AllianceBernstein has lost more than $5bn in investment mandates after US multi-manager Vanguard replaced the firm as an adviser for three of its funds.

The loss of $5.15bn in mandates is the equivalent of about 1.3% of AllianceBernstein's assets under management. The three mandates included 28% of the assets in Vanguard's $12.1bn Windsor Fund, 21% of the assets in the its $6.1bn International Value Fund and 13% of its $3.7bn Global Equity Fund.