ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FOURTH QUARTER RESULTS

Core Insights - AllianceBernstein reported a transformative year in 2024, achieving significant net inflows and growth in various investment channels despite experiencing outflows in the fourth quarter [2][4] - The company’s active fixed income flows reached a record high of $24.5 billion, nearly double compared to 2023, while alternatives and multi-asset strategies also saw strong performance [2][4] - The firm’s average assets under management (AUM) grew by 13% year-over-year, with adjusted operating income increasing by 20% and adjusted operating margins expanding to 32.3% [2][4] Financial Performance - For Q4 2024, net revenues were $1.26 billion, a 15.3% increase from Q4 2023, while full-year net revenues reached $4.48 billion, up 7.7% from 2023 [15][16] - Operating income for Q4 2024 was $318 million, a 33.1% increase from the previous year, with an operating margin of 25.0% [21] - The diluted net income per unit for Q4 2024 was $0.94, a 32.4% increase from $0.71 in Q4 2023, while the full-year diluted net income per unit rose to $3.71 from $2.34 [22][45] Assets Under Management - As of December 31, 2024, total AUM was $792.2 billion, reflecting a 9% increase from the previous year [7][47] - The retail channel experienced net inflows of $13.4 billion for the full year, while the institutional channel faced net outflows of $16.5 billion [10][9] - The private wealth channel also registered net inflows of $0.9 billion for the year, indicating a positive trend in this segment [11] Market Trends - The global equity and fixed income markets showed mixed performance in Q4 2024, with the S&P 500 total return at 2.4% for the quarter and 25.0% for the year [5][6] - The institutional pipeline at year-end was $10.7 billion, indicating strong potential for future fundings [3] Strategic Initiatives - The company emphasized its commitment to adapting to changing market conditions and client needs, with a focus on cross-asset expertise to unlock investment opportunities [4] - AllianceBernstein's retail channel grew organically by 5%, driven by strong demand for tax-exempt and taxable fixed income products [3]