- Reductions will include some portfolio managers, person says
- Manager and research firm has assets of about $468 billion
AllianceBernstein, the fund manager and research firm with $468 billion in assets, plans to fire 10 to 15 people in its fixed-income business as the asset-class faces choppy markets, according to a person with knowledge of the matter.
The cuts comprise a fraction of the company’s more than 230 fixed-income employees and are in line with normal attrition, said the person, who asked not to be named because the information is private. The reductions include a few portfolio managers at funds that aren’t central to the business, the person said.
Global banks also have been cutting into fixed-income operations amid a years-long slump in trading and concerns that the business won’t rebound soon. Morgan Stanley recently pared its fixed-income trading division to improve profitability. Goldman Sachs Group Inc. is considering cutting more than 5 percent of its fixed-income traders and salespeople later this quarter, a person with knowledge of the matter said this month.
AllianceBernstein, which is based in New York, had 3,599 employees as of Sept. 30.