AllianceBernstein reported $462.9 billion in assets under management as of Sept. 30, down 4.6% from June 30 and down 2.1% from a year earlier, said the firm's earnings report issued Thursday.
“During the third quarter, investors were sidelined by declining equity markets and uncertainty about the direction of U.S. interest rates, growth in China and other global economies and commodity prices, which resulted in lower gross sales levels for AB,” said Peter S. Kraus, chairman and CEO, in the earnings release. “At the same time, however, asset retention improved across all three of our client channels and we remain net flow positive for the year-to-date.”
Institutional assets under management totaled $235.4 billion as of Sept. 30, down 3.6% from three months earlier, while retail AUM was $152.6 billion, down 6.4% from June 30 and private client AUM totaled $74.9 billion, down 3.9% from the end of the previous quarter, the release said.