Related Party Disclosures

12 Months Ended

Dec. 31, 2020

Related Party Transactions

Mutual Funds

We provide investment management, distribution, shareholder, administrative and brokerage services to individual investors by means of retail mutual funds sponsored by our company, our subsidiaries and our affiliated joint venture companies. We provide substantially all of these services under contracts that specify the services to be provided and the fees to be charged. The contracts are subject to annual review and approval by each mutual fund’s board of directors or trustees and, in certain circumstances, by the mutual fund’s shareholders.

Revenues for services provided or related to the mutual funds are as follows:


	Years Ended December 31,
	2020		2019		2018
	(in thousands)
Investment advisory and services fees	$	1,368,484	$	1,275,677	$	1,207,086
Distribution revenues	516,336		441,437		403,965
Shareholder servicing fees	79,394		75,122		74,019
Other revenues	8,314		7,303		7,262
Bernstein Research Services	3		2		33
	$	1,972,531	$	1,799,541	$	1,692,365

EQH, AXA and their respective Subsidiaries

We provide investment management and certain administration services to EQH, AXA and their respective subsidiaries. In addition, EQH, AXA and their respective subsidiaries distribute company-sponsored mutual funds, for which they receive commissions and distribution payments. Also, we are covered by various insurance policies maintained by EQH and we pay fees for technology and other services provided by EQH, AXA and their respective subsidiaries. Additionally, see Note 12, Debt, for disclosures related to our credit facility with EQH.

Aggregate amounts included in the consolidated financial statements for transactions with EQH, AXA and their respective subsidiaries, as of and for the years ended December 31, are as follows:


	EQH						AXA
	2020		2019		2018		2020		2019		2018
	(in thousands)
Revenues:
Investment advisory and services fees	$	115,901	$	109,316	$	104,810	$	73,482	$	65,086	$	64,347
Bernstein Research Services	—		—		—		23		45		134
Distribution revenues	—		—		—		12,925		12,968		13,897
Other revenues	1,330		1,013		1,104		353		482		625
	$	117,231	$	110,329	$	105,914	$	86,783	$	78,581	$	79,003
Expenses:
Commissions and distribution payments to financial intermediaries	$	3,952	$	3,956	$	3,964	$	14,848	$	16,693	$	17,603
General and administrative	2,281		2,466		2,615		8,928		11,501		12,391
Other(1)	5,463		3,644		1,485		—		—		—
	$	11,696	$	10,066	$	8,064	$	23,776	$	28,194	$	29,994
Balance Sheet:
Institutional investment advisory and services fees receivable	$	8,343	$	8,716			$	5,262	$	10,842
Prepaid expenses	404		238				—		—
Other due to EQH, AXA and their respective subsidiaries	(1,280)		(2,111)				(4,703)		(5,234)
EQH Facility	(675,000)		(560,000)				—		—
	$	(667,533)	$	(553,157)			$	559	$	5,608

(1) Prior period EQH 2019 is now presented to conform to current periods presentation.

Other Related Parties

The consolidated statements of financial condition include a net receivable from AB Holding as a result of cash transactions for fees and expense reimbursements. The net receivable balance included in the consolidated statements of financial condition as of December 31, 2020 and 2019 was $10.2 million and $10.1 million, respectively.

Related Party Master Repurchase Agreement

During April 2020, we provided a $125 million credit facility, through a Master Repurchase Agreement ("MRA"), to one of our sponsored private investment funds, of which $30 million was drawn upon as of April 28, 2020 and repaid in full in May 2020. No additional amounts were drawn during the remainder of 2020. The amounts drawn upon the MRA, which were payable on demand, were collateralized by assets of the fund, could have been repaid at any time prior to maturity and bore interest based upon the interest rate established at the time of each borrowing. This credit facility expired on December 31, 2020.