AllianceBernstein is to acquire WP Stewart & Co, a New York-based asset manager.

AllianceBernstein, a global investment management firm with $444 billion in assets under management, will acquire WP Stewart, an equity investment manager that currently manages $2 billion in US, global and EAFE concentrated growth equity strategies for institutional and retail clients, primarily in the US and Europe.

When the acquisition is completed, WP Stewart's investment services will be added to AllianceBernstein's equity offering. WP Stewart's team of investment managers will remain in place and continue to manage their investment services as they do today. At the same time, they will gain access to AllianceBernstein's broad global reach and research team, and benefit from access to corporate management, the firm said.

To help ensure a smooth transition, founding partner William P Stewart, an investor with nearly 60 years of industry experience, will stay on through the earlier end of this year or the close of the transaction, at which point he will retire from the firm.

The acquisition is expected to close in around four to six months and is subject to customary conditions, including WP Stewart shareholder approval and requirements relating to retention of assets under management and cash.