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Wall Street Asset Manager Leaving NYC, Moving Over 1K Jobs Out Of State

AllianceBernstein has announced its intention to take more than 1,000 jobs from New York to Tennessee.
AllianceBernstein has announced its intention to take more than 1,000 jobs from New York to Tennessee. Photo Credit: Tennessee Department of Economic and Community Development

A prominent Wall Street money manager is trading Broadway shows for country music.

Asset manager AllianceBernstein is leaving to New York and heading to Nashville, according to multiple reports, taking its corporate headquarters, and an estimated 1,050 jobs, starting later this year.

In a filing on Wednesday, AllianceBernstein said that it chose Music City following “a months-long search that evaluated cities on attributes including housing, cost of living, education and weather.”

Some of the company’s divisions will stay in New York, such as portfolio managers and private wealth managers.

The finance, legal, sales and marketing teams are all scheduled to begin moving west later this year, including CEO Seth Bernstein, who will reportedly head to Nashville in two years.

A move "will take place over (a) several-year period," CFO John C. Weisenseel said during the firm's earnings call last week, according to a FactSet transcript. "We would expect to incur transitional costs for the first couple of years before we achieve ongoing expense savings in the future.”

AllianceBernstein will invest more than $70 million to establish its corporate headquarters in Nashville, according to a statement issued by Tennessee Gov. Bill Haslam.

“Tennessee is home to many world-renowned brands and we’re extremely proud to welcome AllianceBernstein, a global financial leader, to Nashville,” he stated. “Tennessee’s pro-growth policies continue to attract international companies to our state, providing fantastic job opportunities for our citizens. AB’s decision to bring 1,050 corporate office jobs to Nashville is an incredible win for our state and shows that Tennessee will lead in creating high-quality jobs.”

“AllianceBernstein’s decision to locate its new corporate headquarters in Nashville and invest more than $70 million is great news for Tennesseans,” U.S. Sen. Bob Corker said in his own statement. “As an international leader in its industry, AllianceBernstein can establish a presence anywhere in the world but chose to bring more than 1,000 jobs to the Volunteer State, and I appreciated the opportunity to recently speak with the CEO about the company’s future in Davidson County.”

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