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ALLIANCE CAPITAL MANAGEMENT L.P. REPORTS DISTRIBUTION TO UNITHOLDERS AND 1992 RESULTS AND ANNOUNCES 2-FOR-1 UNIT SPLIT

 NEW YORK, Feb. 10 /PRNewswire/ -- Alliance Capital Management L.P. (NYSE: AC) today announced a distribution of $0.66 per unit for the fourth quarter of 1992. The partnership distributed $0.60 per unit for the fourth quarter of 1991.
 The distribution is payable on Feb. 26, 1993, to holders of units at the close of business on Feb. 19, 1993.
 Net income for the fourth quarter of 1992 was $19,506,000 or $0.67 per unit compared to $18,459,000 or $0.64 per unit for the fourth quarter of 1991. Net income for the year ended Dec. 31, 1992, was $77,635,000 or $2.66 per unit compared to $62,310,000 or $2.16 per unit for the year ended Dec. 31, 1991.
 Revenues increased from $84,744,000 to $88,511,000 for the quarters ended Dec. 31, 1991 and 1992, respectively, and from $297,667,000 to $350,610,000 for the years ended Dec. 31, 1991 and 1992, respectively. Assets under management as of Dec. 31, 1992, were approximately $63.8 billion.
 The partnership is required to distribute its available cash flow, which was $18,945,816 or $0.66 per unit for the quarter ended Dec. 31, 1992.
 The partnership also announced a 2-for-1 unit split. The record date for the unit split is Feb. 22, 1993. It is anticipated that new unit certificates will be mailed on March 15, 1993.
 The above per unit amounts have not been adjusted to reflect the unit split.
 ALLIANCE CAPITAL MANAGEMENT L.P.
 Summary Consolidated Statements of Income
 (Unaudited, in thousands except per unit amounts)
 Periods ended Three Months Year
 Dec. 31 1992 1991 1992 1991
 Revenues $88,511 $84,744 $350,610 $297,667
 Expenses 67,768 65,257 268,492 232,262
 Income before taxes 20,743 19,487 82,118 65,405
 Taxes 1,237 1,028 4,483 3,095
 Net income $19,506 $18,459 $ 77,635 $ 62,310
 Net income per unit (A) $ 0.67 $ 0.64 $ 2.66 $ 2.16
 Distribution per unit (A) $ 0.66 $ 0.60 $ 2.57 $ 2.12
 12/31/92 12/31/91
 Assets under management (in millions) $63,826 $62,337
 (A) -- The per unit amounts have not been adjusted to reflect the Feb. 22, 1993, 2-for-1 unit split.
 Alliance Capital Management L.P. is a leading international investment adviser, providing investment management services to institutions, primarily pension funds and endowments, and to individual investors through a broad line of mutual funds and cash management products. The partnership's general partner and majority unitholder are wholly-owned subsidiaries of The Equitable Companies, Incorporated.
 -0- 2/10/93
 /CONTACT: John D. Carifa, chief financial officer of Alliance Capital, 212-969-1000/
 (AC)


CO: Alliance Capital Management L.P. ST: New York IN: SU: ERN

GK-WB -- NY041 -- 5176 02/10/93 12:49 EST
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Date:Feb 10, 1993
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