Global investment management company AllianceBernstein Holding L.P. (AB) and AllianceBernstein L.P. said that AllianceBernstein has been selected by the US Department of the Treasury to be one of nine pre-qualified fund managers under the Treasury's Legacy Public-Private Investment Program. AllianceBernstein, along with the other eight chosen fund managers, was pre-qualified after an extensive evaluation of submissions from over 100 unique applicants.
Under the program, AllianceBernstein would partner with the Treasury which would be a co-investor and would provide leverage for PPIP funds to create a Public-Private Investment Fund that would invest in distressed "legacy" non-agency residential and commercial mortgage-backed securities currently on the balance sheets of many financial institutions.
Jeffrey Phlegar, chief investment officer and head of AllianceBernstein's Special Situations Team and a 22-year veteran of AllianceBernstein and mortgage markets, would guide and lead the special effort on this program.
The company noted that in order to effectively meet the opportunity created by this selection, and provide specialized skills needed for investing in this asset class, it has entered into a strategic relationship with Greenfield Partners, LLC, Rialto Capital Management, LLC and Altura Capital Group, LLC.
Greenfield and Rialto, both specialist real estate investment firms, would provide extensive expertise in the analysis, due diligence and valuation of distressed real estate assets. Altura Capital's expertise, market intelligence and practical approach to the emerging and diverse money manager segment would complement the team's investment capabilities and research disciplines . These companies together would provide access to a network of emerging real estate firms and broker-dealers to augment the fund's sourcing capabilities for potential and effective investments.
AB closed Wednesday's regular trading at $18.26, down $0.35 or 1.88%, on a volume of 0.378 million shares on the NYSE. In after hours, the stock gained $0.04 or 0.22%, to trade at $18.30.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.