Updated with correction
AllianceBernstein reported assets under management of $541.8 billion as of March 31, down 13% from the previous quarter and down 2.3% from a year earlier, the company said in an earnings statement released Tuesday.
Net outflows across the firm totaled $5.6 billion in the first quarter compared to net inflows of $6.5 billion in the fourth quarter and net inflows of $1.1 billion in the year-earlier quarter.
"AB's financial results reflect the capital markets and assets under management have declined by 13% from year-end 2019," Seth P. Bernstein, president and CEO of AB, said in a statement in a quarterly earnings release. "Looking forward, we expect to experience further market volatility in the face of continued uncertainty stemming from the global effects of COVID-19."
Mr. Bernstein later said, "While there will be enormous challenges to overcome, I believe AB is well positioned to capitalize on the opportunities that will undoubtedly arise as the severity of this health crisis abates and the unprecedented level of fiscal and monetary support begin to impact the global economy."
AB's net revenue for the first quarter was $874.2 million, down 11.5% from the prior quarter and up 9.9% from the year earlier.
As a result of the coronavirus pandemic, AllianceBernstein told Pensions & Investments last week it was delaying layoffs of some employees who had opted out of moving to Nashville, where the firm is relocating its corporate headquarters from New York.
