Attached files
| file | filename |
|---|---|
| 8-K - ALLIANCEBERNSTEIN HOLDING L.P. 8-K 11-23-2009 - ALLIANCEBERNSTEIN HOLDING L.P. | form8k.htm |
| EX-99.01 - EXHIBIT 99.01 - ALLIANCEBERNSTEIN HOLDING L.P. | ex99_01.htm |
Exhibit
99.02
November
24, 2009
Peter
S. Kraus
Chairman & Chief
Executive Officer
AllianceBernstein:
Ensuring Stakeholder Success
AXA
Investor Day
1
AllianceBernstein.com
Certain
statements provided by management in this presentation are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially
from future results expressed or implied by such forward-looking statements. The most significant of these factors include, but are not limited to, the following:
the performance of financial markets, the investment performance of sponsored investment products and separately managed accounts, general economic
conditions, industry trends, future acquisitions, competitive conditions, and government regulations, including changes in tax regulations and rates and the
manner in which the earnings of publicly traded partnerships are taxed. We caution readers to carefully consider such factors. Further, such forward-looking
statements speak only as of the date on which such statements are made; we undertake no obligation to update any forward-looking statements to reflect
events or circumstances after the date of such statements. For further information regarding these forward-looking statements and the factors that could
cause actual results to differ, see “Risk Factors” and “Cautions Regarding Forward-Looking Statements” in our Form 10-K for the year ended December 31,
2008 and Form 10-Q for the quarter ended September 30, 2009. Any or all of the forward-looking statements that we make in this presentation, Form 10-K,
Form 10-Q, other documents we file with or furnish to the SEC, and any other public statements we issue, may turn out to be wrong. It is important to
remember that other factors besides those listed in “Risk Factors” and “Cautions Regarding Forward-Looking Statements”, and those listed below, could also
adversely affect our revenues, financial condition, results of operations and business prospects.
Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially
from future results expressed or implied by such forward-looking statements. The most significant of these factors include, but are not limited to, the following:
the performance of financial markets, the investment performance of sponsored investment products and separately managed accounts, general economic
conditions, industry trends, future acquisitions, competitive conditions, and government regulations, including changes in tax regulations and rates and the
manner in which the earnings of publicly traded partnerships are taxed. We caution readers to carefully consider such factors. Further, such forward-looking
statements speak only as of the date on which such statements are made; we undertake no obligation to update any forward-looking statements to reflect
events or circumstances after the date of such statements. For further information regarding these forward-looking statements and the factors that could
cause actual results to differ, see “Risk Factors” and “Cautions Regarding Forward-Looking Statements” in our Form 10-K for the year ended December 31,
2008 and Form 10-Q for the quarter ended September 30, 2009. Any or all of the forward-looking statements that we make in this presentation, Form 10-K,
Form 10-Q, other documents we file with or furnish to the SEC, and any other public statements we issue, may turn out to be wrong. It is important to
remember that other factors besides those listed in “Risk Factors” and “Cautions Regarding Forward-Looking Statements”, and those listed below, could also
adversely affect our revenues, financial condition, results of operations and business prospects.
The
forward-looking statements referred to in the preceding paragraph include
statements regarding:
< Our expectation that
the leverage in our business model will increase should our assets under
management and revenues continue to grow and our
lower expense base remains stable: Unanticipated events and factors, including strategic initiatives, may cause us to expand our expense base, thus
limiting the extent to which we benefit from any positive leverage in future periods. Growth in our revenues will depend on the level of our assets
under management, which in turn depends on factors such as the actual performance of the capital markets, the performance of our investment
products and other factors beyond our control.
lower expense base remains stable: Unanticipated events and factors, including strategic initiatives, may cause us to expand our expense base, thus
limiting the extent to which we benefit from any positive leverage in future periods. Growth in our revenues will depend on the level of our assets
under management, which in turn depends on factors such as the actual performance of the capital markets, the performance of our investment
products and other factors beyond our control.
Cautions
Regarding Forward-Looking Statements
2
AllianceBernstein.com
ü
ü
ü
ü
ü
< Top quartile for
3Q09
< Two out of three
concentrated services in top decile
< Top half of
performance for 3Q09 and YTD 09
< Two of the three in
the top quartile of performance for YTD 09
< US Large Cap Growth
in top decile for 3Q09 and top quartile for one-year
< Top half of
performance for 3Q09 and YTD 09
< 69% of mutual funds
were in top 50% of peer groups (asset-weighted)
for 3Q09
for 3Q09
Performance: Strong Investment
Returns
3
AllianceBernstein.com
In US $
Billions
Net
Flows
4
AllianceBernstein.com
Thematic
Investing
Unconstrained
Investing
Distressed
Credit
Distressed
Real Estate
Individual
Stock Selection
Investment
Themes:
Where Alpha Will Come From
5
AllianceBernstein.com
< Key firm objective
in 2009: create
greater operating leverage through significant reductions in
headcount and other controllable expenses
headcount and other controllable expenses
< Retroactive impact
of cost savings on the 12 Months Ended September 30, 2009:
Creating
Operating Leverage in 2009
6
AllianceBernstein.com