* Q1 net income $148 million vs $37 million year-ago
* Cites higher retail and private client revenue
(adds detail on flows, headcount, COO quotes, byline)
By Ross Kerber
BOSTON, May 3 New York investment manager
AllianceBernstein Holding LP (AB.N) said on Monday its
first-quarter profit rose four-fold from a year ago on higher
AllianceBernstein reported net income of $148 million for
the three months ended March 31, up from $37 million for the
same period in 2009.
For owners of units in publicly traded AllianceBernstein
Holding LP, that worked out to 46 cents per unit, up from 7
cents per unit a year earlier.
The figures included a real estate sublease charge of $12
million, or four cents per unit.
Analysts, on average, had expected the company to earn 50
cents per unit, according to Thomson Reuters I/B/E/S, on
revenue of $702 million.
Revenue for the operating company was $725 million,
compared with $598 million a year earlier. The company cited
higher revenue in its retail and private client sales
The company said it had net outflows of $6.4 billion in the
first quarter. The figure was 62 percent lower than the
outflows it posted in the last three months of 2009, but came
during a quarter in which rival fund firms posted net inflows
including T Rowe Price Group (TROW.O) and Franklin Resources
The money manager previously had said total assets under
management were $501 billion at the end of March, up by $5
billion from the end of the year and $90 billion more than
where they stood on March 31, 2009.
In a presentation to analysts the company said outflows
were centered on its value and growth products, while it
recorded fixed income inflows. A main driver was changes in
asset allocations by insurance company clients, Chief Operating
Officer David Steyn told analysts.
AllianceBernstein Holding owns just over a third of asset
manager AllianceBernstein, with most of the remainder owned by
France's AXA Group.(AXAF.PA)
AllianceBernstein said it had 4,276 employees at the end of
March, 10 percent fewer than the 4,761 people it had a year
earlier and down from a peak of about 5,600. Steyn said the
company is doing some hiring, but the headcount would not reach
(Reporting by Ross Kerber, editing by Leslie Gevirtz)