New York – Lisa Shalett has moved from her position as CEO and Chairman of Sanford C. Bernstein to a position on the buy side at Alliance Bernstein. Her new role will be working with Paul Rissman (CIO) in the Growth Equities area.
While it is not entirely clear at this point, Ms. Shalett appears to be taking on the role of COO, since she will have responsibility for staff, operations and the research portfolio. Growth Equity represents assets under management of $106 billion, or roughly 14.5% of the AUM of Alliance Bernstein.
Her replacement in the CEO and Chairman role at Sanford C. Bernstein will be Jim Gingrich.
Ms. Shalett has been a tireless spokesperson for the virtues of the status quo in the research space. She feels that research is best judged by the user and that the current broker vote system provides more efficient allocation of research than any polices that encourage unbundling or increased disclosure.
Because she will no longer be a research provider, she has also resigned her seat on the Board of Investorside. Investorside Research Association is a non-profit trade association of investment research providers that do not engage in investment banking, company consulting or research-for-hire.