American investment management firm AllianceBernstein’s total assets under management (AuM) were US$434.6 billion at 30 June 2013, an increase of 6.7% compared to US$407.3 billion in the corresponding year ago period.

For the second quarter ended 30 June 2013, the company posted net Income attributable to shareholder of US$120.71 million, a surge of 63% compared to US$74.18 million reported a year earlier.

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Net revenues of US$734 million increased 14% compared to the second quarter of 2012, driven by investment gains in the current period versus prior-period investment losses and higher distribution revenues on non-US retail products, base fees and Bernstein Research Services revenues.

The company reported operating income of US$137 million for the second quarter of 2013, compared to US$79 million for the second quarter of 2012.

Operating margin for the latest quarter was 17.7% against 12.5% in the second quarter of 2012.

Peter Kraus, chairman and CEO of the company, said: "The second quarter finished very differently than it began. The robust equity markets and strong demand for fixed income we experienced early in the quarter gave way to equity market volatility and high investor anxiety over the outlook for interest rates – particularly following the late-May release of US Fed meeting minutes suggesting a potential easing of bond buybacks.

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"As a result, mortgage rates rose quickly, bond flows turned negative and equity flows declined, as investors took to the sidelines. Despite a difficult June, we maintained momentum in our Institutions channel, where gross sales were up for a third straight quarter, to a 12-quarter high. However, flows to our Retail channel – particularly in Asia ex-Japan fixed income – were dramatically affected, and we experienced net outflows for the first time in six quarters."