AllianceBernstein Holding LP posted lower revenue for the second quarter as market volatility spurred investment losses.
The New York-based asset manager posted operating income of $193 million, down from $284 million a year earlier. Per-unit earnings were 69 cents, compared with 91 cents.
Stripping out one-time items, adjusted earnings came to 71 cents a unit, matching expectations from analysts, according to FactSet.
Revenue fell about 9.8% to $971.4 million. AllianceBernstein attributed the decrease to investment losses, lower performance-based fees and investment advisory base fees. Analysts surveyed by FactSet had been expecting revenue of $814 million.
Expenses fell 2% to $778 million on lower employee compensation, driven by lower incentive compensation, partially offset by higher base pay and other employee costs, the company said.
“Financial markets declined sharply in the second quarter, as global macroeconomic concerns deepened due to accelerating inflation, higher interest rates, and a complex geopolitical backdrop,” Chief Executive Seth Bernstein said.
Assets under management as of June 30 were $646.8 billion, down more than 12% from $738.4 billion a year earlier.
