clients.

Our purpose and values challenge us to be a responsible firm.

Our vision for corporate responsibility is:

Deliver better outcomes to clients while upholding high ethical standards, building a strong culture, and promoting the future viability of our business.

We work towards these objectives across five pillars.

• Resilient Operations :

AB takes precautions to protect our business while adapting to change.

This means safeguarding client information and business systems, maintaining strong corporate governance and enhancing our risk management practices.

• Thriving Workforce :

Our business thrives when our people thrive.

We seek to build diverse teams, create fair outcomes, and develop inclusive behaviors.

We also offer opportunities for physical and mental wellness, open pathways for learning and development and recognize success.

• Community & Civic Engagement :

Our approach to community engagement is holistic.

We connect our resources to our communities’ most pressing needs, and we encourage civic participation.

We do this through philanthropy, gift matching, volunteering, board participation and civic engagement.

• Resource Conservation :

To us, environmental sustainability is about using resources thoughtfully.

Most of our employees are located in green buildings, and we are conscious of our greenhouse gas footprint.

We compost and recycle in large offices and we create opportunities for employees to learn about sustainability.

• Responsible Investing :

Rigorous responsible investing research, integration, stewardship and solutions can make us better stewards of our clients’ assets.

Our responsible investing approach includes evidence-based thought leadership, engagement, integration and solutions that meet clients’ unique responsible investing needs.

We provide additional information in this regard in the AB Responsibility Report, which can be found under “Responsibility - Overview” on www.alliancebernstein.com.

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We are fully invested in delivering better outcomes for our clients.

Key to this philosophy is developing and integrating research on material ESG issues, as well as our approach to engagement, when in the best interest of our clients.

Key to this philosophy is developing and integrating both high quality fundamental and quantitative research, as well as regular company engagement where appropriate.

Our global research network, intellectual curiosity and collaborative culture allow us to advance clients' investment objectives, whether our clients are seeking idiosyncratic alpha, total return, downside mitigation, or sustainability and impact-focused outcomes.

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• Actively managed traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies;

• Actively managed alternative investments, including fundamental and systematically-driven hedge funds, fund of hedge funds and direct assets (e.g., direct lending, real estate debt and private equity);

• Actively managed alternative investments, including fundamental and systematically-driven hedge funds, fund of hedge funds and direct assets (e.g., direct lending, private credit, real estate debt and private equity);

• Portfolios with Purpose, including Sustainable, Impact and Responsible+ (Climate-Conscious and ESG leaders) equity, fixed income and multi-asset strategies that address our clients' desire to invest their capital with a dedicated ESG focus, while pursuing strong investment returns;

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AllianceBernstein

As of December 31, 2023, 2022 and 2021, Institutional Services represented approximately 44%, 46% and 43%, respectively, of our AUM, and the fees we earned from providing these services represented approximately 16%, 16% and 13%, respectively, of our net revenues for each of those years.

As of December 31, 2024, 2023 and 2022, Institutional Services represented approximately 41%, 44% and 46%, respectively, of our AUM, and the fees we earned from providing these services represented approximately 16% of our net revenues for each of those years.

Our AUM and revenues are as follows:

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Fixed Income Passively Managed (1)

580 425 105 36.5 n/m

934 580 425 61.0 36.5

Fixed Income Servicing (2)

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The mutual funds we sub-advise for EQH and its subsidiaries constitute our largest retail client.

EQH and its subsidiaries accounted for approximately 14% of our retail AUM as of December 31, 2023, 2022 and 2021 and approximately 1% of our retail net revenues for the years ended December 31, 2023, 2022 and 2021.

EQH and its subsidiaries accounted for approximately 13%, 14% and 14% of our retail AUM as of December 31, 2024, 2023 and 2022, respectively, and approximately 1% of our retail net revenues for the years ended December 31, 2024, 2023 and 2022.

Most open-end U.S.

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Our Private Wealth Services represented approximately 17%, 17% and 16% of our AUM as of December 31, 2024, 2023 and 2022, respectively.

The fees we earned from providing these services represented approximately 25% of our net revenues for 2023, 2022 and 2021.

The fees we earned from providing these services represented approximately 28%, 25% and 25% of our net revenues for 2024, 2023 and 2022.

Our AUM and revenues are as follows:

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Bernstein Research Services

We offer high-quality fundamental and quantitative research and trade execution services in equities and listed options to institutional investors, such as mutual fund and hedge fund managers, pension funds and other institutional investors ( "Bernstein Research Services" or " BRS " ) .

