Four years after AllianceBernstein announced it was relocating its headquarters from New York City to Nashville, the move was completed in May. Kate Burke, then the chief operating officer and head of private wealth, oversaw the move, relocating over 1,000 employees to the Music City. She also oversaw design and ensured the new offices were inclusive, featuring all-gender bathrooms and nursing rooms for mothers.
One month later, AllianceBernstein appointed Burke to take over the role of chief financial officer in addition to her role as COO. Burke now oversees finance, strategy and responsibility, and will continue to oversee all corporate functions.
During the past year, Burke launched an HBCU scholars program to encourage diverse talent at the firm; helped increase gross sales in private wealth by 27% year-over-year in 2021; and oversaw 10 product launches within private wealth. As a result, she helped boost her division's alternative investment AUM by 18% in 2021, to $11 billion, and its ESG AUM to $6.9 billion, up 55% compared to the previous year.
One of the accomplishments of which Burke was proudest, she said, was rolling out an ultra-high net worth strategy with the private wealth team, focused on retention of clients and advisors. "As a result," she said, "we experienced improvement across the business, as private wealth saw record results of 7% net inflows – the highest seen in over a decade."
Burke started out in institutional sales at Bernstein Research in2004. She eventually rose to chief administration officer before taking on the COO role in June 2020 and becoming head of private wealth in January 2021.
Burke helped guide the firm through the COVID-19 pandemic and the massive workplace shifts that resulted. She led AllianceBernstein's pandemic response and its return to office strategy. By listening to and engaging with employees, Burke steered AllianceBernstein toward a three-two hybrid model–three days in the office, two working from home–to address their concerns and to boost employee retention.
Burke also led the firm in prioritizing employee mental health, helping to provide complimentary resources for workers in offices across the globe. Additionally, she ensured the firm continued to offer its Wellness Day program into the summer of 2022. The program was launched during the pandemic to help employees avoid burnout by encouraging them to take days off to unplug and unwind. Burke is also actively involved in AllianceBernstein's Women's Leadership Council, which provides support to female colleagues; she leads an annual offsite for the Council.
"One of the major changes I've witnessed throughout my career is the recognition that women are becoming a more important – and critical – part of the workplace, client base and overall market," Burke said.
