Fund manager AllianceBernstein is reducing the amount of office space it fills in Mayfair as part of an ongoing overhaul of its global real estate footprint, at a time when the firm is facing a drop in assets under management and is looking to reposition itself for growth.

The firm moved out of Devonshire House at 1 Mayfair Place at the end of last year, and is now reducing the number of floors it fills, together with its sell-side research unit Sanford C Bernstein, at 50 Berkeley Street. It first started shrinking the amount of space that its offices occupy in 2010, in a bid to save money.