Feb 12 U.S. money manager AllianceBernstein
Holding LP on Wednesday posted profit and revenue above
analysts' estimates for the fourth quarter, despite clients
withdrawing more money after the lackluster performance of its
Active and passively managed equity investments experienced
net outflows of $3.6 billion during the fourth quarter,
AllianceBernstein said. Those equity investments totaled $157
billion and accounted for one-third of its $450 billion in
assets under management at the end of the fourth quarter.
Overall, the company suffered $10.3 billion in net outflows
during the fourth-quarter. However, $6.8 billion of that came
from AXA SA's sale of its MONY Life Insurance company.
French insurance giant AXA controls a majority of
AllianceBernstein said the loss of the MONY-related
fixed-income assets would not hurt its revenue in a material way
because they generated low fees.
AllianceBernstein's fourth-quarter net revenue rose 9
percent to $766 million from year-ago levels on higher
performance and research fees and investment gains.
Adjusted net income per unit was 60 cents, compared with 40
cents per unit in the year-ago period.
Analysts on average had been looking for adjusted net income
of 43 cents a unit and quarterly revenue of $741.5 million,
according to Thomson Reuters I/B/E/S.