We serve our clients, which are based in major markets around the world, through our trading professionals, who are primarily based in New York, London and Hong Kong, and our research analysts, who provide fundamental company and industry research along with quantitative research into securities valuation and factors affecting stock-price movements.

Additionally, we occasionally provide equity capital markets services to issuers of publicly traded securities, such as initial public offerings and follow-on offerings, generally acting as co-manager in such offerings.

We earn revenues for providing investment research to, and executing brokerage transactions for, institutional clients.

These clients compensate us principally by directing us to execute brokerage transactions on their behalf, for which we earn commissions, and to a lesser but increasing extent, by paying us directly for research through commission sharing agreements or cash payments.

Effective April 1, 2024, AB and Societe Generale (" SocGen ") completed their previously announced transaction to form a global joint venture with two joint venture holding companies, one outside of North America and one within North America (" NA JV ", and together the " JVs ").

AB owns a majority interest in the NA JV while SocGen owns a majority interest in the joint venture outside of North America.

AB has deconsolidated the Bernstein Research Services business (" Bernstein Research Services" or " BRS " ) and retained the Bernstein Private Wealth Management business within its existing U.S.

broker dealer Sanford C.

Bernstein & Co., LLC.

For further discussion, see Note 24 Divestitures to AB's consolidated financial statements in Item 8.

Prior to the deconsolidation of the BRS business, we earned revenues for providing investment research to, and executing brokerage transactions for, institutional clients.

These clients compensated us principally by directing us to execute brokerage transactions on their behalf, for which we earned commissions, and to a lesser extent, by paying us directly for research through commission sharing agreements or cash payments.

Bernstein Research Services accounted for approximately 2%, 9% and 10% of our net revenues for the years ended December 31, 2024, 2023 and 2022, respectively.

For information regarding trends in fee rates charged for brokerage transactions, see “Risk Factors” in Item 1A .

In the fourth quarter of 2022, AB and Société Générale (EURONEXT:

GLE, “ SocGen ”), a leading European bank, announced plans to form a joint venture combining their respective cash equities and research businesses.

As a result, the BRS business has been classified as held for sale on the consolidated statement of financial condition.

For further discussion, s ee Note 24 Acquisitions and Divestitures to AB's consolidated financial statements in Item 8.

Our Bernstein Research Services revenues are as follows:

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Bernstein Research Services $ 96,222 $ 386,142 $ 416,273 (75.1 %) (7.2 %)

based broker-dealer subsidiary acts as custodian for the majority of our Private Wealth Management AUM and some of our Institutional AUM.

Other custodian arrangements, directed by clients, include banks, trust companies, brokerage firms and other financial institutions.

based broker-dealer subsidiary acts as custodian for substantially all of our Private Wealth Management AUM and some of our Institutional AUM.

Other custodian arrangements, directed by clients, or where clients authorize or instruct us to appoint a custodian on their behalf, include banks, trust companies, brokerage firms and other financial institutions.

People Management

As a leading global investment management and research firm, we bring together a wide range of insights, expertise and innovations to advance the interests of our clients around the world.

As a leading global investment management and research firm, we bring together a wide range of insights, expertise, and innovation to advance the interests of our clients around the world.

The intellectual capital and distinctive knowledge of our employees are collectively the most important assets of our firm, so the long-term sustainability and success of our firm is heavily dependent on our people.

In 2022, our human capital and administrative services teams became our "People" team, a key acknowledgement of the central role they play in supporting our employees and advancing their work experience.

We are keenly focused on:

• fostering an inclusive culture by incorporating diversity, equity and inclusion in all levels of our business;

Our People team plays a central role in supporting our employees and advancing their work experience.

We are keenly focused on fostering an inclusive culture;

encouraging innovation;

• developing, retaining and recruiting high quality talent;

• aligning employees’ incentives and risk taking with those of the firm.

As a result, we have a strong firm culture that helps us maximize performance and drive excellence.

Further, our firm’s role as a fiduciary is embedded in our culture.

sourcing, developing, and retaining top performing talent;

and consistently aligning employees’ incentives and risk taking with those of the firm.

As a result, we have a robust firm culture that helps us to elevate performance and drive excellence.

Further, our firm’s role as a fiduciary is embedded in our culture and our day-to-day practices.

