AllianceBernstein reported that preliminary assets under management dipped 1.2%, to $419 billion, at the end of March compared to the previous month.
In a statement, the company said that the decline was due to net outflows in institutions and private client assets, which was partially offset by net retail inflows.
Another significant factor in that month’s institutions outflows was the closure of four funds, which AllianceBernstein had managed in an Australian joint venture with AXA, at the end of March. These funds were the AXA Australian Equity Growth Fund, the AXA Industrials Fund, the AXA Wholesale Australian Equity - Industrials Fund and the AXA Wholesale Australian Equity - Growth Fund.
At the end of March, AllianceBernstein had a total of $126 billion assets in equities, down 3.82% from the end of February, and $224 billion in fixed income, down 0.44% from February. In the other category, which includes investments related to indexes, structured products, asset allocation services, and certain other alternative investments, was up 1.5%, to $69 billion.
