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AllianceBernstein Leaves Wall Street for Nashville
Money manager AllianceBernstein revealed plans to move its headquarters from midtown Manhattan to Nashville, Tennessee. Increasingly, asset managers are leaving the coasts for fly-over country to save money on taxes, fees, regulations and labor costs (and shorter commute times and housing costs for employees).
Tennessee is a state without an income tax.
AllianceBernstein plans to relocate 1,050 jobs starting later in 2018 to Nashville, while sell-side research, trading and its private wealth business will stay in NYC.
AllianceBernstein has 3,446 employees world-wide.
SWFI – Sovereign Wealth Fund Institute
https://www.swfinstitute.org/swf-news/alliancebernstein-leaves-wall-street-for-nashville/
What Does Baidu Hope to Achieve in Selling Fintech Unit?
This is one of the largest private equity deals in China.
Baidu Inc. sold a majority stake in its wholly-owned financial services arm for roughly US$ 1.9 billion to a consortium of investors
led by private equity firms TPG Capital Management and Carlyle Group, with participation from Taikang Life Insurance Company Limited and ABC International Holdings Limited (a unit of Agricultural Bank of China),
The unit is being valued at US$ 4 billion. The sale gives Baidu some cash to focus on its core services.
SWFI – Sovereign Wealth Fund Institute
https://www.swfinstitute.org/swf-news/what-does-baidu-hope-to-achieve-in-selling-fintech-unit/