AllianceBernstein Hires Caxton’s Feuerman for U.S. Equities Team
AllianceBernstein LP, the asset manager that’s struggling to end a wave of redemptions, hired Kurt Feuerman from hedge fund Caxton Associates LP as senior vice president and portfolio manager for U.S. stocks.
Feuerman, a senior managing director and fund manager at Caxton, will join by the end of May or early June, according to statement yesterday. New York-based AllianceBernstein will also take on the role of investment manager and trading adviser for several funds managed by Feuerman, including Equity Growth, which can bet on rising and falling stocks, and Alpha Equity, a long-only strategy.
“Kurt is an accomplished investor who strengthens our equity team and brings valuable expertise in long/short portfolio management,” Sharon Fay, head of equities at AllianceBernstein, said in the statement.
AllianceBernstein has been plagued by client withdrawals from its stock funds over the past two years as investors pulled 28 percent of the firm’s assets, the highest share for any publicly traded U.S. mutual fund manager. Chief Executive Officer Peter Kraus, hired in December 2008 with a pay package valued at $52 million, has recruited money managers, tied compensation more closely to stock performance and rolled out new products to end the bleeding.
The firm last year bought the alternative investments group of SunAmerica, adding a team that manages a portfolio of hedge- fund and private-equity fund investments.
Caxton Veteran
Feuerman has been with Caxton, the New York-based hedge fund founded by Bruce Kovner, since 1998. The amount of assets he will bring with him was not disclosed, according to John Meyers, a spokesman for AllianceBernstein.
Shares of AllianceBernstein Holding LP (AB), the publicly traded company that owns 38 percent of the asset manager, declined 6.9 percent this year through yesterday.
Before joining Caxton, Feuerman was a managing director at Morgan Stanley (MS), which is also in New York. He has a bachelor’s degree from McGill University in Montreal and a master’s of business administration from Columbia University in New York.
Kovner earned an estimated $640 million last year, which made him the eighth-highest paid U.S. hedge-fund manager, according to AR magazine.
To contact the reporter on this story: Charles Stein in Boston at cstein4@bloomberg.net
To contact the editor on this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net
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