The following is a summary of the AllianceBernstein Holding L.P. (AB) Q4 2023 Earnings Call Transcript:
Financial Performance:
AllianceBernstein's gross sales for Q4 were $28.3 billion, a decrease from the same period last year, and full-year net outflows were $5.2 billion, ending a four-year trend of active organic growth.
AUM at year end was up 12% YoY and 8% from Q3, with Q4 average AUM also growing 8% YoY.
Revenues were up for Q4 and the full year, with GAAP net revenues for Q4 at $1.1 billion (a 10% increase from 2022) and full-year GAAP net revenues at $4.2 billion (up 3% from 2022).
However, full-year operating margin decreased by 240 basis points to 19.1%.
Business Progress:
AB launched 10 active ETFs and obtained a license for a wholly-owned China fund management venture.
Remarkable YoY growth in retail gross sales was observed at 47% ($21 billion).
The private wealth sector saw $18.6 billion of gross sales, marking a third year of consecutive organic growth.
The company saw considerable growth in its private markets platform, with AUM of approximately $61 billion, up about 9% YoY.
For the future, AB plans to launch more private funds and financial products, and expects low single-digit growth in operational expenses for 2024 with continued sales momentum in the following year.
The intention is to broaden the business base in Latin America and further explore global private market opportunities while maintaining growth in the US retail sector.
More details: AllianceBernstein Holding IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
