AllianceBernstein has acquired SunAmerica's alternative investments group, a team that manages a portfolio of hedge fund and private equity fund investments.
SunAmerica deal is part of the AllianceBernstein's strategic plan to expand its alternative investment offerings to clients.
AllianceBernstein chairman and CEO Peter Kraus said that AllianceBernstein is pleased to add to its alternative investment capabilities this exceptional hedge fund and private equity fund investment team.
"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 look forward to working with Marc and his team, as we build this business for the future," Kraus said.