Solid Fourth-Quarter Results Lift AllianceBernstein Into a Better 2017 Position; Fair Value Intact
There was little in narrow-moat rated AllianceBernstein fourth-quarter results that would alter our long-term view of the firm. We are leaving our $24 per share fair value estimate in place. The company closed out 2016 with $480.2 billion in total assets under management, reflective of a 2.0% sequential decline but a 3.7% year-over-year increase in the firm's managed assets. Fourth-quarter net outflows of $100 million were slightly better than our forecast for $1 billion in outflows and left ful...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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