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AllianceBernstein Holding LP AB

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Morningstar’s Analysis

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Positive Flows and Market Gains Lift AB's AUM to $697 Billion in Q1; No Change to FVE

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

There was little in no-moat AllianceBernstein's first-quarter results that would alter our long-term view of the firm. We are leaving our $36 per share fair value estimate in place. AB closed out the March quarter with $697.2 billion in assets under management, up 1.6% sequentially and 28.7% on a year-over-year basis. Net inflows of $5.2 billion--driven by both active equity and active alternative fund flows--were comfortably above the quarterly run rate of $2.8 billion in inflows we'd seen from AB over the previous eight quarters, and indicative of a 3.0% annualized rate of organic AUM growth.

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Company Profile

Business Description

AllianceBernstein provides investment management services to institutional (46% of assets under management), retail (39%), and private (15%) clients through products that includes mutual funds, hedge funds, and separately managed accounts. At the end of 2020, AB had $686 billion in managed assets, composed primarily of fixed-income (47% of AUM) and equity (41%) strategies, with other investments (made up of asset allocation services and certain other alternative investments) accounting for the remainder. The company also provides sell-side research and brokerage services through its Sanford Bernstein subsidiary.

1345 Avenue of The Americas
New York, NY, 10105
T +1 212 969-1000
Sector Financial Services
Industry Asset Management
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 3,929