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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