AllianceBernstein's (AB) October AUM Down on Market Depreciation
AllianceBernstein Holding L.P. AB has announced assets under management (AUM) for October 2023. The company’s preliminary month-end AUM of $652 billion reflects a 2.5% fall from the end of September 2023.
The decrease was mainly due to market depreciation and firm-wide net outflows.
At the end of October, AllianceBernstein’s Equity AUM decreased 3.5% on a sequential basis to $273 billion. Alternatives/Multi-Asset Solutions AUM (including certain multi-asset services and solutions) fell 1.6% to $124 billion. Fixed Income AUM of $255 billion was down 1.9% from the end of September 2023.
In terms of channel, October month-end institutions AUM of $288 billion declined 3% from the previous month. Retail AUM was $254 billion, down 1.9% from the prior month’s end. Private Wealth AUM of $110 billion decreased 2.7% from the September 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 9.9% compared with the industry’s fall of 4.7%.
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Currently, AllianceBernstein carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Asset Managers
Cohen & Steers, Inc. CNS reported a preliminary AUM of $72.2 billion as of Oct 31, 2023, which reflects a decrease of 4% from the prior-month level. Market depreciation of $2.1 billion, net outflows of $732 million and distributions of $154 million led to the decline.
CNS recorded total institutional accounts of $29.8 billion at the end of October 2023, declining 4.6% from the September-end level. Of the total institutional accounts, advisory accounts were $17.3 billion, while the rest were sub-advisory.
Invesco IVZ has announced a preliminary AUM for October 2023. The company’s month-end AUM of $1.45 trillion represented a 2.5% decrease from the previous month.
IVZ reported net long-term outflows of $0.1 billion in the reported month. Further, money market net outflows were $10.7 billion. Unfavorable market returns decreased the AUM by $27 billion and foreign exchange decreased the AUM by $0.7 billion. On the other hand, non-management fee-earning net inflows were $1.7 billion.
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