Treasury Department Hires AllianceBernstein to Manage TARP Assets
April 22, 2009
The US Department of the Treasury has selected AllianceBernstein as one of only three firms to help manage its portfolio of assets issued by banks and other institutions taking part in the Capital Purchase Program (CPP) and other programs of the Troubled Asset Relief Program (TARP).
The Treasury Department selected AllianceBernstein after an extensive evaluation of submissions from 200 asset-management firms. Our selection is strong evidence of our firm’s reputation and capabilities—and a credit to the hard work put forth by those involved in our submission.
Jeffrey S. Phlegar, AllianceBernstein’s CIO of Sovereign Wealth Funds and Central Banks, will be lead investment officer for this effort.
The CPP is one of several TARP programs under the Emergency Economic Stabilization Act of 2008, which seeks to restore financial stability and ensure the flow of capital to consumers and businesses so that banks and other institutions can ultimately attract both private and public capital.