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AllianceBernstein on Monday named JPMorgan Chase veteran Seth Bernstein as its new chief executive, replacing Peter Kraus in the top role at the asset manager.

The New York-based group that manages almost $500bn also appointed Robert Zoellick as chairman of its board, replacing Mr Kraus in that role as well.

Mr Kraus was tapped for the CEO job in 2008, joining from Merrill Lynch.

“We thank Peter Kraus for his service to AB and its stakeholders since taking over in the challenging environment of 2008,” said Denis Duverne, an AllianceBernstein director.

Mr Bernstein previously worked at JPMorgan for 32 years, most recently as global head of managed solutions and strategy at the bank’s asset management unit. Mr Zoellick was World Bank president from 2007 – 2012.

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