AllianceBernstein had $479 billion in assets under management as of March 31, up 2.5% from Dec. 31 but down 1.4% from March 31, 2015, the company reported in its earnings statement.
Total net inflows were $2.2 billion, compared to net outflows of $2.5 billion in the prior quarter and net inflows of $6 billion during the first quarter of 2015.
Institutional net inflows during the first quarter were $1.8 billion, compared to net outflows of $900 million in the previous quarter and net inflows of $5.4 billion during the first quarter of 2015.
“After a challenging first two months of the year, both global markets and investor sentiment lifted in March,” said Peter S. Kraus, chairman and CEO, in the earnings statement, which was released April 28.
Mr. Kraus added: “While gross sales for the first quarter lagged the levels of a year ago, we experienced strong momentum in diverse areas like global high income, U.S. investment-grade and municipal bonds and strategic core equities. At the same time, with redemptions still at or near multiyear lows, we had net inflows of $2.2 billion.”
Net revenue for the second quarter totaled $769.1 million, up 5.8% from the fourth quarter and up 1% from the first quarter of 2015. Net income totaled $163.2 million, flat from the prior quarter but up 14.3% from the same quarter a year ago.