AllianceBernstein Holding LP announced Monday that its second-quarter earnings declined 16% as investment losses during the quarter hampered the New York-based asset manager’s results.

The company, which is majority-owned by French insurer Axa SA., saw income fall to $32.3 million, or 31 cents per unit, from $38.3 million, or 41 cents per unit, a year earlier. The results missed analyst estimates by 13 cents, according to Thomson Reuters.

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