AllianceBernstein reported $473 billion in assets under management as of Sept. 30, a 1.5% decrease from the previous quarter but a 6.2% increase from a year earlier.
“During the third quarter, market conditions became increasingly challenging as investors began to focus on the Fed’s intention to continue removing liquidity and eventually raise rates, as well as growing evidence that slowing growth in Europe was weakening overall global growth,” said Peter S. Kraus, AllianceBernstein chairman and CEO, in a conference call to investors Thursday. “These dynamics spooked investors into shedding risk assets.”
Institutional assets under management totaled $236.8 billion, while retail AUM was $162 billion and private client AUM totaled $74.2 billion, AllianceBernstein's third-quarter earnings release said.
Institutional AUM decreased 1.5% from the previous quarter, when the manager reported $240.3 billion.
Total net inflows for the quarter were $2.8 billion.
Institutional inflows totaled $2.8 billion. The previous quarter, the manager had reported total inflows of $8.3 billion and institutional inflows of $6.8 billion.
Net retail outflows, meanwhile, were $100 million for the third quarter, while net inflows for private clients were $100 million. In the previous quarter, retail inflows were $2 billion, while outflows for private clients had been $500 million.
Net revenue for the third quarter totaled $750 million, down 1% from the previous quarter and up 6% from the third quarter of 2013.
AllianceBernstein's third-quarter net income totaled $139.8 million, up 2.5% from the prior quarter and up 40% from the third quarter of 2013.
