AB - AllianceBernstein June AUM slides ~6% M/M

• AllianceBernstein ( NYSE: AB ) has reported June AUM of $647B, down 5.8% from May's AUM of $687B.
• The decline was mainly due to negative markets, coupled with modest firm-wide net outflows.
• The month-end AUM reflected $0.5B of outflows resulting from AXA S.A's ongoing redemption of certain low-fee fixed income mandates, of which ~$4B remains outstanding and is expected to be redeemed by year-end.
• By channel, net inflows to private wealth were offset by net outflows from retail and institutions.
• AUM (by channel): Institutions, $291B (vs. $308B in May); Retail, $251B (vs. $269B); and Private Wealth, $105B (vs. $110B).

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