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Rating:AllianceBernstein's Net Doubles, Beating Estimates Not Rated 4.0 Email Routing List Email & Route  Print Print
Friday, February 12, 2010

AllianceBernstein's Net Doubles, Beating Estimates

Reported by Neil Anderson, Managing Editor

AllianceBernstein is still suffering outflows, but things are looking brighter for the New York-based asset manager. On Thursday the firm revealed that its net income more than doubled year-over-year from $92 million in the fourth quarter of 2008 to $192 million in Q4 2009. Meanwhile, AllianceBernstein still suffered $16.8 billion in net outflows in Q4 2009, due mainly to institutional clients.

Peter Kraus
AllianceBernstein
Chairman and CEO
According to Reuters, that rise in net income led AllianceBernstein to beat analysts' estimates of its earnings per share for Q4 2009 by almost a dime. (Analysts predicted $0.53 per share, compared with the $0.62 per share actually reported.)

Meanwhile, AllianceBernstein's assets under management climbed year-over-year from $462 billion on December 31, 2008 to $495.5 billion on December 31, 2009. Yet the mutual fund firm's total AUM fell 3.23 percent in January 2010, even as the Dow fell 2.72 percent. 

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