AllianceBernstein's CFO Howard to Leave for AQR After Less Than One Year
Stock Chart for AllianceBernstein Holding LP (AB)
AllianceBerstein Holding LP, a New York-based asset-management firm, said Chief Financial Officer John Howard will leave the company in February after less than a year on the job.
Howard will return to his former employer, Greenwich, Connecticut-based AQR Capital Management, in his previous role as chief operating officer, AllianceBernstein said today in a statement. AQR runs one of the world’s biggest hedge funds.
Edward J. Farrell, AllianceBernstein’s corporate controller, will serve as interim CFO while the company looks for a permanent replacement, according to the statement.
Howard “significantly strengthened our finance processes and enhanced our internal and external reporting,” Peter Kraus, AllianceBernstein’s chief executive officer, said in the statement.
AllianceBernstein shares declined 20 percent in the past year, compared with a gain of 14 percent for the Standard & Poor’s 15-company index of asset managers and custody banks, according to data compiled by Bloomberg.
Assets under management fell to $485 billion as of Nov. 30 from $499 billion on Oct. 31 as a result of investment losses and withdrawals by institutional customers, the firm said last month.
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