AllianceBernstein (AB) Gains as November AUM Balance Rises
Shares of AllianceBernstein Holding L.P. AB rallied 2.5% in response to a solid improvement in assets under management (AUM) balance for November 2023. The company’s preliminary month-end AUM of $696 billion reflected a 6.7% increase from the end of October 2023.
The jump in AB’s November AUM balance was mainly driven by market appreciation and firm-wide net inflows.
At the end of November, AllianceBernstein’s Equity AUM jumped 8.2% on a sequential basis to $296 billion. Alternatives/Multi-Asset Solutions AUM (including certain multi-asset services and solutions) grew 4.8% to $130 billion. Likewise, Fixed Income AUM of $270 billion was up 2.9% from the end of October 2023.
In terms of channel, November month-end Institutions AUM of $305 billion increased 6.3% from the previous month. Retail AUM was $274 billion, which climbed 7.9% from the prior month’s end. Private Wealth AUM of $117 billion rose 5.7% from the October 2023 level.
AllianceBernstein’s global reach and solid AUM balance are likely to boost top-line growth. However, rising operating costs and a challenging operating backdrop are major near-term concerns.
Over the past three months, shares of AB have lost 3.9% against the industry’s rally of 5.3%.
Image Source: Zacks Investment Research
Currently, AllianceBernstein carries 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
Invesco IVZ has announced preliminary AUM for November 2023. The company’s month-end AUM of $1.54 trillion represented a 6.3% jump from the previous month.
Invesco reported net long-term inflows of $1.7 billion in the month. Additionally, money market net inflows were $5.8 billion and non-management fee-earning net inflows were $2.7 billion. Invesco’s November AUM was positively impacted by market returns, which increased the AUM balance by $75 billion. Further, foreign exchange resulted in a rise in AUM by $6.7 billion.
Franklin Resources, Inc. BEN reported a preliminary AUM balance of $1.41 trillion for November 2023. This reflects a 6% increase from $1.33 trillion recorded as of Oct 31, 2023.
The rise in BEN’s AUM balance was primarily driven by the impacts of positive markets and relatively stable long-term net outflows.
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