For fundsters who grew up on 1980's sitcoms, AllianceBernstein's [see profile]
must sound like that theme song from The Facts of Life
, which goes something like, "You take the good, you take the bad, you take them both and there you have the facts of life" [see the earnings call transcript
First the Good. Earnings at the mutual fund firm topped expectations. It reported a profit of $91 million, or 26 cents a unit, up from $51.5 million, or 12 cents a unit, a year earlier. Adjusted for a series of items, company officials said it earned 30 cents per unit in the recent quarter. Analysts polled by Thomson Reuters expected earnings of 28 cents a share on revenue of $666 million.
Now the bad. The firm also reported total AUM as of Sept. 30 of $402 billion, down 13 percent from Q2 and down 16 percent from a year earlier and its revenue fell to $641.1 million, from $757.6 million last year.
"During the quarter we saw a decline in both gross sales and client redemptions," stated CEO Peter Kraus
The Wall Street Journal
, Bloomberg Businessweek
and Financial News
covered the firm's earnings release.
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