Exhibit 99.25
News Release | 
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FOR IMMEDIATE RELEASE
Contacts: | | Valerie Haertel (Investor Relations) | | John Meyers (Media) |
| | (212) 969-6414 | | (212) 969-2301 |
| | investor_relations@acml.com | | john_meyers@acml.com |
ALLIANCE CAPITAL ANNOUNCES JUNE 30, 2002 ASSETS UNDER MANAGEMENT
SECOND QUARTER EARNINGS CONFERENCE CALL TO BE HELD ON JULY 23
New York, NY, July 12, 2002 — Alliance Capital Management Holding L.P. (“Alliance Holding”) (NYSE: AC) and Alliance Capital Management L.P. (“Alliance Capital”) today reported preliminary assets under management (AUM) of approximately $413 billion at June 30, 2002 compared to $433 billion at May 31, 2002 and $462 billion at June 30, 2001.
Total AUM at June 30, 2002 decreased by 5% as compared to May 31, 2002. The one-month change from May to June 2002 was primarily due to market declines.
The 11% year-over-year decline in AUM, from June 30, 2001 to June 30, 2002, resulted from deteriorating market conditions, partially offset by net new inflows.
ALLIANCE CAPITAL MANAGEMENT L.P.
(THE OPERATING PARTNERSHIP)
ASSETS UNDER MANAGEMENT
($ billions)
| | At June 30, 2002 (preliminary) | | At May 31, 2002 | | At Dec 31, 2001* | | At June 30, 2001* | |
| | Retail | | Institutional Investment Management | | Private Client | | Total | | Total | | Total | | Total | |
Equity | | | | | | | | | | | | | | | |
Growth | | $ | 53 | | $ | 77 | | $ | 3 | | $ | 133 | | $ | 147 | | $ | 173 | | $ | 194 | |
Value | | 25 | | 53 | | 27 | | 105 | | 109 | | 101 | | 96 | |
Total Equity | | 78 | | 130 | | 30 | | 238 | | 256 | | 274 | | 290 | |
| | | | | | | | | | | | | | | |
Fixed Income | | 69 | | 70 | | 10 | | 149 | | 150 | | 146 | | 139 | |
| | | | | | | | | | | | | | | |
Passive | | 3 | | 23 | | 0 | | 26 | | 27 | | 32 | | 33 | |
| | | | | | | | | | | | | | | |
Total | | $ | 150 | | $ | 223 | | $ | 40 | | $ | 413 | | $ | 433 | | $ | 452 | | $ | 462 | |
* AUM previously reported as of each date prior to March 31, 2002, have been restated to conform to the March 31, 2002 presentation. AUM now reflects the reclassification of institutional cash management and sub-advised variable annuity accounts from Institutional Investment Management to Retail and certain Private Client accounts to Retail and Institutional Investment Management. AUM now also excludes assets managed by unconsolidated affiliates.
CONFERENCE CALL INFORMATION RELATING TO SECOND QUARTER 2002 RESULTS
Alliance Capital’s management will review second quarter 2002 financial and operating results on Tuesday, July 23, 2002, during a conference call at 3:00 p.m. (Eastern Time) that will be hosted by Chief Executive Officer and Chairman, Bruce W. Calvert; President and Chief Operating Officer, John D. Carifa; and Chief Investment Officer and Vice Chairman, Lewis A. Sanders.
Parties interested in listening to the conference call may access it by either telephone or webcast.
1. To listen by telephone, please dial 800-553-5275 in the U.S. or 612-288-0337 outside the U.S., ten minutes before the 3:00 p.m. (Eastern Time) scheduled start time. Please indicate access code “Alliance” when dialing in.
2. To listen by webcast, please visit Alliance Capital’s Investor Relations website at http://ir.alliancecapital.com at least fifteen minutes prior to the call to download and install any necessary audio software.
The presentation slides that will be reviewed during the conference call are expected to be available on the morning of July 23, 2002 on Alliance Capital’s website at the above web address.
A replay of the conference call will be made available for one week beginning at 6:30 p.m. (Eastern Time) July 23, 2002. In the U.S. please call 800-475-6701 or for callers outside the U.S. 320-365-3844, and provide the access code 644743. The replay will also be available via webcast on Alliance Capital’s website for one week.
ABOUT ALLIANCE CAPITAL
Alliance Capital is a leading global investment management firm providing investment management services for many of the largest U.S. public and private employee benefit plans, foundations, public employee retirement funds, pension funds, endowments, banks, insurance companies and high-net-worth individuals worldwide. Alliance Capital is also one of the largest mutual fund sponsors, with a diverse family of globally distributed mutual fund portfolios. As one of the world’s leading global investment management organizations,
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Alliance Capital is able to compete for virtually any portfolio assignment in any developed capital market in the world.
Alliance Holding owns approximately 30% of the units of limited partnership interest in Alliance Capital. AXA Financial, Inc. owns approximately 2% of the outstanding Alliance Holding Units and approximately 52% of the outstanding Alliance Capital Units, representing an approximate 53% economic interest in Alliance Capital. AXA Financial, Inc. is a wholly owned subsidiary of AXA, one of the largest global financial services organizations.
Forward-Looking Statements
Certain statements provided by Alliance Capital and Alliance Holding in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of such factors include, but are not limited to, the following: the performance of financial markets, the investment performance of Alliance Capital’s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions, and government regulations, including changes in tax rates. Alliance Capital and Alliance Holding caution readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; Alliance Capital and Alliance Holding undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
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