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Thursday, Oct 24
Flows turn negative at AllianceBernstein
- "Fixed income investors, particularly in Asia, retreated and our flows turned negative for the first time in four quarters," says AllianceBernstein CEO Peter Kraus (AB -2.6%) of Q3 results.
- Adjusted net revenue of $580M is off 3% sequentially, up 1% from a year ago. Operating income of $131M is off 2% from Q2, and up 13% Y/Y. Operating margin of 22.6% compares to 22.2% and 20.2%.
- Distribution declared of $0.40 per share vs. $0.41 in Q2.
- Total net outflows of $4.8B, is dominated by institutional outflows of $3.5B.
- 800K units repurchased during quarter for $15.3M, plus another $1M in units purchased from employees for tax purposes.
- Q3 results, press release.