American investment management firm AllianceBernstein has reported a net income attributable to AllianceBernstein unit holders of $114.5 million, compared with $87.2 million in the year ago period.
Net revenues of $709 million increased 4% compared to the first quarter of 2012, driven by higher distribution revenues on non-US retail products, retail base fees and Bernstein Research Services revenues. Sequentially, net revenues increased 1%.
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For the quarter ended 31 March 2013, the company’s total assets under management (AUM) was $443.2 billion, up $24.1 billion, or 5.8%, from 31 March 2012.
Total net inflows of $2.6 billion were $14.7 billion higher than the prior-year period.
Commenting on the result, AllianceBernstein chairman and CEO, Peter Kraus, said: "Operating conditions have been favorable so far in 2013, allowing us to make further progress with our strategy to deliver for clients with our products and performance and strengthen our financial position."
"The first quarter’s continued high demand for fixed income, strong equity markets and more stable global macroeconomic backdrop contributed to our solid first quarter results," Kraus said.
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