AllianceBernstein had assets under management of $447 billion in the second quarter, up 9% from the previous quarter but down 38% from a year ago because of net outflows and substantial market depreciation, the company said in a news release.
Net outflows for the three months ended June 30 were $24 billion — $19 billion from institutional clients, $3 billion from retail clients and $2 billion from private clients.
The firm's value equity assets totaled $155.8 billion, climbing 19% from the previous quarter but down 52% from the year before. Growth equity assets were $84.2 billion, up 17% from March 31 and down 50% from a year earlier. Fixed income, meanwhile, was $178 billion, up 4% from the previous quarter and down 11% from June 30, 2008, and other strategies totaled $29 billion, up 45% from the previous quarter and 31% higher than a year earlier.
Net income for the second quarter was $38.3 million, down 54% from the previous year.
Revenue was $721.4 million, down 32% from a year earlier.