AllianceBernstein
27 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.
Customers
Equitable Holdings (EQH)
earns from · approximately 16% of our AUMnamed as a riskEQH, our parent company, and its subsidiaries are our largest client, representing about 16% of our AUM as of December 31, 2025, and contributing approximately 4% of our net revenues.Risk factors (Item 1A)
Equitable Holdings (EQH)
concentrated in · approximately 26%, 27% and 25% of our institutional AUMEQH and its subsidiaries combined AUM accounted for approximately 26%, 27% and 25% of our institutional AUM as of December 31, 2025, 2024 and 2023, respectively, and approximately 26%, 22% and 22% of our institutional revenues for 2025, 2024 and 2023, respectively.Business (Item 1)
Suppliers
Third-party financial accounting system
depends onnamed as a riskAt the start of the current fiscal year, we migrated our core financial accounting systems and corporate books and records to a third-party platform, resulting in significant changes to our operational processes and financial reporting workflows.Risk factors (Item 1A)
Partners and platforms
Societe Generale (SocGen)
49% interestnamed as a riskAB now owns a 49% interest in the AB/SG JV and SocGen owns a 51% majority interest.Business (Item 1)
Ruby Reinsurance Company
named as a riskAs part of our business strategy, we consider strategic transactions (such as our insurance sidecar transactions with Ruby Reinsurance Company and Fortitude Carlyle Asia Reinsurance, Ltd), including acquisitions (e.g., CarVal Investors in 2022), dispositions, mergers, consolidations, and joint ventures (e.g., our partnership with SocGen).Risk factors (Item 1A)
Morningstar/Lipper rankings
•Morningstar/Lipper rankings for the AB Funds;Business (Item 1)
Other companies
Moody's and Standard & Poor's credit ratings
named as a riskHowever, future downgrades could increase borrowing costs and limit capital market access, potentially leading to unanticipated costs or revised strategic plans, adversely affecting our financial condition, operations, and business prospects.Risk factors (Item 1A)
Also named by UDR
Competitors
Equitable Holdings (EQH)
competes withnamed as a riskThe AB Partnership Agreement specifically allows EQH and its subsidiaries (other than the General Partner) to compete with AB and to pursue opportunities that may be available to us.Business (Item 1)
Places
Non-U.S. clients
earns from · approximately 25% of our clientsnamed as a riskOur clients and our AUM are geographically diverse as approximately 25% of our clients are domiciled outside the US (primarily Europe, Asia, and the Americas) and approximately 37% of our AUM by Investment Services are non-US.Risk factors (Item 1A)
Also named by EVR
Luxembourg
concentrated in · $131 billion, or 37% of retail AUMRetail non-U.S. Fund AUM, as of December 31, 2025, totaled $131 billion, or 37% of retail AUM, as compared to $127 billion, or 38%, as of December 31, 2024, and $107 billion, or 37%, as of December 31, 2023.Business (Item 1)
Taiwan
operates innamed as a riskThe disputed status of Taiwan and the possibility of military conflict with China is a significant geopolitical risk that could materially impact our business in Taiwan.Risk factors (Item 1A)
Also named by AAOI, AAPL, ADI, AEHR, ALAB, AMAT, AMD, ANET and 50 more
China
operates innamed as a riskSpecifically, our clients and the investment funds we manage in mainland China, Taiwan, and Hong Kong, as well as any of our investment services with a regional investment focus in this geographic area, may be significantly impacted by a China/Taiwan conflict.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, ADI, AEHR, ALAB and 261 more
Nashville, Tennessee
operates innamed as a riskWhile the transition period has been completed, and the associated transition costs and favorable EPU impact have been in line with our estimates, the ongoing long term impact of this move is uncertain and may affect our ability to motivate and retain current employees and hire qualified staff in Nashville.Risk factors (Item 1A)
Also named by RHP
Commodities and inputs
U.S. Treasury Bills
exposed to its price · $498,649Trading investments include U.S. Treasury Bills, mutual funds, exchange-traded options and various separately-managed portfolios consisting of equity securities.Market risk (Item 7A)
