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(March-2002) Bernstein bid for broader appeal
Global value manager Bernstein Investment Research and Management, which manages about $3 billion for Australian clients, has launched its first two investment trusts for local institutional investors.
The move means that super funds no longer have to appoint Bernstein through a mandate and opens doors for investors who don’t have large enough funds to make a mandate viable.
Tony Edwards, head of institutional business at Alliance Bernstein, says a trust is a good option because it allows smaller investors to access the manager in an economical way and without onerous administration.
He says the launch of the trusts — the Bernstein Global Value Trust and the Bernstein Global Diversified Value Trust — follows demand from institutional clients attracted by Bernstein’s strong value characteristics, which are different to those of other global value managers.
Bernstein is a subsidiary of Alliance Capital Management LP, which also offers a series of trusts in Australia, but based on growth-orientated and passive global strategies.
In addition to what is already on offer, Edwards says Alliance Capital Management Australia will also launch around eight new equity or fixed interest trusts in September this year. It already has $20 billion in funds under management in Australia, making it the country’s 10th largest funds manager.
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