Equitable-Corebridge Merger by End-2026 Triggers Advisory Agreement Reset for AllianceBernstein Funds
Equitable Holdings and Corebridge Financial agreed to merge by end-2026, triggering automatic termination of AllianceBernstein Global High Income Fund's advisory agreement under the Investment Company Act. AllianceBernstein Global High Income Fund's board will review and, if approved, submit a new advisory contract to shareholders for approval effective upon closing.
1. Merger Agreement Terms
On March 26, 2026, Equitable Holdings, holder of a majority partnership interest in AllianceBernstein L.P., and Corebridge Financial executed a definitive merger agreement expected to close by the end of 2026, subject to regulatory approvals and shareholder consent.
2. Advisory Agreement Termination
The merger closing will constitute an 'assignment' under the Investment Company Act of 1940, causing automatic termination of the existing investment advisory agreement between AllianceBernstein Global High Income Fund and its adviser.
3. Board and Shareholder Approval Process
Prior to closing, the fund's board will consider a new advisory agreement and, if approved, will submit it to shareholders. Upon shareholder approval, the new agreement will become effective when the merger closes, ensuring continued management services.