Alliance Bernstein has added two managers to two funds that had been managed by chief investment officer of global credit Ashish Shah, who is set to depart for Goldman Sachs Asset Management.
Matthew Minnetian has been added to the $85.7 million AB Corporate Income fund, joining Citywire A-rated Shawn Keegan. William Smith has been added to the $27.7 million AB High Yield Portfolio fund, joining Gershon Distenfeld and Ivan Rudolph-Shabinsky.
Shah was a manager on both funds in addition to the $2.6 billion AB Income fund, $281.2 million AB Limited Duration High Income fund and the $20.4 million AB Credit Long/Short fund.
A spokesman for the firm said there was no connection between the new additions to the fund and Shah's impending departure.
Earlier this week Citywire reported Shah was to join GSAM this summer as head of the global corporate credit team and co-head of cross-sector strategy.
Shah joined AB in May 2010 and was responsible for all of its credit-related strategies, including all global and regional investment-grade and high-yield strategies, which represents over $250 billion in assets under management.
Following this news AB named Distenfeld and Scott DiMaggio as co-heads of fixed income. Distenfeld has been with the firm for 20 years and is director of credit. DiMaggio is director of both global fixed income and Canada fixed income.
According to a document filed with the Securities and Exchange Commission, the AB Credit Long/Short portfolio is to be liquidated, on April 20, as is the $7.4 million AB Asia ex-Japan Equity Portfolio.
Both were already closed to new investors.
The AB Credit Long/Short portfolio is ranked 52 out of 58 Liquid Alternative Bond Strategies tracked by Citywire for three-year total returns to the end of December 2017. Over that time it returned 0.7% compared to the average Liquid Alternatives Bond Strategy, which was up 7.4%.