What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-12 compared with 2025-02-14 · 72 added, 107 removed, 432 unchanged (29% of the section changed)

7 unchanged sentences

We use “ emerging markets ” in this Form 10-K to refer to countries included in the Morgan Stanley Capital International (“ MSCI ”) emerging markets index, which include, as of December 31, 2025:

Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

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

Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

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

Institutions, Retail and Private Wealth Management.

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Our high-quality, in-depth research is the foundation of our asset management and private wealth management businesses.

We believe that our global team of research professionals, whose disciplines include economic, fundamental equity, fixed income and quantitative research, gives us a competitive advantage in achieving investment success for our clients.

We also have experts focused on multi-asset strategies, wealth management, environmental, social and governance (“ ESG ”), and alternative investments.

We believe that our global team of research professionals, whose disciplines include economic, equity, fixed income and quantitative research, gives us a competitive advantage in achieving investment success for our clients.

We also have experts focused on multi-asset strategies, wealth management, sustainability and impact strategies, and alternative investments.

2025 Annual Report 1

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:

• We invest in one another , meaning that we have a strong organizational culture in which diversity is celebrated and mentorship is critical to our success.

Purpose and Values

To AllianceBernstein, being a responsible firm means delivering better outcomes for our clients while upholding high ethical standards, building a strong culture, and promoting the future viability of our business.

Our purpose and values describe the employee behaviors and actions that support these goals, and we work diligently across our business to bring them to life.

Purpose — Pursue insight that unlocks opportunity.

• We invest in one another , meaning that we have a strong organizational culture where community and belonging is celebrated and mentorship is critical to our success.

• We strive for distinctive knowledge , meaning that we collaboratively identify creative solutions to clients' investment challenges through our expertise in a wide range of investment disciplines.

• 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 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.

And, we have described our firm's governance structure, including our Board and its committees, in Item 10 of this Form 10-K.

AllianceBernstein

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

We describe our firm's governance structure, including our Board and its committees, in Item 10 of this Form 10-K.

Investment Philosophy

We believe that by using differentiated research insights and a disciplined process to build high active share portfolios, we can achieve strong investment results for our clients over time.

We are fully invested in delivering better outcomes for 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.

We believe that strong long-term investment outcomes are achieved through disciplined portfolio construction, differentiated research, and active risk management across market environments.

Our investment approach integrates fundamental and quantitative insights, rigorous valuation and risk frameworks, and active portfolio oversight to deliver a range of client objectives, including alpha generation, total return, income, diversification, and downside mitigation.

Our global research platform emphasizes depth of expertise, collaboration across asset classes, and continuous challenge of investment decisions.

We focus not only on identifying attractive opportunities, but also on managing risk, liquidity, and concentration as integral components of portfolio construction in advancing clients’ investment objectives.

Our investment services include expertise in:

• Actively managed equity strategies across global and regional universes, as well as capitalization ranges, concentration ranges and investment strategies, including value, growth and core equities;

• 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, 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;

• Multi-asset services and solutions, including dynamic asset allocation, customized target-date funds and target-risk funds;

• Passively managed equity and fixed income strategies, including index, ESG index and enhanced index strategies.

• Equities, including actively managed strategies across global and regional markets and capitalization ranges, spanning growth, value, core, defensive, thematic, and sustainable approaches, with varying degrees of active risk, concentration, and benchmark sensitivity;

• Fixed Income , including actively managed traditional and unconstrained strategies across taxable and tax-exempt markets, encompassing government, corporate, securitized, emerging market, and municipal securities, with a focus on income generation, risk management, liquidity, and diversification;

• Multi-Asset Solutions , including outcome-oriented and asset-allocation strategies such as target-date, target-risk, income, and total-return portfolios, as well as customized multi-asset solutions designed to meet specific client objectives;

• Hedge Fund Strategies , including fundamental and systematic hedge funds, equity market neutral, event-driven, macro, and fund-of-funds strategies, focused on delivering diversified, idiosyncratic return streams with controlled market exposure;

• Private Alternatives , including private credit, asset-based finance, real assets, real estate debt, and specialty finance strategies, where returns are driven by underwriting discipline, structure, selectivity, and active portfolio management rather than public market beta;

• Systematic Strategies , including alpha-seeking and risk-controlled approaches that apply quantitative research, data-driven signals, and disciplined portfolio construction across equity and fixed income markets, as well as passive index, ESG index, and enhanced index solutions designed to provide efficient market exposure.

AllianceBernstein

Our AUM by client domicile and investment service as of December 31, 2025, 2024 and 2023 are as follows:

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($ in billions)

2024 Annual Report 3

Distribution Channels

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EQH and Subsidiaries as a % of our Institutional AUM EQH and Subsidiaries as a % of our Institutional Revenues

AllianceBernstein

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.

