AllianceBernstein reported $792.2 billion in total assets under management as of Dec. 31, up 9.2% from $725.2 billion a year ago but down almost 2% from $806 billion the previous quarter.
“Despite experiencing outflows in the fourth quarter, our active platform registered $4.2 billion net inflows for the full year 2024, with two of our three channels growing organically throughout the year and the fourth quarter,” said President and CEO Seth P. Bernstein in a Feb. 6 news release.
During the fourth quarter, net outflows totaled $4.8 billion compared with $1.1 billion of net inflows in the previous quarter. For the full year, AllianceBernstein recorded total net outflows of $2.2 billion.
The institutional channel saw $6.2 billion of net outflows during the fourth quarter and full-year outflows of $16.5 billion.
Both the retail and private wealth channels saw fourth quarter and full year net inflows. Retail had net inflows of $1.1 billion during the quarter and full-year net inflows of $13.4 billion. Private wealth had $300 million of fourth quarter net inflows and $900 million in full year net inflows.
Retail accounts for the largest portion of assets under management at $334.3 billion as of Dec. 31 followed by institutional at $321.4 billion and private wealth management at $136.5 billion.
AB is continuing to focus on growing its private markets AUM supported by its strategic partnership with Equitable.
“We’re pleased with the progress toward our goal of reaching $90 to $100 billion of private markets AUM by 2027 at which point these products should generate more than 20% of our asset management revenues,” Bernstein said during the firm’s earnings call.
“As of year-end 2024, our platform had reached $70 billion in fee-earning and fee-eligible AUM, representing over 16% of our total asset management revenue for the year.”
