AllianceBernstein Holding LP at TD Cowen Inaugural Financial Services Summit Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Bill Katz - TD Cowen - Analyst : Okay. I thought maybe for today's conversation, we have about 30 minutes together that we do a couple of big picture questions and then maybe dive into several of the different distribution channels that you oversee and are leading the strategy on. So maybe from a big-picture perspective, what if you could talk a little bit about how the in particularly institutional retail distribution model has evolved over the last many years under your guidance. I think just north of 200 people, maybe close almost 300 people now across those channels. And then as you look ahead for the next several years, how do you see further evolution of the business?

Question: Bill Katz - TD Cowen - Analyst : All right. Thank you. So that leads me to into the next question. Over the past several years, Alliance has been able to be among the few the traditional managers and maybe shows a misnomer for you at this point in time, but nonetheless, to generate positive organic growth. Why have you been so successful and be able to buck the trend? And how do you sort of see that looking ahead?

Question: Bill Katz - TD Cowen - Analyst : Okay. And just for everyone that's participating on the webcast I should have said upfront, I apologize along the bottom, you can ask a question and I'm monitoring a little question bar. So feel free if I'm not asking all the right questions if you want to sort of ask and I will make sure to ask Onur along the way. But maybe we could dig in a little bit on the private wealth space. Platform is very differentiated versus many other wealth managers out there. So as you look ahead, how do you think about the opportunity to drive faster growth in the channel. I think you look at some of the metrics over the last several quarters. Things are percolating, it's been very, very consistent, a little bit of an upward bias. But as we look ahead, where do you see the best opportunities to grow in wealth management?

Question: Bill Katz - TD Cowen - Analyst : I do want to go there. Just one moment because we just had a previous presenters speak to some of the building competition for some of those teams. But just sort of curious, given your global perch and your responsibility set, how should we think about the global opportunity for private wealth? It seems like some of the metrics outside the United States are equally robust with very low penetration rates as well. So appreciate Nashville and the hub and spoke that you're talking about here. But is there an opportunity to take this a little bit further afield and drive growth outside the US?

Question: Bill Katz - TD Cowen - Analyst : Terrific. So maybe coming back to the notion of a little more external growth and had a very good track record of hiring, as you say, molding shaping and getting that persistent and ongoing productivity improvement. As you think through now of sort of extending the opportunity from a sort of

Question: Bill Katz - TD Cowen - Analyst : I probably spend the rest of the time, just zoning in on the private wealth side. But I do want to trying to pick your brain a little bit on some of the other areas that you're responsible for maybe we could migrate over to retail for a moment. You've shown some very provocative slides around market share that you've been gaining both in the United States and outside of the US. I was wondering if you could unpack the keys to the success both in the US and maybe you covered it before in your opening comments. But the keys in the US and particularly abroad where I think AB has a very differentiated opportunity set.

Question: Bill Katz - TD Cowen - Analyst : Okay. Let's shift gears a little bit and talk a little bit about the institutional business and maybe this is a too refined of a question. But think management at a recent Equitable Investor Day laid out a goal to get your private markets platform up to about $90 billion to $100 billion, I think by the end of 2027, I think you're seeing right now a little bit north of $60 billion. So what's the path from here to achieve that goal. And then underneath that, where do you see the biggest opportunities?

Question: Bill Katz - TD Cowen - Analyst : Great. We are coming up to the times. I just want to ask maybe one last one. Switch gears a little bit further and maybe we'll end on insurance. There's a lot of ways to go after the insurance market. There is with the balance sheet, heavy balance sheet, light model. You obviously have a great relationship with Equitable and third party. How is -- how are you thinking about sort of the evolution of your insurance footprint from here and the importance of origination capabilities. Is that something that you need to own or what you offer and how should we be thinking about as we look at ?

Question: Bill Katz - TD Cowen - Analyst : Okay. Look I think Onur, I have a zillion more questions or I'd love to run by you. But I think unfortunately, we're out of time, say to keep everybody on schedule, we're going to wrap it up there. So just on behalf of TD Cowen, I just want to thank you so much for helping us kick off our financial services practice. Our first conference is great to have you participate. So I say thank you to the IR team for participating today.