Yahoo Finance AllianceBernstein's August AUM Rises on Market Appreciation
AllianceBernstein Holding L.P. AB has announced assets under management (AUM) for August 2024. The company’s preliminary month-end AUM of $791 billion reflects a 1.8% increase from the end of July 2024.
The rise was primarily driven by market appreciation. This was partly offset by net outflows in the Institutions channel.
At the end of August, AllianceBernstein’s Equity AUM rose 1.5% sequentially to $336 billion. Alternatives/Multi-Asset Solutions AUM (including certain multi-asset services and solutions) was up 1.2% to $163 billion. Fixed Income AUM of $292 billion grew 2.5% from the end of July.
In terms of channel, July month-end Institutions AUM of $329 billion increased roughly 1% from the previous month. Retail AUM was $328 billion, up 2.8% from the prior month’s end. Private Wealth AUM of $134 billion increased 1.5% from the July 2024 level.
AllianceBernstein’s global reach and solid AUM balance are likely to boost top-line growth. However, rising operating costs and a challenging operating backdrop are near-term concerns. In the past six months, shares of AB have gained 3.2% compared with the industry's rise of 8.4%.
Image Source: Zacks Investment Research
Currently, AB carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of AB’s Peers
Invesco IVZ announced preliminary AUM for August 2024. The company’s month-end AUM of $1.75 trillion represented a 1.1% increase from the previous month.
Invesco’s AUM was favorably impacted by solid market returns, which boosted its AUM by $16 billion. Further, FX boosted the AUM balance by $7.3 billion.
Lazard, Inc. LAZ reported a preliminary AUM balance of $244.3 billion for August 2024. This reflected a marginal decrease from $246.1 billion as of July 31, 2024.
The fall in LAZ’s AUM balance was due to net outflows of $7.5 billion. This was partially offset by the market appreciation and a foreign exchange appreciation of $2.8 billion and $3 billion, respectively.
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