Alliance Capital’s $3.5 billion acquisition of Sanford C. Bernstein...

Alliance Capital’s $3.5 billion acquisition of Sanford C. Bernstein has the approval of industry observers.

‘‘Generally, it’s a positive move for both parties,’’ said Cerulli Associates Managing Director Peter Starr, adding it will help boost Alliance’s institutional strengths.

Tom Pipich, investment consultant at Buck Consultants, said the business aspects of the deal might take precedence over the investment aspects.

‘‘It seems a little out of character for one firm (Alliance) to say that ‘we believe so deeply in our own investment philosophy that we have gone out and acquired someone that is the polar opposite of what we believe,’ ’’ he said. ‘‘You have a clearly identified growth manager buying a clearly identified value manager.’’

In addition, he said, Bernstein’s fixed-income capabilities could provide a complement to Alliance’s fixed-income offerings.

Following the acquisition, Alliance Capital will have $475 billion in assets under management. The transaction is expected to close in the fourth quarter.