Alliance Capital Management Holding LP's first quarter assets under management were $484 billion, up 25.2% from $386 billion a year earlier, mainly because of equity market appreciation, the company announced today. Alliance said its institutional division experienced net asset outflows of $6.3 billion; net inflows to the private client and retail divisions were $1.6 billion and $1.2 billion, respectively.
Overall, Alliance's first-quarter diluted net income per share was 58 cents, up 56.8% from the same period last year. Dividend per share was 14 cents, compared to 37 cents per unit in the first quarter 2003, the result of charges recorded in the second half of last year related to the mutual fund trading scandals and other legal proceedings. Alliance eliminated the dividend entirely in the fourth quarter.