Diluted GAAP net income of $0.56 per unit
Adjusted diluted net income of $0.64 per unit
cash distribution from $0.64 per unit
NASHVILLE, TENNESSEE., October 28, 2022 /PRNewswire/ — AllianceBernstein LP (“AB”) and AllianceBernstein Holding LP (“AB Holding”) AWAY today reported financial and operating results for the quarter ended September 30, 2022.
“Global financial markets declined in the third quarter amid continued volatility driven by accelerating inflation and higher interest rates,” he said Seth P Bernstein, President and CEO of AllianceBernstein. “AB was not immune to industry-wide conditions like it has been with net outflows $10.5 billionor $6.6 billion excluding expected AXA redemptions. Growth in alternatives/multi-asset and municipal bonds was outweighed by outflows from taxable fixed income and active equities. Our fee rate improved 7% year-over-year and grew in every channel, driven by the addition of CarVal and a favorable asset mix. Our institutional pipeline went up $24.7 billionhigh $14.5 billion sequential, powered by a $7.5 billion individual key date mandate, $4.6 billion of CarVal engagements and other diversified active mandates. While short-term investment performance reflected a difficult environment, long-term performance remained strong in equities and outperformed in fixed income. Overall, AB’s financial performance reflected lower asset prices, with adjusted operating income down 27% year over year and adjusted earnings per share and distributions to shareholders down 28%.”
|
(in thousands of US dollars, except per unit amounts) |
3rd quarter 2022 |
3rd quarter 2021 |
% change |
2nd quarter 2022 |
% change |
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|
US GAAP Financial Measures |
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|
net income |
$986,984 |
$1,092,832 |
(9.7)% |
$971,444 |
1.6% |
||||
|
operating result |
$170,305 |
$279,650 |
(39.1)% |
$192,648 |
(11.6%) |
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|
operating margin |
18.3% |
25.7% |
(740 bps) |
22.6% |
(430 bps) |
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|
AB holds diluted EPU |
$0.56 |
$0.89 |
(37.1)% |
|
