] suffered an 83 percent drop in earnings last quarter. Today the New York City-based asset manager and mutual fund firm revealed, in its fourth quarter earnings report
, adjusted diluted net income of $0.07 per share, down from $0.30 in Q3 2011 and $0.40 in Q4 2010 [earnings call transcript
]. According to Thomson Reuters
, analysts expected $0.19 per share.
The Associated Press
, Pensions & Investments
, Wall St. Cheat Sheet
and the Wall Street Journal
all reported on AllianceBernstein's results.
"With ongoing investment underperformance in our largest equity services, we experienced further client redemptions, and ended 2011 with lower assets and a decline in revenue," stated Peter Kraus
, chairman and CEO.
AllianceBernstein ended 2011 with $405.9 billion in assets under management, down 15.1 percent from December 31, 2010 but up one percent from September 30, 2011. Retail outflows in Q4 2011 slowed to $3.8 billion, from $4.4 billion in Q3 2011.
Neil Anderson, Managing Editor
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