(Bloomberg) AllianceBernstein Holding LP became another victim of the hedge fund rout when American International Group Inc. decided to wind down a six-year relationship with the asset manager. AIG was the “most significant” driver of outflows last month as the company withdrew about $6 billion, AllianceBernstein said Tuesday in a statement. The insurer previously pulled $1.1 billion.
“The fact that AIG took it in-house was a little bit surprising,” Surinder Thind, an analyst at Jefferies Group, said by phone. “But given the trend that hedge funds are generally struggling, for AIG to manage its own exposure is not unreasonable.”
