Related Party Transactions

12 Months Ended

Dec. 31, 2011

Related Party Transactions [Abstract]

Related Party Transactions

21. Related Party Transactions

Mutual Funds

Investment management, distribution, shareholder and administrative, and brokerage services are provided to individual investors by means of retail mutual funds sponsored by our company, our subsidiaries and our affiliated joint venture companies. Substantially all of these services are provided under contracts that set forth the services to be provided and the fees to be charged. The contracts are subject to annual review and approval by each of the mutual funds' boards of directors or trustees and, in certain circumstances, by the mutual funds' shareholders. Revenues for services provided or related to the mutual funds are as follows:

	Years Ended December 31,
	2011			2010			2009
	(in thousands)
Investment advisory and services fees		$	864,578		$	809,494		$	644,039
Distribution revenues			351,621			338,597			277,328
Shareholder servicing fees			91,931			93,148			90,141
Other revenues			5,643			5,726			6,962
Bernstein research services			81			121			1,138

AXA and its Subsidiaries

We provide investment management and certain administration services to AXA and its subsidiaries. In addition, AXA and its subsidiaries distribute company-sponsored mutual funds, for which they receive commissions and distribution payments. Sales of company-sponsored mutual funds through AXA and its subsidiaries, excluding cash management products, aggregated approximately $0.4 billion, $0.5 billion and $0.3 billion for the years ended December 31, 2011, 2010 and 2009, respectively. Also, we are covered by various insurance policies maintained by AXA subsidiaries and we pay fees for technology and other services provided by AXA and its subsidiaries that are included in General and Administrative expenses. Aggregate amounts included in the consolidated financial statements for transactions with AXA and its subsidiaries are as follows:

	Years Ended December 31,
	2011			2010			2009
	(in thousands)
Revenues:
Investment advisory and services fees	$	114,266		$	135,004		$	131,181
Bernstein research services		802			492			71
Other revenues		599			583			568
	$	115,667		$	136,079		$	131,820
Expenses:
Commissions and distribution payments to financial intermediaries	$	7,411		$	8,896		$	8,637
General and administrative		22,191			21,256			17,285
Other		1,467			264			368
	$	31,069		$	30,416		$	26,290
Balance Sheet:
Institutional investment advisory and services fees receivable	$	9,004		$	18,654		$	11,287
Prepaid insurance		1,411			1,199			1,199
Other due (to) from AXA and its subsidiaries		(4,319	)		(4,732	)		(3,888	)
	$	6,096		$	15,121		$	8,598

During the first quarter of 2011, AXA sold its 50% interest in our consolidated Australian joint venture to an unaffiliated third party as part of a larger transaction. On March 31, 2011, we purchased that 50% interest from the unaffiliated third party making our Australian entity an indirect wholly-owned subsidiary. Investment advisory and services fees earned by this company were approximately $8.5 million for the first three months of 2011, and $37.1 million and $40.9 million for the years ended December 31, 2010 and 2009, respectively, of which approximately $3.0 million, $12.8 million and $14.0 million, respectively, were from AXA affiliates and are included in the table above. Minority interest recorded for this company was $0.4 million for the first three months of 2011, and $3.6 million and $3.7 million for the years ended December 31, 2010 and 2009, respectively.

AllianceBernstein Venture Fund I, L.P. was launched during 2006. It seeks to achieve its investment objective, which is long-term capital appreciation through equity and equity-related investments, by acquiring early-stage growth companies in private transactions. One of our subsidiaries is the general partner of the fund and, as a result, the fund is included in our consolidated financial statements, with approximately $59 million, $101 million and $163 million of investments on the consolidated statements of financial condition as of December 31, 2011, 2010 and 2009, respectively. AXA Equitable holds a 10% limited partnership interest in this fund.

The General Partner is obligated to make capital contributions to AllianceBernstein in amounts equal to benefits paid under the Capital Accumulation Plan and the Contractual Arrangements (see Note 16). Amounts paid by the General Partner to AllianceBernstein for the Capital Accumulation Plan and the Contractual Arrangements for the years ended December 31, 2011, 2010 and 2009 was $4.8 million, $4.9 million and $4.9 million, respectively.

Other Related Parties

The consolidated statements of financial condition include a net receivable or payable from Holding as a result of cash transactions for fees and expense reimbursements. The net balance included in the consolidated statements of financial condition as of December 31, 2011, 2010 and 2009 are as follows:

	December 31,
	2011		2010		2009
	(in thousands)
Due to Holding, net	$	5,479	$	1,277	$	-
Due from Holding, net	$	-	$	-	$	1,484