Alliance Capital Management L.P. And Albion Asset Advisors Announce Completion Of Joint Venture

Business Wire, August 22, 1996

NEW YORK--(BUSINESS WIRE)--August 22, 1996--Alliance Capital Management L.P. and Albion Asset Advisors LLC announced today the formation of Albion Alliance LLC, a company dedicated to the management of private investments on behalf of institutional and large private investors. Albion Alliance will have a global focus and will expand Alliance's existing corporate finance and private investing business, particularly into emerging markets.

Mark Arnold and Alastair Tedford, co-founders of Albion Asset Advisors, are directing the new company. With over twenty years of investment experience, Mark Arnold was previously Chief Operating Officer and head of fixed income investing at BEA Associates. Alastair Tedford has worked exclusively on emerging market debt business at leading U.S. investment banks, most recently at Lehman Brothers, Hong Kong, where he headed up its Asian bond business.

"Emerging markets offer unusually attractive returns for private debt and equity investments," according to Dave H. Williams, Chairman of Alliance Capital. "Albion Alliance will serve investors interested in private investing in these markets."

Alliance Capital Management L.P. is a leading international investment adviser, with approximately $168 billion in assets under management, providing investment management services to institutions, primarily pension funds and endowments, banks and insurance companies, and to individual investors through a broad line of mutual fund and cash management products. The Partnership's general partner is a wholly-owned subsidiary of The Equitable Companies Incorporated ("ECI") and approximately 58 percent of the Partnership's outstanding Units are beneficially owned by ECI.

CONTACT: Linda Finnerty

212-969-1316