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AllianceBernstein Holding LP AB

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Morningstar’s Analysis

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Fixed-Income Outflows Mar an Otherwise Solid Third Quarter for AllianceBernstein; FVE Raised to $30

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

While there was little in no-moat AllianceBernstein's third-quarter results that would alter our long-term view of the firm, we've raised our fair value estimate to $30 per share from $28 after adjusting for better results than we had been projecting so far this year. AB closed out the September quarter with $630.8 billion in AUM, up 5.1% sequentially and 6.5% on a year-over-year basis. Net inflows of $3.1 billion were not only an improvement on the first and second quarters (which saw $5.6 billion and $3.3 billion in outflows, respectively) but were above the quarterly run rate of $2.5 billion in inflows seen over the previous eight quarters. From a product perspective, fixed-income outflows (of $0.5 billion in AB's case) were offset by positive equity flows (of $1.2 billion) and inflows (of $2.4 billion) into other products during the period. On a channel basis, the institutional channel drove most of the company's inflows, reaching $2.1 billion during the quarter.

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Company Profile

Business Description

AllianceBernstein provides investment management services to institutional (46% of assets under management), retail (38%), and private (16%) clients through products that includes mutual funds, hedge funds, and separately managed accounts. At the end of September 2020, AB had $630.8 billion in managed assets, composed primarily of fixed-income (49% of AUM) and equity (39%) 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 Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 3,811