AllianceBernstein Holding L.P. AB announced its assets under management (AUM) for October 2018. The company's preliminary month-end AUM of $530 billion decreased 3.6% from the prior month.
Unfavorable market returns were the primary reason behind the decline in total AUM. However, this was partially offset by total net inflows.
At the end of the reported month, AllianceBernstein's Equity AUM declined 7.1% sequentially to $197 billion. Further, Fixed Income AUM decreased 1.1% from the September 2018 level to $273 billion. Also, Others AUM (including certain multi-asset services and solutions and certain alternative investments) fell 3.3%to $60 billion.
At the end of October 2018, by channel, Institutions AUM of $250 billion was down 2.7% from the prior month. Moreover, Retail AUM decreased 4.6% sequentially to $187 billion. Private Wealth AUM also declined 4.1% to $93 billion.
Decline in AUM, mainly due to tough operating backdrop, is a major concern for AllianceBernstein. However, growth in revenues is expected to provide support to some extent.
Shares of AllianceBernstein have rallied 18% so far this year against 20.8% decline recorded by the industry
AllianceBernstein currently has a Zacks Rank #3 (Hold).You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here
. Performance of Other Asset Managers
Franklin Resources BEN
announced preliminary AUM by its subsidiaries of $682.7 billion for October. Results reflect a decline of 4.8% from $717.1 billion recorded as of Sep 30. The fall was primarily due to market declines and net outflows.
Cohen & Steers CNS
reported preliminary AUM of $57.8 billion as of Oct 31, 2018, down 3.7% from the prior month. Market depreciation of $1.8 billion, net outflows of $275 million and distributions of $200 million were the reasons for the decline.
Invesco Ltd.'s IVZ
preliminary month-end AUM was $926.1 billion as of Oct 31, 2018, which declined 5.6% from the prior month. Unfavorable market returns, net long-term outflows, foreign exchange and non-management fee earning AUM outflows were the primary reasons behind the decrease. The Hottest Tech Mega-Trend of All
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AllianceBernstein Holding L.P. (AB): Free Stock Analysis Report Cohen & Steers Inc (CNS): Free Stock Analysis Report Franklin Resources, Inc. (BEN): Free Stock Analysis Report Invesco Ltd. (IVZ): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research