AllianceBernstein L.P. (“AB”) and AllianceBernstein Holding L.P. (“AB Holding”) (NYSE: AB) today reported financial and operating results for the quarter ended September 30, 2016.
“Previously announced outflows totaling $14 billion related to the conclusion of our Rhode Island CollegeBound 529 fund relationship and the termination of an institutional alternative investment portfolio during the third quarter obscured the positive momentum we’re experiencing in many parts of our business,” said Peter S. Kraus, Chairman and Chief Executive Officer. “Excluding the 529 outflows, year-to-date Retail net inflows were $3 billion, a $5 billion improvement from the same period last year, and Private Wealth net inflows were $1.2 billion, compared to slight net outflows last year.”
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