INDEPENDENT AUDITORS' CONSENT

The Board of Directors
Alliance Capital Management Corporation:

We consent to the use of our  report  dated  February  1, 1999  relating  to the
consolidated  statements of financial  condition of Alliance Capital  Management
L.P.  and  subsidiaries  as of  December  31,  1998 and  1997,  and the  related
consolidated   statements   of  income,   changes  in   partners'   capital  and
comprehensive  income,  and cash  flows for each of the years in the  three-year
period ended  December 31, 1998  incorporated  herein by reference in the annual
report on Form 10K of Alliance Capital Management L.P.



New York, New York                           KPMG LLP
March 24, 1999