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AllianceBernstein (AB) Stock Up 1.7% as October AUM Rises

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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.

Zacks Investment Research
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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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