Earnings Rise at AllianceBernstein, Cohen

Updated from 5:22 p.m. EDT

Two more asset managers posted results that topped earnings estimates late Wednesday, but while Cohen & Steers(CNS Quote) seemed upbeat, AllianceBernstein(AB Quote) said that its investment returns were "disappointing" and it sees slower assets growth going forward.

AllianceBernstein said that second-quarter earnings rose to $261.1 million, or 89 cents a unit, from $198 million, or 68 cents a unit, for the same period last year. Analysts expected earnings of 82 cents a unit.

The company said that the earnings leap was due in large part to gains in assets under management, a key driver of profits at money management firms. Assets under management totaled $625.16 billion at June 30, up 21% from a year ago. ...