AllianceBernstein says will not proceed with Visium deal

(Reuters) - Asset manager AllianceBernstein Holding LP said on Wednesday it will not proceed with a deal to buy a fund from hedge fund Visium Asset Management LP.

"Having determined that an opportunity involving the Visium Global Fund was not feasible, we will not proceed with the transaction," Alliance said in a statement.

Visium could not be immediately reached for a comment.

Visium, which has been embroiled in an insider trading case, told investors in June, that it will close down its flagship fund and sell another portfolio to AllianceBernstein.

It was planning to sell Visium Global Fund to AllianceBernstein. It said in June that the fund's investment team and some support staff would move to the asset management firm.

New York-based AllianceBernstein manages about $489.5 billion in assets.

(Reporting by Rishika Sadam in Bengaluru; Editing by Bill Rigby)

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