AllianceBernstein (AB) May AUM Down 1.4% As Markets Decline

AllianceBernstein Holding L.P. (NYSE:AB) has announced assets under management (AUM) for May 2019. The company’s preliminary month-end AUM of $560 billion decreased 1.4% from the prior month. Market depreciation was partially offset by total net inflows.

At the end of May, AllianceBernstein’s Equity AUM declined 5.5% sequentially to $206 billion. Others AUM (including certain multi-asset services and solutions, and certain alternative investments) fell 1.5% to $65 billion. However, Fixed Income AUM rose 1.8% from April 2019 to $289 billion.

By channel, month-end Institutions AUM of $261 billion decreased slightly from the April 2019 level. Moreover, Retail AUM dipped 2.4% sequentially to $204 billion. Private Wealth AUM also declined 2.1% to $95 billion.

Decline in AUM will likely hurt AllianceBernstein’s financials to some extent. Over the past six months, the stock has rallied 9.6%,underperforming the industry’s rise of 13.9%.

AllianceBernstein currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Asset Managers

Cohen & Steers (NYSE:CNS) reported preliminary AUM of $62.9 billion as of May 31, 2019, down marginally from the prior-month level of $63.1 billion. Market appreciation of $264 million was more than offset by net outflows of $228 million and distributions of $207 million.

Franklin Resources (NYSE:BEN) announced preliminary AUM by its subsidiaries of $695 billion for May 2019, down 3.5% from $720.5 billion recorded as of Apr 30, 2019. Market declines and modest outflows led to this downside.

Invesco’s (NYSE:IVZ) preliminary month-end AUM of $1,159.3 billion for May 2019 increased 18.9% from the prior month. This growth was primarily driven by the acquisition of the OppenheimerFunds along with modest net long-term inflows and reinvested distributions. These were partly offset by unfavorable market returns, decline in money market AUM and non-management fee earning AUM outflows.

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