Shares of AllianceBernstein Holding L.P. (AB - Free Report) gained 1.7% in after-hours trading following the announcement of assets under management (AUM) for October 2022. The company’s preliminary month-end AUM of $627 billion increased 2.3% from the end of September 2022.
Market appreciation resulted in the rise in AB’s AUM balance. This was partly offset by total firm-wide net outflows.
At the end of October, AllianceBernstein’s Equity AUM grew 5.9% sequentially to $270 billion. Alternatives/Multi-Asset Solutions AUM (including certain multi-asset services and solutions) rose 3.7% to $113 billion. On the other hand, Fixed Income AUM of $244 billion declined 2% from the end of September 2022.
In terms of channel, October month-end institutions AUM of $284 billion increased 1.8% from the previous month. Retail AUM was $239 billion, which rose 2.6% from the prior-month end. Private Wealth AUM of $104 billion grew 3%.
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 year, shares of the company have lost 36.3% compared with a 25.8% decline of the industry.
Currently, AllianceBernstein carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Invesco (IVZ - Free Report) announced preliminary AUM for October 2022. The company’s month-end AUM of $1,360.6 billion represented an increase of 2.8% from the previous month.
AUM was positively impacted by favorable market returns, which increased it by $32 billion. However, because of unfavorable foreign exchange rate movements, AUM declined $1.7 billion. Also, IVZ experienced net long-term outflows of $1.1 billion and non-management fee earning net outflows of $2 billion. Nevertheless, money market net inflows were $9.7 billion.
Cohen & Steers (CNS - Free Report) announced preliminary AUM for October. The AUM balance of $80 billion as of Oct 31, 2022, reflects an increase of almost 1% from the prior-month level.
Market appreciation of $1.5 billion supported the rise in Cohen & Steers’ AUM balance, partially offset by net inflows of $570 million and distributions of $172 million.
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Shares of AllianceBernstein Holding L.P. (AB - Free Report) gained 1.7% in after-hours trading following the announcement of assets under management (AUM) for October 2022. The company’s preliminary month-end AUM of $627 billion increased 2.3% from the end of September 2022.
Market appreciation resulted in the rise in AB’s AUM balance. This was partly offset by total firm-wide net outflows.
At the end of October, AllianceBernstein’s Equity AUM grew 5.9% sequentially to $270 billion. Alternatives/Multi-Asset Solutions AUM (including certain multi-asset services and solutions) rose 3.7% to $113 billion. On the other hand, Fixed Income AUM of $244 billion declined 2% from the end of September 2022.
In terms of channel, October month-end institutions AUM of $284 billion increased 1.8% from the previous month. Retail AUM was $239 billion, which rose 2.6% from the prior-month end. Private Wealth AUM of $104 billion grew 3%.
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 year, shares of the company have lost 36.3% compared with a 25.8% decline of the industry.
Currently, AllianceBernstein carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Invesco (IVZ - Free Report) announced preliminary AUM for October 2022. The company’s month-end AUM of $1,360.6 billion represented an increase of 2.8% from the previous month.
AUM was positively impacted by favorable market returns, which increased it by $32 billion. However, because of unfavorable foreign exchange rate movements, AUM declined $1.7 billion. Also, IVZ experienced net long-term outflows of $1.1 billion and non-management fee earning net outflows of $2 billion. Nevertheless, money market net inflows were $9.7 billion.
Cohen & Steers (CNS - Free Report) announced preliminary AUM for October. The AUM balance of $80 billion as of Oct 31, 2022, reflects an increase of almost 1% from the prior-month level.
Market appreciation of $1.5 billion supported the rise in Cohen & Steers’ AUM balance, partially offset by net inflows of $570 million and distributions of $172 million.
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Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
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