Feb 12 AllianceBernstein Holding LP said
on Tuesday that fourth-quarter net revenue rose 13 percent to
$705 million after the U.S. asset manager booked positive net
flows from customers for the first time since before the
Controlled by French insurance giant Axa SA,
AllianceBernstein said total net inflows were $5 billion in the
quarter. That was an $18.2 billion improvement from the
year-earlier period, when clients, namely big institutions,
pulled $13.2 billion from their investment accounts.
But now, the company's retail franchise, for example, is
doing well selling fixed-income investments in Asia, with
commanding leads in Taiwan and Hong Kong, AllianceBernstein
Chief Executive Officer Peter Kraus said on a conference call.
Gross retail sales in the fourth quarter were $16.4 billion,
and net inflows were $5.3 billion, the company said.
Net income was $71.7 million, compared with a year-earlier
loss of $516.4 million that included a noncash charge for
Excluding a real estate charge, earnings per unit were 40
cents in the latest quarter, beating the analysts' average
estimate of 33 cents, according to Thomson Reuters I/B/E/S.
Assets under management were $437 billion at the end of
January, but that is well below the more than $800 billion that
the company had at the end of 2007.
AllianceBernstein shares were up 0.3 percent at $21.50 in
trading before the market opened.
At Monday's close, the stock was up 49 percent over the past
12 months, beating a 13 percent rise for the Standard & Poor's
500 index, as the company cut costs and reversed more
than four years of outflows. But the shares are down from above
$90 in 2007.