Former AllianceBernstein CEO to open new firm

Former AllianceBernstein CEO Lewis A. Sanders will launch a new firm as early as January, according to sources who declined to be identified.
SEP 03, 2009
Former AllianceBernstein CEO Lewis A. Sanders will launch a new firm as early as January, according to sources who declined to be identified. John Mahedy, now CIO of U.S. and North American value equities at AllianceBernstein, will leave AllianceBernstein in mid-October to join Mr. Sanders, the sources said. Mr. Mahedy will serve as CIO of the new investment firm. At AllianceBernstein, Gerry Paul and David Yuen will become co-CIOs of U.S. large-cap value equities when Mr. Mahedy leaves, while Mr. Paul will become sole CIO of North American value equities. Mr. Yuen will retain his current duties as director of research for U.S. large-cap value equities. Mr. Paul, meanwhile, will relinquish his role as head of global diversified strategies to Drew Demakis, who has served as a member of that team. Mr. Paul will retain his other role as head of global diversified value services. AllianceBernstein spokesman John Meyers confirmed the pending changes, saying the transition would be seamless because Mr. Paul, a 22-year Bernstein veteran, and Mr. Yuen, an 11-year Bernstein veteran, have long “worked hand in glove with John.” Mr. Sanders didn’t immediately return calls to his home for comment. Mr. Mahedy also did not immediately return calls.

Latest News

Mesirow acquires part of flexPATH in second retirement deal of 2026
Mesirow acquires part of flexPATH in second retirement deal of 2026

Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.

Advisor moves: LPL lands $350M veteran advisor duo in Florida
Advisor moves: LPL lands $350M veteran advisor duo in Florida

Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.

SEC accuses crypto firm founder of running $425 million Ponzi scheme
SEC accuses crypto firm founder of running $425 million Ponzi scheme

It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.

MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products
MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products

Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.

Fintech bytes: Wealth tech firms target advisor productivity with new integrations
Fintech bytes: Wealth tech firms target advisor productivity with new integrations

Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income