AllianceBernstein (AB) reported $516.6 billion in assets under management as of June 30, up 3.8% from March 31 and up 5.5% from a year earlier, the company reported in its earnings statement Thursday.
Total net inflows were $4.7 billion in the second quarter, compared to net outflows of $200 million in the previous quarter and net inflows of $3.5 billion in the prior-year period.
Institutional net inflows were $1.2 billion for the quarter, compared to net outflows of $1.9 billion in the first quarter. Institutional net inflows were $1 billion for the quarter ended June 30, 2016, according to a previous earnings statement.
Broken down by asset class, taxable fixed income experienced net inflows of $3.6 billion, while other strategies, including certain multiasset-class solutions and services and certain alternative investments, saw $1.6 billion in inflows. Tax-exempt fixed income saw $800 million in inflows, while active equity saw $600 million in inflows. Passive fixed income experienced $1.4 billion in net outflows and passive equity, $500 million in outflows.
Net revenue for the second quarter totaled $802.3 million, up 4.9% from the previous quarter and up 10.5% from the year-earlier quarter. Net income totaled $162.5 million, down 2.3% from the prior quarter but up 14% from the same quarter a year ago.
AllianceBernstein's parent company, AXA, announced on May 1 that Seth P. Bernstein, a former managing director and global head of managed solutions and strategy at J.P. Morgan Asset Management (JPM), replaced Peter S. Kraus as chairman and CEO, who left the company.
"It's clear that I've joined AB at an exciting point in the firm's long-term strategic and competitive transition," said Mr. Bernstein in the earnings statement.
"In institutional, we were pleased to see a recovery in activity levels from the first quarter," Mr. Bernstein added. "We're particularly encouraged by the positive trend in our pipeline fee rate. We're winning more mandates in higher- fee areas like commercial real estate debt and concentrated active equities."