AllianceBernstein reported $402 billion in assets under management as of Sept. 30, down 13% from the prior quarter and off 17% from the year before.
The company saw net outflows of $15.4 billion in the third quarter, an improvement over outflows of $19.5 billion for the prior quarter and $18.9 billion for the year-earlier quarter.
All client segments saw net outflows, led by institutional clients, with $9 billion; retail investors, $4.4 billion; and high-net-worth clients, $2 billion.
Market-related declines for the quarter came to $43.6 billion.
The company reported operating income of $107 million for the latest quarter, down 15% from three months earlier and off 13% from the year before. Net revenues came to $642 million, down 12% from the prior quarter and off 15% from 12 months earlier.
A highly volatile market environment in the third quarter sidelined investors, with a resulting decline “in both gross sales and client redemptions,” AllianceBernstein said in a news release.