Alicia McElhaney Aperture Investors Promises Active Management For The Cost of an ETF. That Is, Unless Managers Outperform. Former AllianceBernstein CEO Peter Kraus has partnered with Italian asset manager Assicurazioni Generali to create a firm with a unique fee structure. Alicia McElhaney September 20, 2018 Peter Kraus, former AllianceBernstein CEO. (Photo Illustration by II / Jin Lee/Bloomberg)