As a fiduciary, our firm’s primary objective is to act in our clients' best interests and help them reach their financial goals.

Also, our Board of Directors (the " Board ") and committees of the Board, particularly our Compensation and Workplace Practices Committee, provide oversight into various matters affecting our people, including emerging people management risks and strategies to mitigate our exposure to those risks.

These collaborative efforts contribute to the overall framework that guides how AB attracts, retains and develops a workforce that supports our values and strategic initiatives.

AllianceBernstein

These collaborative efforts contribute to the overall framework that guides how AB oversees a workforce that supports our values and drives our strategic initiatives.

Talent Acquisition and Development

AB seeks to achieve excellence in business, including investment performance, client service, and being defined as an employer of choice.

AB seeks to excel as an organization, in investment performance, client service, and being defined as an employer of choice.

Across our global offices, we recruit and hire a workforce with diverse perspectives, backgrounds, and experiences.

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Both our internship and associate programs serve as robust pipelines for future leadership.

The talent acquisition process is our firm’s first impression to future employees, and we strive to provide all candidates with an excellent experience.

The talent acquisition process is our firm’s first impression to future employees, and we strive to provide all candidates with a unique and

AllianceBernstein

compelling experience.

Enhancing the firm’s recruiting efforts to include talent with a nontraditional path to financial services has been a focus area this year.

We recognize that traditional recruitment efforts may not always provide access to the full range of top talent available in the marketplace.

Therefore, we remain committed to implementing a recruiting strategy that is broad and includes partnering with community organizations, exploring alternative education and training programs, while more effectively leveraging the networks of our existing top performing talent leading to a valuable expansion of the pool of qualified applicants available to the firm.

We focus heavily on high candidate engagement, an efficient offer process and sound onboarding to support success.

Investing in the continued development of our talent is ongoing through a blend of formal training, independent learning, mentoring, and progressing assignments of responsibility.

Internal mobility is championed throughout the firm.

We are highly committed to development and believe that top performers expect and deserve this ongoing investment.

Employee Engagement and Culture

Learning and continued development are central to our talent strategy.

In addition to an established culture of mentoring, we leverage technology to develop and deploy relevant coursework.

Internal mobility is championed throughout the firm and progressing assignments of responsibility offer employees career growth and new opportunities.

We remain highly committed to development and believe that top performers expect and deserve this ongoing investment.

Employee Engagement and Fostering an Inclusive Culture

We believe a workforce is most engaged when employees feel connected to our culture.

We seek to create a workplace where our people recognize the high importance of the work they do and enjoy the environment where the work gets done.

By creating a culture of excellence and accountability, we see employees thrive and contribute at their highest levels.

By creating a culture of both high performance and accountability, we see employees thrive and contribute at their highest levels.

It is important that our employees are not only connected to our business but also to the communities in which we operate.

We offer many opportunities to volunteer, including our firm-wide philanthropic initiative, AB Gives Back.

Coming out of the global pandemic, we continue to prioritize the well-being of our staff through our global wellness programming, employee wellness groups, and our hybrid work schedule.

We believe that the flexibility to work remotely up to two days per week allows our employees to maintain the important benefits of in-person collaboration while providing greater work-life balance.

Measuring engagement is key to understanding the views of the organization.

We prioritize the well-being of our staff through our global wellness programming, employee wellness groups, and our hybrid work schedule.

Measuring engagement is key to understanding the views and perspectives of the organization.

We utilize AB Voice, a periodic engagement survey designed to measure employee sentiment, to identify and address gaps that could impact productivity and retention.

Diversity, Equity and Inclusion

The past year has been a robust year for Diversity, Equity and Inclusion (" DEI ") as we continued to focus on delivering equitable positive outcomes across the various segments of our business:

colleagues, clients and communities.

These elements included increasing education and support to address emerging topics, retaining and developing key diverse talent segments, improving data capture and reporting capabilities and scaling infrastructure for a more global, distributed DEI and philanthropy model.

As DEI was again catapulted into the spotlight for a myriad of reasons, these elements have allowed for a more intentional, consistent approach and have acted to accelerate the overall success of the strategy.

Furthermore, our Board and Board committees evaluate the overall effectiveness of our social responsibility policies, goals and programs and recommend changes to management as necessary.

Over the past few years, we have seen an increase in social issues being brought to the forefront of national and global conversations including in the workplace.

