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Money Management

AllianceBernstein’s assets up 3.5%, sees $4.5 billion in net inflows

AllianceBernstein (AB) reported $534.9 billion in assets under management as of Sept. 30, up 3.5% from June 30 and up 9.1% from Sept. 30, 2016, the company's earnings statement said Wednesday.

Total net inflows were $4.5 billion in the third quarter, compared to net inflows of $4.7 billion in the previous quarter and net outflows of $15.3 billion in the prior-year period.

Net inflows to the institutional channel were $1.4 billion in the third quarter, compared to net inflows of $1.2 billion in the prior quarter. Institutional net outflows were $9.9 billion for the quarter ended Sept. 30, 2016, according to a previous earnings statement

Broken down by asset class, taxable fixed income experienced $3.7 billion in inflows, while active equities saw $900 million in inflows, and other strategies, including certain multiasset-class solutions and services and certain alternative investments, saw $400 million in inflows. Passive equities, meanwhile, experienced $300 million in net outflows during the quarter ended Sept. 30, while both tax-exempt fixed income and passive fixed income each experienced $100 million in outflows.

Net revenue for the third quarter totaled $812.2 million, up 1.2% from the previous quarter and up 8.6% from the year-earlier quarter. Net income totaled $162 million, flat from the prior quarter but down 12.6% from the same quarter a year ago.

"In institutional, net flows were positive for the second consecutive quarter and our redemption rate is at a 12-year low. We also keep making progress in our efforts to commercialize and scale our business," said Seth P. Bernstein, president and CEO,in the earnings statement.

"Six months into my tenure here, I'm confident AB is doing all the right things to position us competitively for a future of success," Mr. Bernstein added.