Bernstein gears up for inorganic growth with new UHNW leadership

Bernstein Private Wealth Management is continuing to build out its ultrahigh-net-worth business with a new round of leadership appointments tied to its strategy for inorganic growth.

The firm, a unit of AllianceBernstein, announced three leadership changes on Monday intended to support its expansion into priority US markets and deepen its capabilities in the ultrahigh-net-worth segment.

The moves, which include both internal promotions and external additions, come on the heels of Bernstein’s launch of a dedicated UHNW service team in January last year.

Craig Storch, a 25-year veteran at Bernstein, has been named senior managing director for growth strategies. Storch will work alongside Neel Ray, who joins as senior national director on the growth strategies team. In a separate appointment, Marshall Butler has been hired as head of marketing. All three will report to Aaron Bates, who oversees ultrahigh-net-worth and growth strategies at the firm.

The hires are part of a broader plan to scale the firm’s UHNW offering through inorganic channels, including the selective acquisition of RIAs and the recruitment of experienced advisors. In line with that, it appointed Ashley Velategui, a nearly-two decade veteran of the firm, to head its wealth strategies group in May.

While Bernstein has long emphasized organic talent development, the firm is now sharpening its focus on external growth levers.

Based on preliminary figures as of May 31, Bernstein reported $140 billion in assets under management, while its parent had $803 billion in total assets.

“At Bernstein, our success over more than 50 years has been built on exceptional, organic talent development,” Bates said in the firm's leadership announcement Tuesday. “Our new inorganic growth plan complements that success as we continue to expand our UHNW platform in priority markets across the US.”

Storch previously oversaw offices in Miami, Tampa, and Atlanta and has advised high-net-worth clients globally.

Ray brings over two decades of mergers and acquisitions experience, having held corporate development roles at firms including Envestnet, TD Ameritrade, and Bank of America Merrill Lynch.

Butler, who comes from previous roles at Wells Fargo and BlackRock, will focus on enhancing advisor enablement and building out the Bernstein brand.

Bernstein is positioning itself as a platform for advisors looking to grow within the UHNW space, leveraging the scale and infrastructure of its parent company, AllianceBernstein.

“We see consistent growth across our private wealth business and our UHNW segment has notable momentum,” said Onur Erzan, head of the global client group and private wealth at AllianceBernstein. “Bernstein offers experienced wealth advisors a truly differentiated platform to scale their practices and improve their client outcomes.”

In addition to talent expansion, Bernstein continues to invest in infrastructure. The firm opened a new office at the Spiral in New York City’s Hudson Yards in September 2024 and is rolling out customized offerings for family offices and global families.

More broadly, AllianceBernstein's dedicated unit for RIAs has seen remarkable growth, surging 113% from its 2023 inception until 2024 and advancing another 35% year-to-date in 2025.