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.
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