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Rating:AllianceBernstein's Chief is Upbeat on Rocky Q4 Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, February 11, 2011

AllianceBernstein's Chief is Upbeat on Rocky Q4

Reported by Hung Tran

AllianceBernstein's [see profile] chief is doing his best to put a positive spin on his firm's performance last quarter. The firm's total AUM were essentially flat at $478 billion from the previous quarter and down $9 billion, or two percent, compared to December 31, 2009.

The firm also reported net outflows in the institutions channel of $22.4 billion, compared to net outflows of $11.9 billion in the third quarter of 2010. Its gross sales fell from $4.2 billion to $3.5 billion during the fourth quarter and the retail channel experienced net outflows of $6 billion, compared to net outflows of $3.2 billion in the third quarter of 2010.

Still, CEO Peter Kraus stated: "2010 marked significant progress in the continued growth of AllianceBernstein, with improvement in gross sales, increased average AUM, higher adjusted margins and positive financial results on many fronts. In the fourth quarter we outperformed benchmarks and peers in most of our equity and fixed income services."

Kraus did acknowledge that the firm experienced "an acceleration in outflows" concentrated for the most part in equity mandates in the institutions channel. But he countered that the firm is confident that it will extend its track record of outperformance in equities in the months ahead, which, combined with an improved risk appetite on the part of investors, should lead to an improvement in flows. 

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