Seth Bernstein on expense management
From "It will get worse; this is what we will do..." Seth Bernstein · · Finance Strong
“I think we're going to have to get our expense base right. We need to stay true to our investment initiatives whether it's our build out in China, continuing in our private credit business, and looking for really talented investment teams.”
On , Seth Bernstein, Head of Asset Management at EQUITABLE HOLDINGS INC, spoke about expense management during "It will get worse; this is what we will do..." Seth Bernstein on Finance Strong.
About Seth Bernstein
Seth Bernstein, president and CEO of AllianceBernstein, stated on the company's second quarter 2025 earnings call that the firm is on track to deliver a 33% operating margin in 2025, assuming flat markets from the fourth quarter of 2024, which he said would put the company above the midpoint of its 2027 margin target range of 30 to 35% two years ahead of schedule. He noted that during the second quarter, investors grappled with concerns about geopolitical tensions, policy uncertainty, and debt sustainability, but sentiment improved as trade tensions eased. In earlier remarks from 2023, Bernstein discussed the impact of macro events on markets, predicting a recession in the U.S. and describing fixed income as "suddenly a really attractive place to be." He said the firm would need to get its expense base right while staying true to investment initiatives including its build-out in China, private credit business, and private wealth business. Bernstein also commented on private equity, stating that returns are expected to decline due to high competition and dry powder, and that the industry should return to actively partnering with CEOs to execute growth strategies.