Operating income for the first quarter of 2011 declined 1% to $138m compared to the first quarter of 2010, and the operating margin decreased to 19.4% from 21.6%, mainly due to higher compensation and promotion and servicing expenses.
Revenue in the first quarter of 2011 rose 4% to $756.4m from $725.8m in the year ago quarter. Base money management fees, the biggest revenue component, edged up less than a half-percent to $509.874.
Total assets under management as of 31 March 2011 were $477.3bn, down $15bn, or 3%, compared to 31 March 2010.
AllianceBernstein chairman and CEO Peter Kraus said they are off to a solid start in 2011. Gross sales increased by double-digit percentages across all of their distribution channels compared to the fourth quarter of 2010, net outflows as a whole declined substantially – particularly in the Institutions channel – and they grew their adjusted operating income and expanded their adjusted operating margin.
