AllianceBernstein ( NYSE: AB ) Q2 earnings on Friday matched expectations as market volatility resulted in "moderate" net outflows, said CEO and President Seth P. Bernstein.
Shares of the asset manager are advancing 2.9% in early morning trading.
"Net outflows of $2.7 billion were moderate, as taxable fixed income outflows were partially offset by continued organic growth in municipals, alternatives/multi-asset and active equities," Bernstein noted.
Adjusted EPS of $0.71 agreed with the average analyst estimate and fell from $0.90 in Q1 and $0.91 in Q2 2021.
Adjusted net revenue of $816.35M in Q2 also slid from $903.7M in Q1 and $881.64M in Q2 2021, mostly due to lower performance-based fees and investment advisory base fees.
Adjusted operating income for Q2 was $225.77M, down from $285.05M in Q1 and $279.2M in Q2 a year ago.
Q2 adjusted operating margin was 27.7% vs. 31.5% in Q1 and 31.7% in Q2 of last year.
Assets under management ended the second quarter at $646.8B, compared with $735.4B in Q1 and $738.4B in Q2 2021.
Earlier, AllianceBernstein declared a quarterly dividend of $0.71 per share .
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AllianceBernstein Q2 earnings reflect 'moderate' net outflows amid market depreciation