AllianceBernstein Sees Assets Under Management Fall 5.5% in Q1 | Zone stocks


AllianceBernstein on Friday reported first-quarter assets under management of $735.4 billion, down $43.2 billion, or 6%, from the December 31, 2021 figure.

According to a statement, assets under management for the quarter increased by $38.2 billion, or 5%, compared to the figure for the first quarter of 2021.

The Nashville-based financial services and asset management company posted a profit of $85.9 million, with earnings of 87 cents per share.

The company posted revenue of about $1.1 billion for the period, up nearly 10% from revenue of about $1 billion for the first quarter of 2021.

Seth Bernstein

As of March 31, AB had 4,161 employees, compared to 3,920 employees in the corresponding period of 2021.

“Financial markets were volatile in the first quarter, reflecting heightened uncertainty, as investors revise their interest rate expectations amid persistent inflation, amplified by geopolitical conflict,” said Seth Bernstein, chairman and CEO of AllianceBernstein, in the release. “In this environment, which continues into the second quarter, we recorded net inflows of $11.4 billion, or annualized organic growth of 6%, thanks to a strong personalized target date mandate and the acceleration of inflows of private wealth.”

Shares of AllianceBernstein are down 18% since the start of 2022.

Actions (Ticker: A B) ended Friday’s session at $39.81, down 0.50%. In after-hours trading, shares were essentially unchanged.


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