Launches & Closures

AllianceBernstein debuts in the RIC arena as both Morgan Stanley and Permal add specialist products


Javier Dyer
AllianceBernstein announced its intention to enter the registered investment company fund of hedge fund market with its first offering, the AllianceBernstein Multi-Manager Alternative Fund, according to its N-2 filing.

The New York-based firm plans to invest in a portfolio of strategies that includes long/short equity, event-driven, credit and distressed, and emerging markets.

Details of the custodian, administrator and transfer agent still have to be announced, although Marc Gamsin, Greg Outcalt and Drew Demakis will be the main portfolio managers of the new fund of hedge funds.

At the same time, Morgan Stanley has