In an effort to appropriately respond to such issues, we formed the Social Response Committee (the " SRC ").

The SRC has developed an approach to value-driven action that is rooted in broad evaluation of the various issues integrated with AB’s purpose and values to maintain consistency in decision making.

The SRC’s remit is to surface, review and direct AB’s public or internal response to social issues that impact our business and our people.

Data is at the heart of a strong and agile DEI strategy and serves as an incredibly effective tool to best uncover gaps and determine key focus areas.

This year, we continued to closely monitor internal quantitative and qualitative metrics such as our AB Voice employee engagement survey to measure progress and determine which populations may require additional focus and development.

We also leveraged external data sources such as the Investment Company Institute Asset Management D&I benchmarking survey, Disability Equality Index and Coqual’s Asian/Asian American and Pacific Islander focused research to maintain awareness of how we are performing relative to peers and competitors and ensure alignment with common practices.

As global demographics change and employee needs and expectations evolve, providing platforms for education and productive discourse becomes even more critical.

In 2023, we introduced several intentional engagement and retention initiatives including disability inclusion, expanded programs and focus groups.

Our Employee Resource Groups which hosted over 50 events, remain essential to AB’s commitment to inclusivity as they not only encourage a positive work culture, but also contribute to business development and the professional development of employees worldwide.

2023 Annual Report 13

AB is committed to promoting a diverse and inclusive workplace because we believe it has had a positive impact on our people, clients, and communities.

In 2024, the workplace continued to undergo changes driven by various factors including rapid technological changes, evolving employee expectations, nuanced global needs and broader societal shifts.

We have navigated the current dynamic environment by fostering a culture of continuous learning with a focus on employee engagement, exploring nontraditional recruiting sources, and locally driven inclusion initiatives.

We have prioritized initiatives and events that allow for learning, employee development and healthy discourse to cultivate an

environment centered on inclusion.

Our Employee Resource Groups hosted over 70 events which aimed to not only foster an inclusive work environment, but also contribute to business opportunities and the professional development of employees worldwide.

Additionally, we leverage data from our annual engagement survey to inform our decision-making process and gain a deeper understanding of the ever-changing needs of our diverse workforce across the globe.

Compensation and Benefits

We recognize the role that a competitive total rewards offering plays in attracting and retaining top talent.

We recognize the role that a competitive total reward offering plays in attracting and retaining top talent.

Our pay practices include base salaries, annual cash bonuses, and, for employees with total compensation over $300,000 annually, a long-term incentive compensation award.

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On occasion, pay is adjusted off-cycle due to internal transfer and/or promotion.

Based on unique geographies, the firm makes benefits available to all eligible employees, including health insurance, paid and unpaid leaves, a retirement plan, and life and disability/accident coverage.

We also offer a variety of voluntary benefits, ranging from adoption and surrogacy assistance to tuition reimbursement, which allows employees to select the options that meet their individual needs.

As of December 31, 2023, our firm had 4,707 full-time employees, including 284 new hires onboarded during the first quarter of 2023, which were previously outsourced consultants in Pune, India.

Net of these hires, headcount declined year-over-year, as compared with 4,436 employees as of December 31, 2022.

Based on unique geographies, the firm makes benefits available to all eligible employees, including health insurance, paid and unpaid leaves, a self-directed retirement plan, and life and disability/accident coverage.

We also offer a variety of voluntary benefits, ranging from adoption and surrogacy assistance to tuition reimbursement, which allows employees to select the offerings that meet their individual needs.

As of December 31, 2024, our firm had 4,341 full-time employees as compared to 4,707 employees as of December 31, 2023.

The decrease was primarily due to the BRS deconsolidation.

2024 Annual Report 13

As of December 31, 2024, our employees reflected the following characteristics and locations:

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In 2015, we established a new brand identity by prominently incorporating “AB” into our brand architecture, while maintaining the legal names of our corporate entities.

With this and other related refinements, our company, and our Institutional and Retail businesses, are referred to as “AllianceBernstein (AB)” or simply “AB.” Private Wealth Management and Bernstein Research Services are referred to as “AB Bernstein.” Also, we adopted the logo service mark described above .

In connection with the Bernstein Transaction, we acquired all of the rights in, and title to, the Bernstein service marks, including the mark “Bernstein.”

AllianceBernstein

With this and other related refinements, our company and each of its subsidiaries, including our Institutional and Retail businesses, are referred to as “AllianceBernstein ( AB )” or simply “AB.” Private Wealth Management is referred to as “AB Bernstein.”

