Fund Managers Reduce London Office Space

AllianceBernstein continues to downsize Mayfair office space in a bid to streamline business and reduce outgoing costs.

The fund management firm relocated from Devonshire House in 2011 to Berkeley Street. Now their presence at Berkeley Street is diminishing as the company downsizes the number of floors occupied at the business centre.

Aiming the gun at their global real estate portfolio, AllianceBernstein hopes to reduce it 40% from its 2009 level, saving the company over £27.6 million a year.

Similar reductions are taking place for the firm in New York and around the world.

CEO Peter Kraus released the following statement: “We believe implementing this plan will prove effective in meaningfully improving our cost structure, even if current weak market conditions persist, and will play an important part in positioning our firm for a stronger future.”

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