AllianceBernstein reported assets under management of $478 billion as of Dec. 31, up marginally from $477.5 billion at the end of the prior quarter but down 2% from the year before.
In a news release issued after the market closed Thursday, the company reported net outflows for the latest quarter of $29.3 billion, with institutional investors accounting for $22.4 billion of the total, up from $11.9 billion of institutional outflows for the prior quarter. Retail outflows came to $6 billion, up from $3.2 billion for the prior quarter, while high-net-worth outflows grew to $900 million from $500 million.
For the quarter, market-related gains of $21.8 billion and an additional $8 billion in assets from the fourth-quarter acquisition of SunAmerica’s alternative investment group combined to just outpace those accelerating outflows.
In the news release, Peter S. Kraus, chairman and CEO of the New York-based money manager, expressed confidence that continued outperformance by most of AllianceBernstein’s equity and fixed-income products, combined with a growing appetite among investors for riskier assets, will eventually help the company see an improvement in flows.
For the latest quarter, AllianceBernstein reported operating income of $154 million, up 167% from the prior quarter but down 23% from the year before. Net revenue, meanwhile, came to $778 million, up 3% from the prior quarter but down 1% from the year before.