AllianceBernstein Holding on Monday reported $477.3 billion in assets under management as of March 31, unchanged from Dec. 31 and down 3% from a year earlier, confirmed company spokesman John Meyers.
Net outflows for the three-month period ended March 31 were about $12.9 billion for institutional clients, compared to $22.4 billion in institutional outflows in the previous quarter; $800 million for retail, compared to $6 billion the previous quarter; and $700 million for private clients, compared to $900 million the previous quarter.
Net revenue on a GAAP basis was $755 million for the quarter, down 3% from the previous quarter, while net operating income on a GAAP basis was $138 million, down 10% from the previous quarter.
“Gross sales increased by double-digit percentages across all of our distribution channels compared to the fourth quarter of 2010, net outflows as a whole declined substantially — particularly in the institutions channel — and we grew our adjusted operating income and expanded our adjusted operating margin,” Peter S. Kraus, AllianceBernstein chairman and CEO, said in a news release.
The quarterly report put equity assets at $208.8 billion, down 4.5% from the previous quarter; fixed-income assets at $210 billion, up 1.8%; and other assets at $58.5 billion, down 9.9%.
Mr. Kraus, AllianceBernstein chairman and CEO, was not immediately available for further comment.
