2024-07-26 13:15:31 ET
AllianceBernstein Holding L.P. Limited Partnership Units (AB)
Q2 2024 Earnings Conference Call
July 26, 2024 10:00 AM ET
Company Participants
Mark Griffin – Head-Investor Relations
Seth Bernstein – President and Chief Executive Officer
Jackie Marks – Chief Financial Officer
Onur Erzan – Head of Global Client Group and Private Wealth
Conference Call Participants
Bill Katz – TD Cowen
Craig Siegenthaler – Bank of America
Dan Fannon – Jefferies
John Dunn – Evercore ISI
Alex Blostein – Goldman Sachs
Presentation
Operator
Thank you for standing by, and welcome to the AllianceBernstein Second Quarter 2024 Earnings Review. At this time all participants are in a listen-only mode. After the remarks, there will be a question-and-answer session and I will give you instructions on how to ask questions at that time. As a reminder, this conference is being recorded and will be available for replay on our website shortly after the conclusion of this call.
I would now like to turn the conference over to the host for this call, Head of Investor Relations for AB, Mr. Mark Griffin. Please go ahead.
Mark Griffin
Thank you, operator. Good morning, everyone, and welcome to our second quarter 2024 earnings review. This conference call is being webcast and accompanied by a slide presentation that's posted in the Investor Relations section of our website, www.alliancebernstein.com. With us today to discuss the company's results for the quarter are Seth Bernstein, President and CEO; and Jackie Marks, CFO. Onur Erzan, Head of Global Client Group and Private Wealth, will join us for questions after our prepared remarks.
Some of the information we'll present today is forward-looking and subject to certain SEC rules and regulations regarding disclosure. So I'd like to point out the safe harbor language on Slide 2 of our presentation. You can also find our safe harbor language in the MD&A of our 10-Q, which we filed this morning. We base our distribution to unitholders on our adjusted results, which we provide in addition to and not as a substitute for our GAAP results. Our standard GAAP reporting and a reconciliation of GAAP to adjusted results are in our presentation appendix, press release and our 10-Q. Under Regulation FD, management may only address questions of material nature from the investment community in a public forum, so please ask all such questions during this call.
Now I'll turn it over to Seth.
Seth Bernstein
Good morning and thank you for joining us today. In the second quarter, AB's diversified global offering continued to drive sustained organic growth, led by strength in both taxable and tax-exempt fixed income. We saw further market share gains in U.S. retail Japan equities and APAC ex-Japan fixed income. Our private markets business grew to $64 billion with fundings driven by private credit and real estate equity as well Equitable completed its initial $10 billion commitment. Notably, our Private Wealth business had its strongest alternative raise ever. And importantly, investment performance improved in equities and remained healthy in fixed income....
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AllianceBernstein Holding L.P. Limited Partnership Units (AB) Q2 2024 Earnings Call Transcript