AllianceBernstein had $490.2 billion in assets under management as of Sept. 30, flat from June 30 but up 6% from Sept. 30, 2015, the company reported in its earnings statement Wednesday.
Total net outflows for the quarter ended Sept. 30 were $15.3 billion, compared to net inflows of $3.5 billion in the previous quarter and net outflows of $2.4 billion in the year-earlier quarter.
Institutional net outflows were $9.9 billion, including the $7.6 billion of outflows from alternative investment portfolios, compared to institutional net inflows of $1 billion in the previous quarter. Institutional net outflows were $900 million for the quarter ended Sept. 30, 2015, according to a previous earnings statement from the company.
“Previously announced outflows totaling $14 billion related to the conclusion of our Rhode Island CollegeBound 529 fund relationship and the termination of an institutional alternative investment portfolio during the third quarter obscured the positive momentum we're experiencing in many parts of our business,” said Peter S. Kraus, chairman and CEO of AllianceBernstein, in the current earnings statement. “Excluding the 529 outflows, year-to-date retail net inflows were $3 billion, a $5 billion improvement from the same period last year, and private wealth net inflows were $1.2 billion, compared to slight net outflows last year.”
Net revenue for the second quarter totaled $747.6 million, up 3% from the previous quarter and up 1.2% from the year-earlier quarter. Net income totaled $185.3 million, up 30% from the prior quarter and up 30.5% from the same quarter a year ago.