AllianceBernstein Funds Respond to Merger Announcement
On March 26, 2026, Equitable Holdings, Inc. (EQH) and Corebridge Financial, Inc. announced a definitive agreement to merge, which will affect the investment advisory agreements for AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF) and AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB), both managed by AllianceBernstein L.P. according to PR Newswire. The merger is expected to close by the end of 2026, pending regulatory approvals and shareholder votes.
Details of the Merger
EQH holds a majority of the partnership interests in AllianceBernstein L.P., the investment adviser to the Funds, and is the indirect parent of AllianceBernstein Corporation. Under the terms of the agreement, the Transaction will trigger an automatic termination of the current investment advisory agreements due to it being deemed an “assignment” under the Investment Company Act of 1940. The Investment Company Act of 1940, a widely-known US law regulating investment companies, requires such agreements to terminate upon assignment.
Impact on Fund Operations
Each Fund, as a registered closed-end management investment company, will see its advisory agreement with AllianceBernstein L.P. terminate automatically upon the merger’s closure. According to PR Newswire, each Fund’s Board of Directors is anticipated to consider a new investment advisory agreement prior to the merger’s completion.
Next Steps for Approval
If approved by the Boards, the new agreements will be submitted to the Funds’ shareholders for approval, with the new agreements taking effect only upon the merger’s closure, subject to all customary conditions. This process ensures compliance with regulatory requirements outlined in the announcement.
