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Andrea Prochniak, Investors
212.756.4542
andrea.prochniak@abglobal.com
                       

Jonathan Freedman, Media
212.823.2687
jonathan.freedman@abglobal.com




ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES SECOND QUARTER RESULTS
GAAP Diluted Net Income of $0.43 per Unit
Adjusted Diluted Net Income of $0.49 per Unit
Cash Distribution of $0.49 per Unit

New York, NY, July 27, 2017 - AllianceBernstein L.P. (“AB”) and AllianceBernstein Holding L.P. (“AB Holding”) (NYSE: AB) today reported financial and operating results for the quarter ended June 30, 2017.
"It's clear that I've joined AB at an exciting point in the firm’s long-term strategic and competitive transition," said Seth P. Bernstein, President and CEO of AB. "AB’s momentum accelerated in the second quarter, with 11% year-on-year gross sales growth, active net inflows of $6.6 billion that were positive across all three client channels, 270 points of adjusted operating margin expansion and 26% growth in adjusted earnings per unit."
(US $ Thousands except per Unit amounts)
2Q 2017
 
2Q 2016
 
2Q 2017 vs 2Q 2016 % Change
 
1Q 2017
 
2Q 2017 vs 1Q 2017 % Change
 
 
 
 
 
 
 
 
 
 
U.S. GAAP Financial Measures
 
 
 
 
 
 
 
 
 
Net revenues
$
802,313

 
$
725,806

 
10.5
%
 
$
764,917

 
4.9
%
Operating income
$
162,537

 
$
142,575

 
14.0
%
 
$
166,312

 
(2.3
%)
Operating margin
18.1
%
 
19.0
%
 
(90 bps)

 
19.6
%
 
(150 bps)

AB Holding Diluted EPU
$
0.43

 
$
0.40

 
7.5
%
 
$
0.46

 
(6.5
%)
 
 
 
 
 
 
 
 
 
 
Adjusted Financial Measures (1)
 
 
 
 
 
 
 
 
 
Net revenues
$
649,541

 
$
603,899

 
7.6
%
 
$
623,772

 
4.1
%
Operating income
$
162,326

 
$
134,816

 
20.4
%
 
$
150,584

 
7.8
%
Operating margin
25.0
%
 
22.3
%
 
270 bps

 
24.1
%
 
90 bps

AB Holding Diluted EPU
$
0.49

 
$
0.39

 
25.6
%
 
$
0.46

 
6.5
%
AB Holding cash distribution per Unit
$
0.49

 
$
0.40

 
22.5
%
 
$
0.46

 
6.5
%
 
 
 
 
 
 
 
 
 
 
(US $ Billions)
 
 
 
 
 
 
 
 
 
Assets Under Management
 
 
 
 
 
 
 
 
 
Ending AUM
$
516.6

 
$
489.5

 
5.5
%
 
$
497.9

 
3.8
%
Average AUM
$
507.7

 
$
484.5

 
4.8
%
 
$
491.2

 
3.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The adjusted financial measures are all non-GAAP financial measures. See page 11 for reconciliations of GAAP Financial Results to Adjusted Financial Results and pages 12-13 for notes describing the adjustments.

 

Bernstein continued: "AB's strategy to maintain a laser focus on investment performance, broaden our global presence, consistently deliver relevant services to our clients and remain vigilant in improving our financial position is the right one, and after years of relentless execution, our steady progress is coming through in the results. Investment performance remains stellar across the fixed income franchise and equity track records keep trending upward. In Retail, gross sales remained at record levels during the quarter, driven by strength in our preeminent Asia ex Japan fixed income franchise, where first half gross sales increased 65% year-on-year and net flows totaled more than $4 billion. In Institutional, we were pleased to see a recovery in activity levels from the first quarter. Gross sales rose 60% sequentially and inflows of $1.2 billion returned to positive territory. We’re particularly encouraged by the positive trend in our pipeline fee rate. We’re winning more mandates in higher fee areas like commercial real estate debt and concentrated active equities - demonstrating the success we've had in diversifying our product set. As a long-time personal client, I knew the Bernstein Private Wealth business well coming in, but I didn’t fully appreciate how effective we’ve been in recent years in appealing to larger and more sophisticated clients with our offering. The suite of targeted services, which has $5.5 billion in commitments today, has been instrumental in this effort. On the sell side, I was well aware coming in of Bernstein’s reputation for differentiated institutional research. Now I see how well this business is navigating shrinking trading volumes and fee compression in the US and the MiFID II rollout in Europe, while expanding our research and trading presence in faster-growing international markets. Finally, AB has done impressive work to improve our financials, in particular continuing a five-year trend of margin expansion so far in 2017. The second quarter adjusted margin of 25% was up 270 bps year-on-year, and adjusted earnings per unit of $0.49 were up 26%.”
Bernstein concluded: “Spending time with my new colleagues here has confirmed what I knew coming in: AB is full of brilliant and talented people who are striving to deliver for clients - and succeeding in creating better outcomes for them. It’s an honor to be at the helm of such a great firm, and I’m looking forward to doing what I can to build upon AB’s success from here.”
The firm’s cash distribution per unit of $0.49 is payable on August 24, 2017, to holders of record of AB Holding Units at the close of business on August 7, 2017.
Market Performance
US and global equity and fixed income markets were higher in the second quarter. The S&P 500’s total return was 3.1% in the second quarter and the MSCI EAFE Index’s total return was 6.4%. The Bloomberg Barclays US Aggregate Index returned 1.4% during the second quarter and the Bloomberg Barclays Global Aggregate ex US Index’s total return was 3.5%.


www.abglobal.com
 
1 of 13

The following information was filed by Alliancebernstein L.P. (ABLP) on Thursday, July 27, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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