2025 Annual Report 3

As of December 31, 2025, 2024 and 2023, Institutional Services represented approximately 41%, 41% and 44%, respectively, of our AUM, and the fees we earned from providing these services represented approximately 15%, 16% and 16% of our net revenues for each of those years, respectively.

Our AUM and revenues are as follows:

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(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

2024 Annual Report 5

AllianceBernstein

Revenues from Institutional Services

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(1) Includes index and enhanced index services.

(2) Fixed Income Servicing includes advisory-related services fees that are not based on AUM, including derivative transaction fees, capital purchase program-related advisory services and other fixed income advisory services.

(2) Fixed Income Servicing includes advisory-related services fees that are not based on AUM, including derivative transaction fees and other fixed income advisory services.

(3) Includes certain multi-asset solutions and services not included in equity or fixed income services.

AllianceBernstein

2025 Annual Report 5

We provide investment management and related services to a wide variety of individual retail investors globally through retail mutual funds we sponsor, mutual fund sub-advisory relationships, separately-managed account programs ( see below ), and other investment vehicles (“ Retail Products and Services ”).

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Fund shareholders must be given advance notice of any fee increases.

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

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.

The mutual funds we sub-advise for a subsidiary of EQH constitute our largest retail clients.

These assets accounted for approximately 13%, 13% and 14% of our retail AUM as of December 31, 2025, 2024 and 2023, respectively, and approximately 1% of our retail net revenues for the years ended December 31, 2025, 2024 and 2023.

Most open-end U.S.

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As of December 31, 2025, retail U.S.

Fund AUM were approximately $74 billion, or 22% of retail AUM, as compared to $66 billion, or 23%, as of December 31, 2023, and $54 billion, or 22%, as of December 31, 2022.

Fund AUM was approximately $75 billion, or 21% of retail AUM, as compared to $74 billion, or 22%, as of December 31, 2024, and $66 billion, or 23%, as of December 31, 2023.

Retail non-U.S.

Fund AUM, as of December 31, 2025, totaled $131 billion, or 37% of retail AUM, as compared to $127 billion, or 38%, as of December 31, 2024, and $107 billion, or 37%, as of December 31, 2023.

2024 Annual Report 7

AllianceBernstein

Our Retail Services represented approximately 41%, 42% and 39% of our AUM as of December 31, 2025, 2024 and 2023, respectively, and the fees we earned from providing these services represented approximately 55%, 52% and 46% of our net revenues for the years ended December 31, 2025, 2024 and 2023, respectively.

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(2) Includes certain multi-asset solutions and services not included in equity or fixed income services

AllianceBernstein

2025 Annual Report 7

Revenues from Retail Services

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(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

2024 Annual Report 9

AllianceBernstein

Private Wealth Management

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Our flexible and extensive investment platform offers a range of solutions, including separately-managed accounts, hedge funds, mutual funds and other investment vehicles, tailored to meet each distinct client's needs.

Our investment platform is complimented with a wealth platform that includes complex tax and estate planning, pre-IPO and pre-transaction planning, multi-generational family engagement, and philanthropic advice in addition to tailored approaches to meeting the unique needs of emerging wealth and multi-cultural demographics (" Private Wealth Services ").

Our investment platform is complemented with a wealth platform that includes complex tax and estate planning, pre-IPO and pre-transaction planning, multi-generational family engagement, and philanthropic advice in addition to tailored approaches to meeting the unique needs of emerging wealth and multi-cultural demographics (" Private Wealth Services ").

We manage accounts pursuant to written investment advisory agreements, which generally are terminable at any time or upon relatively short notice by any authorized party, and may not be assigned without the client's consent.

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Fixed Income Passively Managed (1)

— 2 2 (100.0) —

— — 2 n/m (100.0)

Total Fixed Income 53,645 48,683 44,963 10.2 8.3

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(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

AllianceBernstein

2025 Annual Report 9

Revenues from Private Wealth Services

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(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

2024 Annual Report 11

AllianceBernstein

Bernstein Research Services

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.

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

As of December 31, 2025, AB owned a majority interest in the NA JV while SocGen owned a majority interest in the ROW JV.

AB 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.

On January 1, 2026, AB entered into an Amended and Restated Shareholder agreement with SocGen (the " Amendment Agreement ") and exercised our option to deliver a 17.7% interest in the NA JV to SocGen resulting in AB owning a 49% interest in the NA JV.

Subsequent to the Amendment Agreement, on January 1, 2026, AB and SocGen contributed their respective interests in the NA JV for an equal interest in ROW JV resulting in a single joint venture (the " AB/SG JV ").

