Asset manager

Alliance Capital

(AC) - Get Report

said Tuesday that preliminary assets under management fell by about $8 billion in July to $473 billion.

The company said $5 billion of that $8 billion decrease came from its retail business, which fell to $149 billion on July 31 from $154 billion on June 30. The remaining $3 billion came from institutional accounts, which dropped to $269 billion from $272 billion. The firm's private client assets remained unchanged at $55 billion for the month.

Last month, Alliance reported a 5% rise in second-quarter profit due to an increase in assets under management, but joined the parade of money managers unable to beat analysts' estimates. The company earned $156 million, or 53 cents a share, for the quarter compared to $148.1 million, or 51 cents a share, in the year-ago period. The company's results, however, were below Thomson First Call's consensus forecast of 57 cents a share.

Alliance shares recently traded up 8 cents, or 0.3%, to $32.68.