AllianceBernstein reported $501.3 billion in client assets as of March 31, up 1.2% from the prior quarter and 22% above a year earlier.
For the latest quarter, net outflows were $6.4 billion, 62% lower than its fourth-quarter outflows of $16.8 billion and 68% lower than its outflows of $20.2 billion for the year-earlier quarter.
Market-related gains, meanwhile, came to $12.2 billion, for a net gain in AUM of $5.8 billion.
By asset class, the firm’s fixed-income strategies pulled in net inflows of $5.2 billion – matching their combined take for the prior three quarters. Growth equity strategies saw $4.9 billion in net outflows, unchanged from the previous two quarters. Value equity strategies, meanwhile, saw $7.3 billion in net outflows, an improvement from more than $10 billion in outflows for each of the previous four quarters.
Flows by client type improved across the board, although AllianceBernstein continued to suffer net redemptions among institutional investors. Institutional outflows of $8.6 billion for the latest quarter were smaller than outflows of $10 billion or more for each of the previous four quarters. Retail investors, meanwhile, added a net $2.5 billion to the company’s funds, following net outflows for the previous four quarters. Private clients took out a net $300 million, narrower than outflows of $800 million for the prior quarter and $3.3 billion for the year-earlier quarter.
Net income for the first quarter came to $131 million, down 31% from the prior quarter but up 317% from the year before. In its news release, the firm said a drop in average AUM from the previous quarter, a change in its product mix and two fewer calendar days in the first quarter contributed to the drop from the previous quarter.
Net revenues, meanwhile, came to $725 million, down 7% from the prior quarter but up 21% from the year before.