Also named by JOE
Regulators
U.S. Securities and Exchange Commission (SEC)
subject toAB, AB Holding, the General Partner and five of our subsidiaries (Sanford C. Bernstein & Co., LLC (“SCB LLC”), AB Broadly Syndicated Loan Manager LLC, AB Custom Alternative Solutions LLC ("AB CAS"), AB Private Credit Investors LLC, and AB CarVal Investors, L.P.) are registered with the SEC as investment advisers under the Investment Advisers Act.Business (Item 1)
Also named by ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 44 more
Commodity Futures Trading Commission (CFTC)
subject toAlso, AB, SCB LLC and AB CAS are registered with the Commodity Futures Trading Commission (“CFTC”).Business (Item 1)
Also named by ADM, AGNC, AMG, BAC, BGC, BMNR, C, CBOE and 35 more
Financial Industry Regulatory Authority (FINRA)
subject toSCB LLC and another of our subsidiaries, AllianceBernstein Investments, Inc., are registered with the SEC as broker-dealers, and both are members of the Financial Industry Regulatory Authority.Business (Item 1)
Also named by ADP, AGNC, AMG, AMP, BAM, BEN, BR, BWIN and 23 more
Commission de Surveillance du Secteur Financier (CSSF)
subject toFor example, our platform of Luxembourg-based funds operates pursuant to Luxembourg laws and regulations, including Undertakings for the Collective Investment in Transferable Securities Directives, and is authorized and supervised by the Commission de Surveillance du Secteur Financier (“CSSF”), the primary regulator in Luxembourg.Business (Item 1)
New Hampshire Banking Department
subject toAB Trust Company, LLC ("ABTC") is registered with the New Hampshire Banking Department as a state chartered trust bank.Business (Item 1)
Also named by ADP
Laws and programs
Internal Revenue Code Section 7704 (publicly traded partnership)
subject to · 3.5% federal tax on its gross incomenamed as a riskAB Holding has elected to be taxed as a PTP under Section 7704(g) of the Internal Revenue Code, with a 3.5% federal tax on its gross income from active business.Risk factors (Item 1A)
New York City unincorporated business tax
subject to · 4.0%Both AB Holding and AB are subject to a 4.0% New York City unincorporated business tax ("UBT"), with AB Holding able to offset UBT credits paid by AB.Risk factors (Item 1A)
General Data Protection Regulation (GDPR)
subject tonamed as a riskPrivacy regulations such as the General Data Protection Regulation ("GDPR") in Europe have strengthened privacy rules for organizations handling personal data, granting individuals more rights and control over the use of their personal data, and greatly increasing penalties for noncompliance.Risk factors (Item 1A)
Also named by A, ABNB, ADBE, ADP, AGX, AIOT, AJG, AVAV and 100 more
EU Sustainable Finance Disclosure Regulation
subject tonamed as a riskThe European Commission's (the "EU") action plan and the EU Sustainable Finance Disclosure Regulation also impose increased restrictions, disclosure obligations, and compliance costs, with potential reputational risks.Risk factors (Item 1A)
China fund management company (FMC) license
subject tonamed as a riskThese factors may increase compliance risk and costs, including the possibility that a breach of local regulation could result in penalties, fines and the revocation of our FMC license.Risk factors (Item 1A)
Investment Company Act
subject toEach U.S. Fund is registered with the SEC under the Investment Company Act and each Non-U.S. Fund is subject to the laws in the jurisdiction in which the fund is registered.Business (Item 1)
Also named by OMF
Rule 12b-1
subject toMost open-end U.S. Funds have adopted a plan under Rule 12b-1 of the Investment Company Act that allows the fund to pay, out of assets of the fund, distribution and service fees, for the distribution and sale of its shares.Business (Item 1)
Also named by BEN
Technology
Artificial intelligence (AI) infrastructure trade
exposed to its pricenamed as a riskA significant change in AI adoption rates in the global economy and investments in the companies that provide the AI infrastructure could have a meaningful impact on US equity market returns.Risk factors (Item 1A)