AllianceBernstein in UK distribution deal with Raymond James
AllianceBernstein, a NYSE-listed US asset manager in which French insurance giant AXA holds a controlling stake, has announced a new distribution agreement with the British arm of Raymond James, the US financial services holding company and platform provider.
Under the agreement, nine AllianceBernstein funds, including AB’s high-conviction equity, specialist fixed-income and multi-asset funds, will be made available to UK wealth managers on Raymond James’s UK platform.
Additional products from AB’s Luxembourg-domiciled range are to be added in due course, AllianceBernstein said.
Alliance Bernstein’s head of EMEA Client Group Jamie Hammond said AB saw the UK discretionary retail market as “a key component of AB’s global growth plans and strategic partnerships”, and in conjunction with this, companies such as Raymond James were seen as “an integral part” of its plans going forward.
“In the current environment of market uncertainty, funds such as those within our differentiated, high-conviction equity range provide wealth managers with a sophisticated solution to help meet their clients’ demands,” he added.
The AB funds being offered to the UK market are: AB Concentrated Global Equity Portfolio;AB Concentrated US Equity Portfolio;AB Diversified Yield Plus Portfolio; AB Emerging Markets Multi-Asset Portfolio; AB Euro High Yield Portfolio; AB Global Core Equity Portfolio; AB Global Plus Fixed Income Portfolio; AB Short Duration High Yield Portfolio; and the AB Low Volatility Equity Portfolio.
In the UK, Raymond James had some £7.73bn in assets under management at the end of June, according to its website. It has 97 “locations” across the the market, with 252 wealth managers looking after some 37,244 clients.