Global investment manager AllianceBernstein LP set up a syndicated loan and collateralized loan obligation management business, which will be initially funded with investments from AXA Equitable Life Insurance Co.
The move will boost AllianceBernstein's partnership with AXA Equitable Holdings Inc.
The CLO platform will leverage the resources and infrastructure of AllianceBernstein's high-yield credit business, which manages about $34 billion in assets. Backing the new business will be the firm's middle market direct lending platform, AB Private Credit Investors.
Scott Macklin will lead the new business. Macklin joined AllianceBernstein in April from Och-Ziff Capital Management, where he was head of research and worked on Och-Ziff's CLO management platform.
As of Sept. 30, AllianceBernstein Holding LP owned an approximately 35.4% stake in AllianceBernstein, while AXA Equitable Holdings, directly and through subsidiaries, owned an approximately 65.3% economic interest in AllianceBernstein.