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Franklin Resources, Inc. (BEN) - free report >>
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AllianceBernstein's (AB) May AUM Down on Market Depreciation
AllianceBernstein Holding L.P. (AB - Free Report) has announced assets under management (AUM) for May 2023. The company’s preliminary month-end AUM of $670 billion reflects a marginal decline from the end of April 2023.
Modest firm-wide net inflows were offset by market depreciation.
At the end of May, AllianceBernstein’s Equity AUM decreased 1% on a sequential basis to $284 billion. Alternatives/Multi-Asset Solutions AUM (including certain multi-asset services and solutions) declined 1.6% to $124 billion. Further, Fixed Income AUM of $262 billion declined marginally from the end of April 2023.
In terms of channel, May month-end institutions AUM of $300 billion decreased 1.3% from the previous month. Retail AUM was $258 billion, which declined marginally from the prior month’s end. Private Wealth AUM of $112 billion declined almost 1% from the April 2023-level.
AllianceBernstein’s global reach and solid AUM balance are likely to keep boosting top-line growth. However, rising operating costs and a challenging operating backdrop are near-term concerns.
Over the past six months, shares of the company have lost 10.6% against the industry’s rise of 1.6%.
Image Source: Zacks Investment Research
Currently, AllianceBernstein carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Asset Managers
Cohen & Steers (CNS - Free Report) reported preliminary AUM of $77.9 billion as of May 31, 2023, which reflects a decrease of 3.8% from the prior-month level.
CNS reported a market appreciation of $2.4 billion. However, net outflows of $461 million and distributions of $181 million led to the decline of AUM.
Franklin Resources, Inc. (BEN - Free Report) reported a preliminary AUM balance of $1,404.2 billion for May 2023. This reflected a 1.2% decrease from $1,420.7 billion recorded as of Apr 30, 2023.
The decline in BEN’s AUM was primarily due to the impact of weaker markets and slight long-term net outflows.