AllianceBernstein on Thursday reported $549.5 billion in assets under management as of March 31, down 0.9% from the end of 2017 but up 10.4% from a year earlier.
Total first-quarter net outflows were $2.4 billion in the quarter, vs. net inflows of $4.2 billion in the fourth quarter and net outflows of $200 million for the year-earlier quarter, according to the company's earnings statement.
Institutional net outflows were $2.8 billion in the quarter ended March 31, compared to $3 billion in net inflows in the fourth quarter and net outflows of $1.9 billion in the year-ago quarter.
Overall, taxable fixed-income strategies had the most net outflows in the latest quarter, at $9.6 billion, with passive equity seeing net outflows of $1.5 billion. Strategies with net inflows in the quarter were other strategies — including certain multiasset-class solutions and services and certain alternative investments — at $4.9 billion; active equity, $2.9 billion; tax-exempt fixed income, $800 million; and passive fixed income, $100 million.
Seth P. Bernstein, president and CEO, said in an earnings conference call that the quarterly outflows were because of "turbulent markets" resulting from concerns over inflation, rising interest rates and geopolitical events.
AllianceBernstein's net revenue for the first quarter was $867.8 million, down 5.6% from the fourth quarter but up 13.4% from the year-earlier quarter. Net income was $206.8 million, vs. $254.8 million in the fourth quarter and $156.3 million in the first quarter of last year.