Money manager Alliance Capital Management Holding LP (AC) , in a broad drive to reform its practices like many others the mutual fund industry, plans to increase its disclosure of certain payments to brokers, The New York Times reported on Sunday.

Alliance was among the first firms to settle with New York State Attorney General Eliot Spitzer over allegations of improper trading that reverberated through the $7 trillion mutual fund industry. Alliance paid $250 million in a settlement and agreed to reduce management fees by an average of 20 percent for five years. That action will cost the company $70 million a year, according to Spitzer’s office.

Alliance Chief Executive Officer Lewis Sanders told The Times in an interview that he hoped to continue to lower the costs of his firm’s funds. He also said that Alliance plans to increase disclosure of payments to brokers for trading and research.

Though he has pledged to cut fund offerings as well as administrative overhead, he does not expect a quick payoff from those efforts, the article said.

Alliance is majority-owned by Axa Financial Inc., the U.S. arm of French insurer Axa (AXAF) .