Exhibit 12.1

Alliance Capital Management L.P.

Consolidated Ratio Of Earnings To Fixed Charges

(In Thousands)

	Years Ended
	12/31/2004		12/31/2003		12/31/2002
Fixed Charges:
Interest Expense	$	24,232	$	25,286	$	27,385
Estimate of Interest Component In Rent Expense(1)	—		—		—
Total Fixed Charges	24,232		25,286		27,385
Earnings:
Income Before Income Taxes	745,082		358,488		643,133
Other	14,030		1,236		2,847
Fixed Charges	24,232		25,286		27,385
Total Earnings	$	783,344	$	385,010	$	673,365
Consolidated Ratio Of Earnings To Fixed Charges	32.33		15.23		24.59

(1)Alliance Capital Management L.P. has not entered into financing leases during these periods.