Fri, Jul 26, 10:35 AM (43 days ago)
AllianceBernstein L.P. reported a solid performance for the quarter ended June 30, 2024. Total assets under management (AUM) increased to $769.5 billion, driven by market appreciation and net inflows. Net revenues rose by 1.9% year-over-year to $1.03 billion, primarily due to higher investment advisory base fees and performance-based fees. However, the deconsolidation of the Bernstein Research Services business negatively impacted revenues. Operating expenses increased slightly by 1.1%, with notable rises in distribution-related payments and amortization of deferred sales commissions. Net income attributable to AB Unitholders surged by 76.2% to $309.6 million, bolstered by a significant gain on divestiture. The company’s liquidity remains robust, supported by strong cash flow from operations. Future performance could be influenced by market conditions and the integration of recent acquisitions.