The expansion of its non-public markets platform helped increase AllianceBernstein’s property beneath administration (AUM) and income final 12 months.
The asset supervisor’s non-public markets platform noticed its AUM develop by 9 per cent final 12 months, to achieve $61bn (£48.32bn), representing 8.4 per cent of the corporate’s total enterprise.
By 31 December 2023, AllianceBernstein had property beneath administration of $725.2bn, an increase of 12 per cent from 31 December 2022.
Internet revenues elevated by 10.2 per cent throughout the fourth quarter of the 12 months and by 2.5 per cent for the complete 12 months, pushed by greater funding advisory base charges and funding positive aspects.
Seth P. Bernstein, president and chief govt of AllianceBernstein, mentioned that the corporate’s year-end institutional pipeline of $12bn maintains a extremely accretive price fee, roughly thrice the channel common, with non-public alternate options representing greater than 80 per cent of the price base.
The expansion of the non-public markets enterprise offset decrease demand within the equities area, added Bernstein.
“By asset class, decrease energetic equities demand was principally offset as municipals grew organically by 11 per cent, with robust demand from US retail, and taxable fastened revenue grew organically by three per cent pushed by cross-border demand,” he mentioned.
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“Our non-public markets platform expanded its choices, with complete AUM of $61bn, up 9 per cent.
“Getting into 2024, we preserve a balanced perspective in managing our enterprise. Whereas we enter 2024 with an AUM base 12 per cent above the prior 12 months interval, we anticipate markets will proceed to replicate a unstable macroeconomic and geopolitical surroundings.”
AllianceBernstein’s US retail enterprise grew organically for the fifth consecutive 12 months and personal wealth grew for the third straight 12 months.
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