Active Equity Inflows and Higher Fee Rates Lift AB's 3Q Results; No Change to $29 per Share FVE
There was little in no-moat AllianceBernstein's third-quarter results that would alter our long-term view of the firm. We are leaving our $29 per share fair value estimate in place. AllianceBernstein closed out the September quarter with $550.0 billion in AUM, up 1.9% sequentially and 2.8% on a year-over-year basis. Net inflows of $1.3 billion during the period were worse than our forecast of $2.9 billion. On the plus side, AB generated $2.9 billion in inflows from its active equity operations, ...AllianceBernstein Holding provides research, investment management and related services to a range of clients. The company's principal services include: institutional, which services institutional clients, including private and public pension plans, foundations and endowments, insurance companies, and central banks and governments; retail, which services retail clients, primarily by means of retail mutual funds; private wealth management, which services private clients, including high-net-worth individuals and families, trusts and estates, and partnerships; and Bernstein research services, which services institutional investors, such as pension fund, and hedge fund and mutual fund managers.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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