Exhibit 5

                             Joint Filing Agreement

         In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act
of 1934, as amended, the undersigned hereby agree to the joint filing on behalf
of each of them of a statement on Schedule 13D (including amendments thereto)
with respect to limited partnership units of Alliance Capital Management Holding
L.P. and that this Joint Filing Agreement be included as an exhibit to such
joint filing. Each person who is a party hereto acknowledges that (i) each is
individually eligible to use Schedule 13D to satisfy its filing obligations
under Rule 13d-1; (ii) each is responsible for the timely filing of such
statement and any amendments thereto, and for the completeness and accuracy of
the information concerning itself; and (iii) neither person is responsible for
the completeness or accuracy of the information concerning the other person
jointly filing on the Schedule 13D referred to herein, unless such person knows
or has reason to believe that such information is inaccurate.

         IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this
12th day of October, 2000.


                                            SCB INC.



                                             By: /s/ Gerald M. Lieberman
                                                --------------------------------
                                                Name:  Gerald M. Lieberman
                                                Title: Senior Vice President
                                                       and Treasurer



                                            SCB PARTNERS INC.



                                             By: /s/ Gerald M. Lieberman
                                                --------------------------------
                                                Name:  Gerald M. Lieberman
                                                Title: Senior Vice President
                                                       and Treasurer