AllianceBernstein Holding LP (NYSE: AB) reported Monday that its first-quarter profit quadrupled as the asset manager's fee revenue was boosted by the market rebound of the past 12 months, according to Associated Press.
The company reported net income of nearly $148.3 million, or 46 cents per unit, compared to nearly $36.9 million, or 7 cents per unit, in the same period a year earlier. The latest quarter, ended March 31, included a real estate sublease charge of $12 million, or 4 cents per unit.
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Analysts surveyed by Thomson Reuters had expected the company to earn 50 cents per unit in the latest quarter, on average.
Revenue rose 21 percent to $725.8 million, compared to $599.3 million last year. Base money management fees rose nearly 18 percent. Money management fees rose, partly because of a rebound in the stock market that began in March 2009.
The company had $501 billion in assets under management as of March 31, up $90 billion, or 22 percent, from a year earlier. The first-quarter flow from retail investors was a positive $2.5 million, but that gain was offset by a total outflow of $8.9 million from institutional and private clients.
AllianceBernstein Holding owns about 36.6 percent of the asset manager, with most of the remainder owned by France's AXA Group.
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