AllianceBernstein Holding L.P. (AB) today reported its financial and operating results for the second quarter ended June 30, 2025. The firm announced GAAP net income of $0.64 per unit and adjusted net income of $0.76 per unit, with a cash distribution of $0.76 per unit.
Total assets under management (AUM) reached a record high of $829.1 billion as of June 30, 2025, an increase of 7.7% from Q2 2024. Adjusted net revenues were $844 million, and the adjusted operating margin expanded by 150 basis points to 32.3% compared to the second quarter of 2024.
Despite the record AUM, AB experienced total net outflows of $6.7 billion in the second quarter, with active net outflows amounting to $4.8 billion. These outflows were primarily concentrated in April due to market volatility, but management noted a gradual transition to inflows by June.
Retail active equities saw net outflows of $3.7 billion, while the retail tax-exempt AUM continued its positive organic growth at a 14% annualized rate for the tenth consecutive quarter. Institutional active net flows were positive, driven by $1 billion each into taxable fixed income and alternatives/multi-asset, and the institutional pipeline approached $22 billion.
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