For many at AllianceBernstein LP, they'll be giving their regards to Broadway and saying hello to Music City.
The $549.5 billion money manager plans to relocate more than 1,000 employees in sales and marketing, finance, information technology, legal, compliance and internal audit to Nashville from New York by 2022, spokesman Jonathan Freedman said. Also moving will be President and CEO Seth Bernstein.
Sell-side, private client and investment teams will remain in New York, Mr. Freedman said, but Nashville will be its largest location in terms of staff. The firm wanted a location with a lower cost of living, shorter commutes to work and lower taxes than in New York, he said, adding that they will maintain a "significant" presence in New York. Speaking in Nashville on May 2, Mr. Bernstein said the city "allows us to offer advantages to our employees that we simply couldn't in the New York metro area."
He said the Tennessee capital was "the clear winner" in the firm's search for a new home base "by every metric we analyzed: housing, education, cultural amenities, weather, cost of living, business-friendliness, ability to source the country's top talent, diversity and inclusion, and more. No other city could compete."
Mr. Bernstein said officials in Nashville, who also have been vying for Amazon.com Inc.'s second headquarters, "treated us as if we were" the online retail giant.
AllianceBernstein will move "a small group of senior managers" this year, but the first full phase of relocation will begin early next year, Mr. Freedman said.