Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

Related Party Transactions

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
	2023			2022			2021
	(in thousands)
Investment advisory and services fees		$	1,377,916		$	1,452,885		$	1,644,757
Distribution revenues		575,647			590,580			637,076
Shareholder servicing fees		76,440			79,167			85,745
Other revenues		9,398			8,366			8,364
Bernstein Research Services		—			—			2
		$	2,039,401		$	2,130,998		$	2,375,944

EQH and its Subsidiaries

We provide investment management and certain administration services to EQH and its subsidiaries. In addition, EQH and its 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 and its 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 and its subsidiaries, as of and for the years ended December 31, are as follows:

	Years Ended December 31
	2023			2022			2021
	(in thousands)
Revenues:
Investment advisory and services fees		$	165,748		$	148,377		$	133,074
Other revenues		617			688			675
		$	166,365		$	149,065		$	133,749
Expenses:
Commissions and distribution payments to financial intermediaries		$	3,492		$	3,897		$	4,550
General and administrative		2,909			2,882			2,373
Other		40,253			14,069			3,953
		$	46,654		$	20,848		$	10,876
Balance Sheet:
Institutional investment advisory and services fees receivable		$	9,055		$	7,732
Prepaid expenses		709			385
Other due to EQH and its subsidiaries		4,719			(4,206)
EQH Facility		(900,000)			(990,000)
		$	(885,517)		$	(986,089)

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, 2023 and 2022 was $8.7 million and $7.7 million, respectively.