Business Highlights

ABC News -

ABC News—Business Highlights

AB's CEO doesn't want to get into private equity or real estate – but highlighted 1 expansion area for the $555 billion business. Seth Bernstein, the CEO of AB, said he's looking to expand the $555 billion asset manager – but not into private equity or real estate.  Instead, he's looking at credit, including collateralized loan obligations, as an area of growth. He's not looking to rush the business, noting "there are a lot of sub-scale players out there." Other asset managers like BlackRock have expanded into alternatives, including private equity, seeking higher fees and locked-up money as investors flee products like...