The 51-year-old asset manager will move its headquarters from Midtown Manhattan to the Tennessee city and relocate about 1,050 jobs beginning later this year, according to a filing with the Securities and Exchange Commission on Wednesday. The company had 3,446 employees worldwide, as of the end of March.

Operations directly related to finance, such as the private wealth management business and sell-side research and trading, will remain in New York, the filing said. Legal, compliance, internal audit, human capital, finance, IT, operations and sales and marketing will move to Nashville.

The company will invest more than $70 million in the city as part of the relocation, a release said. AllianceBernstein plans to complete its new headquarters by 2020, and finish the entire transition by 2022.


The cost of living is about 58 percent lower in the greater Nashville area than New York, according to Bankrate.

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