Market Gains, Inflows, Fee Expansion Highlight AllianceBernstein's 4Q Results; No Change to $26 FVE
There was little in narrow-moat AllianceBernstein's fourth-quarter results that would alter our long-term view of the company, and we are leaving our $26 fair value estimate in place. AB closed the December quarter with $554.5 billion in assets under management, up 3.7% sequentially and 15.5% year over year. This was the company's highest level of AUM since the third quarter of 2008, but still off the more than $800 billion in managed assets that AB had at the end of 2007. Fourth-quarter net inf...
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