AllianceBernstein had $454.1 billion in assets under management as of March 31, a 0.8% increase from three months earlier and a 2.4% gain from a year earlier.
Institutional AUM totaled $226.4 billion; retail clients, $155 billion; and private clients, $72.7 billion, according to Alliance Bernstein's first-quarter earnings release issued Wednesday.
Total net outflows for the quarter ended March 31 were $4.4 billion, compared to $10.3 billion in net outflows for the quarter ended Dec. 31. Net institutional outflows in the latest quarter were $3.8 billion, compared with net outflows of $5.6 billion in the fourth quarter of 2013. Net retail outflows were $1.1 billion for the quarter vs. net outflows of $3.9 billion in the previous quarter, while net inflows for private clients were $500 million, compared to net outflows of $800 million in the previous quarter.
Net revenues for the first quarter were $715 million, down 7% from the prior quarter and up 1% from the year-earlier quarter.
AllianceBernstein's net income for the first quarter was about $119 million, compared with $186 million for the fourth quarter of 2013 and $113 million for the first quarter of 2013.