The following is a summary of the AllianceBernstein Holding L.P. Limited Partnership Units (AB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• AllianceBernstein recorded Q1 gross sales of $32.6 billion, an increase of 27% year-on-year.

• Firmwide active net inflows were $3.7 billion, offering an organic growth of 2.3%.

• Assets Under Management (AUM) reached $759 billion at quarter end, rising by 12% year-on-year and 5% sequentially.

• An 11% year-on-year and 8% sequential increase was noted in average AUM.

• Retail sector showed gross sales of $23.8 billion, marking a 42% year-on-year and 13% sequential increase.

• Company-wide net inflows were $500 million for Q1.

• Adjusted operating income for AB increased by 12% year-on-year, and unitholder distributions per unit grew 11%.

• The first quarter effective tax rate for AB was 6.6%, expected to stay between 7% to 7.5% for 2024.

Business Progress:

• The company benefited from solid global equity market returns and organic fixed income flows, in addition to 8% growth in multi-asset alternatives.

• AB completed its joint venture with Bernstein Research and Societe Generale, utilizing the gained $304 million to decrease debt.

• Strong fixed income flows globally propelled retail sector growth.

• Performance in fixed-income was notable, with 91% of assets outperforming over the last year.

• A global consultancy upgraded the firm's U.S. Sustainable Thematic.

• Net inflows to the institutional sector were recorded at $4.2 billion.

• The firm anticipates financial growth across multiple channels including U.S. Retail third party channel and U.S. Private Wealth business.

• The firm is focused on its strong team and plans to engage heavily with insurance clients in the market.

• A new NAV lending solution has been rolled out, showcasing the firm's innovative capabilities.

More details: AllianceBernstein Holding IR

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