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 |
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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