Citigroup Offers Up A Pair Trade For AllianceBernstein Holding LP And Artisan Partners Asset Management Inc

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In a note released Friday morning, Citigroup analyst William Katz initiated an Overweight AllianceBernstein Holding LP AB and Underweight Artisan Partners Asset Management Inc APAM pair trade.

Katz's view is that AllianceBernstein is emerging from a "multi-year funk" while Artisan Partners' flow momentum has "stalled."

Six key reason Katz said the trade will generate alpha:

  • AllianceBernstein offers "superior" strategic positioning compared to Artisan Partners
  • Alliance offers better yield
  • The flow at AllianceBernstein is accelerating while volumes at Artisan are "struggling"
  • AllianceBerstein offers better margin expansion potential
  • AllianceBerstein has a greater potential for an "earnings surprise"
  • Deeper upside potential from AllianceBernstein
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Posted In: Analyst ColorNewsInitiationAnalyst RatingsCitigroupWilliam Katz
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