AllianceBernstein has reported $473bn in assets under management as of 30 September 2014, up $27.8bn, or 6.2%, from a year earlier.
Net income totaled $139.8m, an increase of 40% from the year ago quarter. Net revenues increased 6% to $750m from $706m last year.
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Total net inflows were $2.8bn compared to the prior-year period’s net outflows of $4.8bn. Net inflows to the Institutions channel were $2.8bn, while the Retail channel experienced third quarter 2014 net outflows of $0.1bn.
In the Private Client channel, third quarter net inflows of $0.1bn compared to net outflows of $0.5bn in the previous quarter.
Peter Kraus, AllianceBernstein chairman and CEO, said: "During the third quarter, market conditions became increasingly challenging as investors began to focus on the Fed’s intention to continue removing liquidity and eventually raise rates, as well as growing evidence that slowing growth in Europe was weakening overall global growth.
"These dynamics spooked investors into shedding risk assets."
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