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UPDATE 1-AllianceBernstein 4Q earns up but cites outflows
February 11, 2010 / 9:47 PM / in 8 years

UPDATE 1-AllianceBernstein 4Q earns up but cites outflows

* Earnings per unit 62 cents vs. 53 cents estimate

* Assets under management fell 3.2 pct in January

BOSTON, Feb 11 (Reuters) - Asset manager AllianceBernstein Holding LP (AB.N) said its fourth-quarter profit more than doubled on investment gains and rising fee income, but also cited a slip in assets under management for January.

The New York-based firm said on Thursday it earned $192 million for the three months ended Dec. 31, up from $92 million for the same period a year earlier.

    For holders of units in publicly traded AllianceBernstein Holding LP that worked out to 62 cents per unit, up from 27 cents per unit a year earlier.

    Analysts had expected the company to earn 53 cents per unit during the quarter, according to Thomson Reuters I/B/E/S. AllianceBernstein Holding owns just over a third of asset manager AllianceBernstein, with the remainder owned by France’s AXA Group (AXAF.PA).

    Separately, AllianceBernstein said its total assets under management fell 3.2 percent to $480 billion as of Jan. 31 from $496 billion at the end of December.

    The company cited “negative equity investment performance and modest net outflows,” mainly by institutional investors.

    Reporting by Ross Kerber; Editing by Richard Chang

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