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.