Reports Q1 revenue $1.02B, consensus $825.76M. "AB grew organically in the first quarter, despite a tumultuous March in the banking sector," said Seth P. Bernstein, President and CEO of AllianceBernstein. "Net inflows were $0.8 billion, as investors embraced fixed income across our private wealth and retail channels. Taxable bonds, municipals and money markets drove our growth. Our institutional pipeline remained healthy at $13.1 billion, comprised of two-thirds private alternatives. Investment performance improved in fixed income and remained strong versus peers in equities. Reflecting lower year-over-year asset prices, adjusted operating income declined by 21% and adjusted earnings per unit and distributions to unitholders declined by 27%."
Published first on TheFly
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