AllianceBernstein Holding Earnings Call Transcripts
Fiscal Year 2026
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Record AUM and a return to positive organic growth marked the quarter, with strong inflows in insurance, private wealth, and alternatives. Adjusted earnings rose 8% year-over-year, and the firm surpassed its private markets AUM target ahead of schedule.
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Q1 2026 saw resilient results amid volatility, with adjusted EPU up 4% and net revenues rising 4% year-over-year. Despite $6B in net outflows, strong growth in private markets, SMAs, and ETFs offset declines. The Equitable-Corebridge merger and a record $27.5B institutional pipeline position the firm for future growth.
Fiscal Year 2025
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AUM reached a record $867B in 2025, with Private Wealth and Private Markets driving growth despite firm-wide net outflows. Adjusted operating margin rose to 33.7%, and investments in technology and commercial mortgage lending are expected to support future profitability.
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Inflation and U.S. asset valuations are driving a shift toward offshore and non-U.S. investments, with strong growth in private markets and active ETFs. Defined contribution plans are evolving to include annuities, and profitability is supported by stable fee rates and expense control.
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Record AUM of $860 billion was achieved, with strong net inflows in tax-exempt fixed income and private alternatives. Adjusted earnings per unit rose 12% year-over-year, and operating margin expanded to 34.2%. Expense discipline and strategic partnerships continue to drive growth.
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Record AUM of $829B and strong Q2 earnings were offset by negative net flows amid market volatility, but operating margin guidance was raised and performance fee outlook improved. Strategic partnerships and product innovation continue to drive growth.
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Strong Q1 results featured robust inflows in private alternatives and tax-exempt fixed income, margin expansion, and disciplined expense management. Performance fee guidance was raised, with private markets and insurance channels driving growth despite market volatility and policy uncertainty.
Fiscal Year 2024
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2024 saw record fixed income inflows, margin expansion, and strong performance fees, offset by persistent active equity outflows. Strategic initiatives, cost savings, and private markets growth position the firm for continued margin improvement and robust 2025 outlook.
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Momentum continues across fixed income and equities, with strong retail flows and improving institutional performance. Private credit and active ETFs are key growth drivers, while fee rates and margins are expected to remain stable. C-Corp conversion is being evaluated, with index inclusion a potential catalyst.
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Positive net flows and organic growth continued, with AUM surpassing $800 billion and strong inflows in fixed income and private markets. Adjusted earnings per unit rose 19% year over year, and operating margin improved to 31.3%. Margin expansion and performance fee growth are expected to continue into 2025.
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Q2 2024 saw strong organic growth, with AUM up 11% year-over-year to $770 billion and adjusted operating margin rising to 30.8%. Retail and private wealth channels drove inflows, while institutional outflows improved. Margin expansion and cost reductions are ahead of schedule.
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Specialization, technology, and product innovation drive consistent organic growth and market outperformance. Expansion targets ultra net worth clients, global families, and new geographies, while leveraging synergies across private wealth, retail, and institutional channels. Operational scale and disciplined hiring support further growth.