U.S. Markets close in 5 hrs 39 mins

AllianceBernstein (AB) July AUM Rises on Market Appreciation

Zacks Equity Research

AllianceBernstein Holding L.P. AB has announced assets under management (AUM) for July 2019. The company’s preliminary month-end AUM of $585 billion increased nearly 1% from the prior month. Market appreciation and total net inflows were the primary reasons for this rise.

At the end of the reported month, AllianceBernstein’s Equity AUM grew roughly 1% sequentially to $221 billion. Fixed Income AUM also increased nearly 1% from June 2019 to $297 billion. Others AUM (including certain multi-asset services and solutions, and certain alternative investments) was stable at $67 billion.

By channel, month-end Institutions AUM of $269 billion were on par with the June 2019 level. Retail AUM increased 1.4% sequentially to $218 billion and Private Wealth AUM rose 1% to $98 billion.

Improvement in AUM and higher revenues are expected to support AllianceBernstein’s financials. Over the past year, the stock has lost 9.5% compared with the industry’s decline of 11.6%.

AllianceBernstein currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Asset Managers

Franklin Resources BEN has announced preliminary AUM by its subsidiaries of $709.5 billion for July. Results display nearly 1% decrease from the $715.2 billion recorded as of Jun 30, 2019. Modest net outflows mainly led to this downside. Also, the figure fell 3.3% year on year.

Cohen & Steers CNS reported preliminary AUM of $63.1 billion as of Jul 31, 2019, up 1.2% from the prior month. Market appreciation of $794 million and net inflows of $255 million were partly offset by a conversion of $119 million from certain institutional accounts to model-based portfolios (excluded from AUM) and distributions of $181 million.

Invesco’s IVZ preliminary month-end AUM of $1,198.7 billion increased slightly from the prior month. The rise was mainly driven by non-management fee earning AUM inflows, favorable market returns, increase in money market AUM and reinvested distributions. These were partly offset by net long-term outflows.

More Stock News: This Is Bigger than the iPhone!

It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.

Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.  

Click here for the 6 trades >>

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
Cohen & Steers Inc (CNS) : Free Stock Analysis Report
Franklin Resources, Inc. (BEN) : Free Stock Analysis Report
AllianceBernstein Holding L.P. (AB) : Free Stock Analysis Report
Invesco Ltd. (IVZ) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research