This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

AllianceBernstein's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Let’s look at the quarterly flow trends those are on slide four. Net outflows improved across all three channels from the third quarter to the fourth. In fact, we had our lowest quarterly outflows since the second quarter 2010, and that includes outflows we sustained as a result of asset sales by the AXA Group. During 2011, AXA sold its Canadian and Australian businesses. We managed about $16 billion for them and expect to lose most of these assets over time. In the fourth quarter, we had outflows associated with these dispositions of nearly $4 billion, representing approximately $5 million in revenues, and we expect to see another $6 billion in outflows in the first half of 2012. This morning, we released our January AUMs, and I’m sure you all saw that it was $421 billion, up 4% from year-end, reflecting a combination of stronger investment returns in performance and lower net outflows across all three channels.

Now, I’ll spend sometime on the channel specifics, starting with institutions on slide five. This business had $17 billion in gross sales in 2011, fuelled largely by ongoing strength in fixed income and customized retirement strategies. Together these two areas represented 80% of our gross sales last year. Our momentum in non-US Fixed Income shows up in our gross sales makeup. Nearly a third were in Asia and Japan. Fixed Income and CRS are the largest share of our pipeline as well.

In the fourth quarter, with several large and expected CRS fundings, our pipeline decreased by $2.7 billion. However, we also had about $1 billion in new Fixed Income mandates to come in and fund during the quarter, those included high yield, investment grade, and global bond opportunities, so these never showed up in the pipeline. Yet, investment performance we all know is what truly drives the business. And slide six shows where our performance was the strongest in last year’s extremely volatile markets.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs