AllianceBernstein has acquired SunAmerica's alternative investments group, a team that manages a portfolio of hedge fund and private equity fund investments.

"We are pleased to add to our alternative investment capabilities this exceptional hedge fund and private equity fund investment team," says AllianceBernstein chairman and chief executive Peter Kraus. "Marc Gamsin and his SunAmerica Alternative Investments colleagues have built an outstanding platform, which we believe will provide valued investment opportunities for our clients."

Gamsin adds: "We've admired AllianceBernstein's superb investment research for many years, and we're thrilled to become a part of this respected, global institution, while maintaining our long-standing SunAmerica relationship."