Human Capital: This team partners across our businesses and regions to align our people initiatives with our strategic priorities. We believe that superior returns come from investing in people, and we support personal and professional growth by offering learning and career development programs, competitive and meaningful benefits, and wellness initiatives across the firm. We are dedicated to building and sustaining a work environment where everyone's feedback is valued and contributions are rewarded. Our team is organized across the following Centers of Excellence: Analytics, Benefits, Diversity & Inclusion, Employee Relations, Human Capital Administration, Organizational Development, Recruiting, and Talent Development.

Finance: This group, led by the chief financial officer, is composed of five areas:

• The Controllers Group includes Corporate Accounting, AUM Reporting, Financial Reporting, Broker-Dealer Accounting and Reporting, International Financial Controls, Accounts Payable, and Payroll.
• Treasury is responsible for managing the firm's funding and liquidity, cash management, foreign exchange, and relations with rating agencies and banks.
• Our Tax Department delivers a full range of tax services across multiple jurisdictions, collaborating with all parts of the business.
• Financial Planning & Analysis is responsible for the annual budgeting process, long-term financial forecasts and strategic plans, and providing analytical support to our business units.
• Our Administrative Services team consists of real estate and lease administration, strategic space planning, design and construction offices, facilities operations, food and office services, and corporate travel.

Legal & Compliance: This department is responsible for all legal, regulatory and corresponding compliance matters affecting our firm and the business we conduct throughout the world. The department is organized by practice groups. The subject matter division of labor for the Legal & Compliance department's practice groups is currently as follows:

• Compliance
• Litigation, Labor and Human Capital
• Institutional Investment Management
• Private Client Investment Management
• Alternative Investment Products
• Derivatives
• ERISA and Defined Contribution
• International ex US Funds
• 40 Act Funds
• Broker-Dealer

AB Bernstein: Sell Side Brokerage: We strive to keep our clients ahead with independent research and trusted execution. Our sell-side business has three divisions: Research, Sales and Trading. The Research team generates independent insights across markets and sectors for institutional investment professionals. Our research analysts evaluate a company's competitive position and probe market opportunities, developing an unbiased, in-depth perspective. We deliver our exclusive insights through a variety of research reports, including our renowned black books. The team also connects with clients via phone calls, meetings and conferences. The Sales and Trading teams work closely with the Research team to present our trusted research and trading services to clients. The Sales team maintains strong relationships with institutional clients—including mutual funds, hedge funds, and advisors who manage pensions and endowments—to sell our services. The Trading team connects our institutional-buyer clients with sellers of equities, enabling more efficient trading and providing best execution with minimal market impact.

Equities: This team has two main components: portfolio managers, who build high-conviction stock portfolios, and analysts, who conduct in-depth industry and company research in search of the best investment ideas. Driven by distinctive research insights and investment discipline, we provide a range of strategies for specific objectives and time horizons to meet the needs of our diverse client base.

Fixed Income: This global team collaborates and connects in real time, anticipating risks and taking advantage of opportunities through a truly integrated platform. The Fixed Income team is composed of product and strategy groups whose coverage spans high-yield corporate bonds, emerging-market corporate bonds, global economic research, quantitative research, securitized products, alternative credit and municipal bonds.

Multi-Asset Solutions: This team develops custom solutions by combining equity, fixed income, alternative assets, and securities to meet client objectives. The group combines macro and quantitative research insights to construct innovative investment products and drive investment decisions. Multi-Asset Solutions team's clients include retirement plan sponsors, insurance companies, retail investors and high-net-worth individuals.

Portfolio Management Group (PMG): This group ensures a smooth portfolio implementation process, from early planning stages to product launch. The group supports the global portfolio-management teams by authorizing and executing portfolio decisions. PMG also serves as the contact point with the trading desks as well as with the operations and sales teams. The group's functions include constructing portfolios, monitoring asset exposures and allocations, managing client-specific requests, tax management, monitoring pre-trade client guideline compliance, and exception resolution.