AllianceBernstein (AB) is a global active asset manager with roughly $867B in AUM across equities, fixed income, multi-asset, and private markets strategies. AB earns revenue primarily through investment advisory fees calculated as a percentage of AUM, meaning revenues move largely in line with market performance and net flows. AB distributes through three channels: Institutions (~41% of AUM), Retail (~41% of AUM, ~55% of revenues), and Private Wealth (~18% of AUM, ~28-37% of revenues). The retail channel's higher revenue contribution reflects AB's large mutual fund and SMA businesses, including a leading retail municipal bond SMA platform. Private Wealth, branded as Bernstein Private Wealth, serves high-net-worth and ultra-high-net-worth clients with investment management alongside tax, estate, and philanthropic planning. AB's firm-wide base fee rate was roughly 38.9 bps, with meaningful variation by channel and strategy. Private markets (~$82B in AUM) is AB's primary growth initiative, spanning middle-market direct lending, asset-based credit, CRE debt, and private placements, with a target of $90-100B by 2027. Insurance asset management is a growing cross-channel priority, managing over $59B for third-party insurers. AB's parent, Equitable Holdings, holds ~68% economic interest and has committed $20B in permanent capital to AB's private markets strategies. AB is structured as a publicly traded MLP, distributing 100% of adjusted earnings to unitholders.