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MONEY MANAGEMENT

AllianceBernstein’s assets rise 3.7% in quarter, experiences institutional outflows

AllianceBernstein (AB) reported $497.9 billion in assets under management as of March 31, up 3.7% from Dec. 31 and up 5.5% from a year earlier, the company reported in its earnings statement Thursday.

Total net outflows were $200 million in the first quarter, compared to net outflows of $100 million in the previous quarter and net inflows of $2.2 billion in the prior year period.

Institutional net outflows were $1.9 billion, compared to net inflows of $1.8 billion in the fourth quarter of 2016. Institutional net inflows were $2.2 billion for the quarter ended March 31, 2016, according to a previous earnings statement from the company.

Institutional AUM was $244.9 billion as of March 31, up 2.3% from Dec. 31 but flat from the year-earlier period.

Net revenue for the second quarter totaled $764.9 million, down 2.7% from the previous quarter and down 0.5% from the year-earlier quarter. Net income totaled $166.3 million, down 25.2% from the prior quarter and down 4% from the same quarter a year ago.