AB now owns a 49% interest in the AB/SG JV and SocGen owns a 51% majority interest.

See Note 24 Divestitures to AB's consolidated financial statements in Item 8 for further discussion.

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.

Bernstein Research Services accounted for approximately zero, 2% and 9% of our net revenues for the years ended December 31, 2025, 2024 and 2023, respectively.

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

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People Management

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.

As a leading global investment management 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.

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;

We are keenly focused on fostering a culture of meritocracy;

encouraging innovation;

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

2025 Annual Report 11

Talent Acquisition and Development

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We engage external organizations, including search firms and partnerships to assist in attracting and recruiting top talent at all levels.

We also leverage technology tools to source and evaluate candidates against our needs and we continue to prioritize attracting diverse talent throughout our search activities.

We also leverage technology tools to source and evaluate candidates against our needs and we continue to prioritize attracting the best talent throughout our search activities.

Outside of traditional recruiting, we believe investing in emerging talent is key to our future planning.

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 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.

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

We continue to enhance 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.

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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.

We remain highly committed to a culture of meritocracy and employee development, and believe that top performers expect and deserve this ongoing investment.

Employee Engagement and Fostering an Inclusive Culture

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

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.

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

In 2025, the workplace continued to undergo changes driven by various factors including rapid technological advances, 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.

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.

Additionally, we leveraged 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

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These awards are generally denominated in restricted AB Holding Units.

We utilize this structure with intentionality to foster a stronger sense of ownership by employees, aligning their interests directly with the interests of our Unitholders and indirectly with the interests of our clients.

We utilize this structure with intentionality to foster a stronger sense of ownership by employees, aligning their interests with the interests of our Unitholders and our clients.

We are a meritocracy and pay for performance under the auspices of providing compensation that is competitive and consistent with employee positions, skill levels, performance, experience, knowledge, and geographic location.

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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.

AllianceBernstein

As of December 31, 2025, our firm had 4,468 full-time employees as compared to 4,341 employees as of December 31, 2024.

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:

Female % Female Male % Male Grand Total % of Total

Americas 1,082 26 % 1,870 45 % 2,952 71 %

Asia ex Japan 319 8 % 407 9 % 726 17 %

EMEA 181 4 % 236 6 % 417 10 %

Japan 56 1 % 36 1 % 92 2 %

Grand Total (1)

1,638 39 % 2,549 61 % 4,187 100 %

(1) The table above reflects only those employees who have self-reported as male or female and as such does not reconcile to our total of 4,341 full-time employees as of December 31, 2024.

Information about our Executive Officers

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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.

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

Also, AB, SCB LLC and AB Custom Alternative Solutions LLC are registered with the Commodity Futures Trading Commission (“ CFTC ”) as commodity pool operators and commodity trading advisers;

SCB LLC also is registered with the CFTC as a commodities introducing broker.

Also, AB, SCB LLC and AB CAS are registered with the Commodity Futures Trading Commission (“ CFTC ”).

AB is registered with the CFTC as a commodity pool operator (" CPO ") and commodity trading adviser (" CTA ");

SCB LLC is registered with the CFTC as a CPO, CTA, and commodities introducing broker;

and AB CAS is registered with the CFTC as a CPO.

Fund is registered with the SEC under the Investment Company Act and each Non-U.S.

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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.

AB Trust Company, LLC (" ABTC ") is registered with the New Hampshire Banking Department as a state chartered trust bank.

ABTC serves as the trustee for our collective investment trusts.

2025 Annual Report 13

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.

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The General Partner is the general partner of both AB and AB Holding.

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

In October 2000, our two legacy firms, Alliance Capital and Sanford C.

Bernstein, combined, bringing together Alliance Capital’s expertise in growth equity and corporate fixed income investing and its family of retail mutual funds, with Sanford C.

Bernstein’s expertise in value equity investing, tax-exempt fixed income management, and Private Wealth Management.

As of December 31, 2025, the condensed ownership structure of AB is as follows (for a more complete description of our ownership structure, see “Principal Security Holders” in Item 12 ):

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 61.9% interest in AB as of December 31, 2024.

Including these general partnership interests, EQH, directly and through certain of its subsidiaries ( see “Principal Security Holders” in Item 12 ), had an approximate 68.3% economic interest in AB as of December 31, 2025.

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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These factors may place us at a competitive disadvantage, and we can give no assurance that our strategies and efforts to maintain and enhance our current client relationships, and create new ones, will be successful.

AllianceBernstein

In addition, EQH and its subsidiaries provide financial services, some of which compete with those we offer.

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Competition is an important risk that our business faces and should be considered along with the other factors we discuss in “Risk Factors” in Item 1A .

AllianceBernstein

Available Information

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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