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Alliance Capital Management L.P. Apr 04
Standard & Poors, April 2004
Abstract
Assets under management well diversified by asset class Multidistribution network Earnings growth dependent on favorable market conditions and positive net flows Lingering reputational and legal issues surrounding mutual fund trading matters The ratings on Alliance Capital Management L.P. are based on the company's strong market position afforded by its full breath of product offerings distributed through multiple client channels, including retail, institutional, and high net worth. After some recent pressure on operating performance, primarily due to the difficult equity markets, Alliance has seen some positive momentum, as assets under management experienced growth last year. Given Alliance's equity bias, with approximately 60% of the funds it manages in equities at Dec. 31, 2003, the firm has seen its period-end assets under...
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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