AllianceBernstein today reported assets under management of $495.5 billion as of Dec. 31, down 0.5% from the prior quarter but up 7% from the year before.
For the latest quarter, net outflows of $16.8 billion outpaced market gains of $14.5 billion. Institutional clients accounted for $15.6 billion of those net outflows, while high-net-worth and retail clients took out $800 million and $400 million, respectively.
In a news release, Peter S. Kraus, the money manager's chairman and CEO, noted that net outflows peaked in the second quarter of 2009, and predicted that flows should turn positive during the current year.
Net income for the latest quarter came to $190.9 million, down 16% from the prior quarter but up 175% from the year before, with the company citing positive investment gains on deferred compensation-related investments for the bulk of the year-on-year improvement. Revenue, meanwhile, came to $781.9 million, down 3% from the prior quarter but up 35% from the year before.
