Alliance Capital Management Holding said a 14% decline in assets under management led to a 22% decline in operating profit in the fourth quarter.

The investment management company, a unit of Axa Financial Inc., announced Thursday that fourth-quarter operating profit fell to 53 cents a unit, from 68 cents the year earlier. It said assets under management fell to $387 billion, from $452 billion at the end of 2001.

Alliance had $500 million of asset inflows in the fourth quarter but had $4.3 billion of outflows for the year.

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