Investment management company AllianceBernstein (AB) reported a boost in fourth-quarter earnings.
Income per unit under the publicly traded partnership was $1.48, up 45.1% from the year-ago period. Analysts were expecting earnings of $1.16 per unit.
Revenue was $1.19 billion in the fourth quarter, up from $910.59 million a year ago. Analysts surveyed by Thomson First Call were expecting revenue of $1.09 billion.
Under the company's operating partnership, AllianceBernstein earned $10.6 billion, consisting of $6.3 billion in institutional investments, $2.3 billion from retail net inflows and $2 billion from private clients. Assets under management were $716.9 billion, up 23.9% from a year ago."On the most important metric, investment results for our clients, 2006 was a mixed year," said Lewis Sanders, the company's chairman and CEO. "Returns in value equity services were extremely strong, with most non-U.S. and global value services exceeding benchmarks by substantial margins. Fixed income returns were far lower in absolute terms but were, in general, above benchmarks as well, in some cases substantially." Shares were halted late Wednesday after closing 1.4% higher to $88.44.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV