Looking to cut costs amid pressure from the passive-investing craze, AllianceBernstein (NYSE:AB) is planning to move its headquarters, CEO, and most of its New York staff to Nashville, reports Sarah Krouse at the WSJ.
Then known as Sanford Bernstein, the firm started up in NYC in 1967 (it was purchased by Alliance Capital in 2000).
AllianceBernstein is adding to the exodus of money managers from the big coastal cities, following Pimco plans to open a new office in Austin, and Schwab and Fidelity growing their presence in Denver.
Now read: Retail troubles graze Hawaii »
Subscribe for full text news in your inbox