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October 22, 2015 01:00 AM

AllianceBernstein's AUM, revenue and income drop for the year

James Comtois
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    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.

    Total net outflows were $2.4 billion for the third quarter, compared to net inflows of $2.2 billion for the second quarter and net inflows of $2.8 billion for the third quarter of 2014.

    Institutional net outflows were $900 million, compared to net inflows of $3.5 billion in the second quarter of 2015.

    Net revenue for the third quarter totaled $738.7 million, down 6.8% from the previous quarter and down 1.5% from the third quarter of 2014. Net income totaled $135 million, down 9.5% from the prior quarter and down 3.4% from the third quarter of 2014.

    Compare fund flows and AUM of publicly traded money managers with P&I's Earnings Tracker
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