AllianceBernstein Funds to Seek Adviser Vote After EQH Deal

Planned merger would automatically end current advisory contracts, requiring new agreements.

Apr. 17, 2026 at 10:24pm

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An extreme close-up of heavy, industrial banking machinery and equipment in shades of silver, steel, and black, representing the complex financial infrastructure that underpins the banking system.The planned merger between two financial giants will trigger a complex process of renegotiating investment advisory contracts, exposing the inner workings of the banking industry.NYC Today

AllianceBernstein Global High Income Fund and AllianceBernstein National Municipal Income Fund announced that their current investment advisory agreements will automatically terminate due to the planned merger between Equitable Holdings (EQH) and Corebridge Financial. The fund boards are expected to review and approve new advisory agreements before the deal closes by the end of 2026, which will then require shareholder approval.

Why it matters

The automatic termination of the funds' advisory agreements is a standard regulatory requirement when there is a change in control of the investment adviser. This will require the funds to go through the process of securing new advisory contracts, which could potentially lead to changes in the funds' management or investment strategies.

The details

EQH, the majority owner of AllianceBernstein L.P. (the Adviser), announced a definitive agreement to merge with Corebridge Financial. This transaction is expected to close by the end of 2026 and will be deemed to cause an 'assignment' of the investment advisory agreements between the funds and the Adviser, automatically terminating the agreements. Prior to closing, the fund boards are anticipated to consider and approve new advisory agreements, which will then need shareholder approval.

  • The transaction is expected to close by the end of 2026.
  • The fund boards are expected to review and approve new advisory agreements prior to the closing of the transaction.

The players

Equitable Holdings, Inc. (EQH)

The holder of a majority of the partnership interests in AllianceBernstein L.P., the investment adviser to the funds.

Corebridge Financial, Inc.

The company entering into a definitive agreement to merge with EQH.

AllianceBernstein L.P.

The investment adviser to AllianceBernstein Global High Income Fund and AllianceBernstein National Municipal Income Fund.

AllianceBernstein Global High Income Fund, Inc. (AWF)

A registered closed-end management investment company managed by AllianceBernstein L.P.

AllianceBernstein National Municipal Income Fund, Inc. (AFB)

A registered closed-end management investment company managed by AllianceBernstein L.P.

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What’s next

Prior to the closing of the transaction, each fund's board of directors is expected to consider and approve new investment advisory agreements between the fund and AllianceBernstein L.P. If approved by the boards, the new agreements will be presented to the funds' shareholders for approval.

The takeaway

The planned merger between Equitable Holdings and Corebridge Financial will trigger the automatic termination of the investment advisory agreements between the AllianceBernstein funds and their investment adviser, AllianceBernstein L.P. This will require the funds to go through the process of securing new advisory contracts, which could potentially lead to changes in the funds' management or investment strategies.