(updated with correction)
AllianceBernstein reported $461 billion in assets under management in the quarter ended June 30, down 3.4%, from the previous quarter but up 2.9% from a year earlier, according to the company's earnings report released Friday.
Net outflows for the latest quarter totaled $19.5 billion, up $5.1 billion or 35.4%, from first-quarter 2011 and up $14.8 billion from a year earlier.
Institutional assets decreased 4.6% to $254.4 billion during the quarter.
The second-quarter outflows included $14.5 billion from institutional clients, offset by market appreciation of $2 billion and $1.2 billion in inflows from the acquisition of investment management firm Pyrander Capital Management.
Assets rose for the year ended June 30, a result of $82.4 billion in market appreciation and acquisitions totaling $9.1 billion, offsetting net outflows of $78.7 billion.
“The second quarter of 2011 clearly was challenging, as rising concerns over European sovereign debt, unrest in the Middle East, the implications of the Japanese earthquake and signs of a slowdown in the U.S. economic recovery weighed on investment performance and drove equity investors out of the markets,” the earnings statement noted.