AllianceBernstein acquired investment manager AnchorPath Financial, confirmed AB spokeswoman Jennifer Casey in an email.
Financial terms of the deal were not disclosed. The acquisition of AnchorPath added more than $400 million in assets to AB's multiasset solutions business.
"Through this acquisition, AB adds another proven and differentiated investment capability to its risk-managed platform," said Daniel Loewy, head of AB multiasset solutions, in a news release announcing the deal. "AnchorPath uses a unique lens to construct solutions that enable funds to outperform relevant indexes with decreased downside risk and will benefit from AB's distribution expertise."
AnchorPath's team is now part of AB's multiasset solutions business, according to a news release. Marshall Greenbaum, AnchorPath principal, joined AB as a senior vice president, the spokeswoman said. No reductions in staff are expected.
AB had $596 billion in assets under management as of May 30.