|Over a week ago|
AllianceBernstein reports preliminary AUM $576B as of April 30 » 16:5605/1105/11/20
AllianceBernstein announced that preliminary assets under management increased to $576B during April 2020 from $542B at the end of March. The 6.3% increase was due to market appreciation, as well as firmwide net inflows. By channel, Retail and Institutions experienced positive net flows, while Private Wealth experienced outflows. April month-end AUM also reflected $0.3 billion in outflows resulting from AXA S.A.'s redemption of certain low-fee fixed income mandates.
AllianceBernstein reports Q1 EPU 64c, consensus 59c » 06:2704/2804/28/20
Reports Q1 revenue…
Reports Q1 revenue $743.8M, consensus $718.42M. Reports Q1 ending AUM $541.8B. "First quarter results reflected the strength of AB's diversified, global platform and the committed efforts of our talented team members during a turbulent period," CEO Seth Bernstein said. "Despite sharp declines in markets in March, driven by the uncertain economic impact of the novel coronavirus, we generated solid year-over-year revenue growth and expanded operating margins. Both our institutional channel and active equity platform grew organically in the quarter, with our pipeline of institutional mandates reaching record levels. Investment performance was mixed; while active equities improved, fixed income lagged notably behind expectations, as most strategies maintained a strategic overweight to credit sectors. Bernstein Research had a very strong quarter as higher market volatility drove robust global trading volumes."
|Over a month ago|
Fed intervention in March saved Carnival, WSJ reports » 16:2404/2604/26/20
CCL, APO, AB, JPM
It was mid-March and the…
It was mid-March and the vultures were circling Carnival (CCL), and the company needed billions of dollars fast, The Wall Street Journal's Matt Wirz reports. With financial markets frozen, executives were forced to consider a high-interest loan from a band of hedge funds who called themselves "the consortium." The group included Apollo Management (APO), Elliott Management and other distressed-debt investors that sometimes take over the companies they lend to, the authors notes, citing people familiar with the matter. That all changed on March 23 when the Federal Reserve defibrillated bond markets with an unprecedented lending program. Within days, Carnival's investment bankers at JPMorgan (JPM) were talking to conventional investors such as AllianceBernstein (AB) and Vanguard about a deal, Wirz adds. By April 1, the company had raised almost $6B in bond markets, paying rates far below those executives had discussed just days earlier. Reference Link
AllianceBernstein reports preliminary AUM $542B as of March 31 » 16:2104/1304/13/20
AllianceBernstein announced that preliminary assets under management decreased to $542B during March from $614B at the end of February. The 11.7% decrease resulted predominantly from sharp market declines as well as net outflows from all three client channels - Retail, Institutions, and Private Wealth.
BofA cuts Apollo, Carlyle, AllianceBernstein and upgrades Charles Schwab » 06:2903/2303/23/20
APO, AB, CG, SCHW
BofA analyst Michael…
BofA analyst Michael Carrier downgraded Apollo Global (APO) and AllianceBernstein (AB) to Neutral from Buy while also cutting Carlyle Group (CG) to Underperform from Neutral citing his expected impact of the assumed recession scenario on earnings and valuations in stocks. The analyst is positive on Charles Schwab (SCHW) however, upgrading the shares to Buy from Neutral given its "quality" brand, strong relative organic growth, rising cash balances, and upcoming deal synergies in TD Ameritrade merger.
AllianceBernstein downgraded to Neutral from Buy at BofA » 06:2203/2303/23/20
BofA analyst Michael…
BofA analyst Michael Carrier downgraded AllianceBernstein to Neutral from Buy.
AllianceBernstein reports February preliminary AUM down 2.4% to $614B » 16:2103/1003/10/20
AllianceBernstein and AllianceBernstein Holding announced that preliminary assets under management, or AUM, decreased to $614B during February from $629B at the end of January. The 2.4% decline was due to market depreciation, partially offset by total firmwide net inflows into all three distribution channels - Retail, Institutions and Private Wealth.
|Over a quarter ago|
The ISDA and SIFMA to hold a forum » 08:1902/1202/12/20
AB, BAC, BK, BLK, C, CME, FNMA, GS, JPM, MET, MS, PRU, SCGLY, WFC
International Swaps and…
International Swaps and Derivatives Association (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) to hold Benchmark Strategies Forum 2020 in New York on February 12.
AllianceBernstein reports Q4 adj. EPU 85c, consensus 70c » 06:2202/1202/12/20
Reports Q4 revenue…
Reports Q4 revenue $987.3M, consensus $769.84M. Reports Q4 ending AUM $622.9B. "Our global platform experienced broad-based growth during 2019, demonstrating strong progress in executing on our growth strategy," said Seth Bernstein, President and CEO of AllianceBernstein. "Active organic growth of 6.5% reflected strength across our global fixed income, equity and alternative platforms. Combined with strong markets, AUM of $623 billion grew 21% from the prior year, while our fee rate remained essentially flat. Investments to revitalize our active equities platform and diversify our global business have produced distinguished results and position the firm to sustain our momentum."
AllianceBernstein reports preliminary AUM $623B as of December 31, 2019 » 16:2001/1301/13/20
Up from $611B at the end…
Up from $611B at the end of November. The 2.0% increase was due to market appreciation, as well as total firmwide net inflows. By channel, net inflows to Retail and Institutions exceeded net outflows from Private Wealth.