AllianceBernstein Shuts Hedge Fund Arya on Lack of Scale

AllianceBernstein Holding LP has shut its hedge fund AB Arya, the latest sign of how a lack of scale is hindering challengers to the larger multi-strat firms.

The multi-manager fund was part of AllianceBernstein’s $6 billion hedge fund platform, according to a statement from the firm on Wednesday, in response to a request for comment. The firm said it anticipates 95% of liquidation proceeds will be available to distribute to clients in June.