AllianceBernstein's (AB) August AUM Dips on Weak Markets
AllianceBernstein Holding L.P. AB has announced assets under management (AUM) for August 2023. The company’s preliminary month-end AUM of $694 billion reflects a 1.1% fall from the end of July 2023.
The decrease was mainly due to market depreciation, partially offset by firm-wide net inflows.
At the end of August, AllianceBernstein’s Equity AUM decreased 2.6% on a sequential basis to $297 billion. Alternatives/Multi-Asset Solutions AUM (including certain multi-asset services and solutions) fell 1.5% to $129 billion. Fixed Income AUM of $268 billion was unchanged from the end of July 2023.
In terms of channel, August month-end institutions AUM of $309 billion declined 1.6% from the previous month. Retail AUM was $269 billion, down 1.1% from the prior month’s end. Private Wealth AUM of $116 billion decreased 1.7% from the July 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 3.5% against the industry’s rally of 2.9%.
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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 Asset Managers
Invesco IVZ announced preliminary AUM for August 2023. The company’s month-end AUM of $1,527.7 billion represented a decline of 2.7% from the previous month.
Invesco’s net long-term flows were break-even in the reported month. Non-management fee-earning net outflows were $4.8 billion, whereas money market net outflows were $9.4 billion. Unfavorable market returns lowered AUM by $23 billion and foreign exchange decreased AUM by $5.4 billion.
Lazard Ltd. LAZ announced its preliminary AUM balance of $237.3 billion for August 2023. This reflects a 2.9% decrease from $244.4 billion recorded as of Jul 31.
The fall in LAZ’s August AUM was due to a market depreciation of $4.4 billion, foreign-exchange depreciation of $2.3 billion and net outflows of $0.4 billion.
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