Service marks are generally valid and may be renewed indefinitely, as long as they are in use and/or their registrations are properly maintained.

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Possible sanctions that may be imposed on us include the suspension of individual employees, limitations on engaging in business for specific periods, the revocation of the registration as an investment adviser or broker-dealer, censures and fines.

AB, AB Holding, the General Partner and six of our subsidiaries (Sanford C.

Bernstein & Co., LLC (“ SCB LLC ”), AB Broadly Syndicated Loan Manager LLC, AB Custom Alternative Solutions LLC, AB Private Credit Investors LLC, AB CarVal Investors and W.P.

Stewart Asset Management Ltd.) are registered with the SEC as investment advisers under the Investment Advisers Act.

AB, AB Holding, the General Partner and five of our subsidiaries (Sanford C.

Bernstein & Co., LLC (“ SCB LLC ”), AB Broadly Syndicated Loan Manager LLC, AB Custom Alternative Solutions LLC, AB Private Credit Investors LLC, and AB CarVal Investors) are registered with the SEC as investment advisers under the Investment Advisers Act.

Additionally, AB Holding is an NYSE- listed company and, accordingly, is subject to applicable regulations promulgated by the NYSE.

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AllianceBernstein Investor Services, Inc., one of our subsidiaries, is registered with the SEC as a transfer and servicing agent.

AllianceBernstein

SCB LLC and another of our subsidiaries, AllianceBernstein Investments, Inc., are registered with the SEC as broker-dealers, and both are members of the Financial Industry Regulatory Authority.

In addition, SCB LLC is a member of the NYSE and other principal U.S.

Many of our subsidiaries are subject to the oversight of regulatory authorities in the jurisdictions outside the United States in which they operate, including the Ontario Securities Commission, the Investment Industry Regulatory Organization of Canada, the European Securities and Markets Authority, the Financial Conduct Authority in the U.K., the CSSF in Luxembourg, the Financial Services Agency in Japan, the Securities & Futures Commission in Hong Kong, the Monetary Authority of Singapore, the Financial Services Commission in South Korea, the Financial Supervisory Commission in Taiwan and The Securities and Exchange Board of India.

Many of our subsidiaries are subject to the oversight of regulatory authorities in the jurisdictions outside the United States in which they operate, including the Ontario Securities Commission, the Investment Industry Regulatory Organization of Canada, the European Securities and Markets Authority, the Financial Conduct Authority in the U.K., the CSSF in Luxembourg, the Financial Services Agency in Japan, the Securities & Futures Commission in Hong Kong, the Monetary Authority of Singapore, the Financial Services Commission in South Korea, and the Financial Supervisory Commission in Taiwan.

While these regulatory requirements often may be comparable to the requirements of the SEC and other U.S.

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In October 2000, our two legacy firms, Alliance Capital and Bernstein, combined, bringing together Alliance Capital’s expertise in growth equity and corporate fixed income investing and its family of retail mutual funds, with Bernstein’s expertise in value equity investing, tax-exempt fixed income management, and its Private Wealth Management and Bernstein Research Services businesses.

In April 2024, AB and Societe General, a leading European Bank, completed their previously announced transaction to form a jointly owned equity research provider and cash equity trading partner for institutional investors.

AB deconsolidated the Bernstein Research Services business and contributed the business to the joint ventures.

AB has retained the Bernstein Private Wealth Management business within its existing U.S.

broker dealer, Sandford C Bernstein LLC.

AB maintains an equity method investment in the joint ventures.

For further discussion, see Note 24 Divestitures to AB's consolidated financial statements in Item 8.

2024 Annual Report 15

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The General Partner owns 100,000 general partnership units in AB Holding and a 1.0% general partnership interest in AB.

Including these general partnership interests, EQH, directly and through certain of its subsidiaries ( see “Principal Security Holders” in Item 12 ), had an approximate 61.2% economic interest in AB as of December 31, 2023.

Including these general partnership interests, EQH, directly and through certain of its subsidiaries ( see “Principal Security Holders” in Item 12 ), had an approximate 61.9% interest in AB as of December 31, 2024.

We compete in all aspects of our business with numerous investment management firms, mutual fund sponsors, brokerage and investment banking firms, insurance companies, banks and other financial institutions that often provide investment products with similar features and objectives as those we offer.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business