AllianceBernstein Buys SunAmerica Hedge Fund, Private Equity Group

Oct 4 2010 | 2:37am ET

AllianceBernstein has acquired SunAmerica's alternative investments group.

Terms of the deal were not disclosed. AllianceBernstein, which is owned by AXA, also would not say how much the SunAmerica hedge fund and private equity unit manages.

"We are pleased to add to our alternative investment capabilities this exceptional hedge fund and private equity fund investment team," CEO Peter Kraus said. "Marc Gamsin and his SunAmerica Alternative Investments colleagues have built an outstanding platform, which we believe will provide valued investment opportunities for our clients."

"We've admired AllianceBernstein's superb investment research for many years, and we're thrilled to become a part of this respected, global institution, while maintaining our long-standing SunAmerica relationship," Gamsin added.

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