Yahoo Finance AllianceBernstein (AB) Stock Up 2.3% as July AUM Rises 6.5%
Shares of AllianceBernstein Holding L.P. AB have gained 2.3% since the announcement of assets under management (AUM) for July 2022 earlier this week. The company’s preliminary month-end AUM of $689 billion increased 6.5% from the end of June 2022.
Market appreciation and the acquisition of CarVal Investors resulted in the rise in AB’s AUM balance. These were partly offset by total firm-wide net outflows mainly on the back of AXA S.A's ongoing redemption of certain low-fee fixed income mandates.
At the end of July, AllianceBernstein’s Equity AUM grew 7.2% sequentially to $299 billion. Alternatives/Multi-Asset Solutions AUM (including certain multi-asset services and solutions) jumped 15.8% to $117 billion. Fixed Income AUM of $273 billion rose 2.2% from the end of June 2022.
In terms of channel, July month-end institutions AUM of $314 billion increased 7.9% from the previous month. Retail AUM was $265 billion, which rose 5.6% from the prior-month end, while Private Wealth AUM of $110 billion grew 4.8%.
AllianceBernstein’s global reach and solid AUM balance are likely to keep boosting top-line growth. However, rising operating costs and a worsening operating backdrop are near-term concerns.
Over the past year, shares of the company have lost 10.8% compared with a 17.5% decline of the industry.
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Currently, AllianceBernstein carries a Zacks Rank #5 (Strong Sell).
You can see tthe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Lazard Ltd. LAZ recorded a 3.9% rise in preliminary assets under management (AUM) as of Jul 31, 2022, from the previous month’s reading. The total AUM balance aggregated $225.1 billion, marking an increase from $216.6 billion in June.
LAZ’s July AUM entailed a market appreciation of $9.8 billion, a negative foreign-exchange impact of $1 billion and net outflows of $0.3 billion.
Invesco IVZ announced preliminary AUM for July 2022. The company’s month-end AUM of $1,449 billion represented a 4.2% rise from the prior month's end.
IVZ recorded net long-term outflows of $5.2 billion. Non-management fee-earning net inflows were $1.4 billion and money market net inflows were $5.1 billion. Foreign exchange rate movements did not have any material impact on the month’s AUM balance.
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