AllianceBernstein reported assets under management of $516.4 billion as of Dec. 31, down 6.2% from Sept. 30 and down 6.9% from Dec. 31, 2017, the company said in an earnings statement released Wednesday.
Net inflows across the firm totaled $800 million in the fourth quarter vs. net inflows of $1.3 billion in the third quarter and net inflows of $4.2 billion in the year-earlier fourth quarter.
Net inflows from institutional investors were $1 billion in the fourth quarter, compared to net outflows of $200 million in the third quarter and net inflows of $3 billion in the quarter ending Dec. 31, 2017.
The firm's fourth-quarter decline in total assets under management was attributed to "significant declines in the equity and certain fixed-income markets" over the period, particularly in December, a presentation that accompanied its earnings release said.
"Given the impact we expect this lower AUM will have on our ability to generate the level of investment advisory fee revenues we initially forecast when establishing the 2020 margin target, presently we do not believe that achieving the 2020 margin target is likely," the presentation said.
AllianceBernstein previously adopted a goal to increase its adjusted operating margin to a target of 30% by 2020. Its adjusted operating margin for 2018 was 29.1%, the presentation materials said.