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- **Record AUM Growth**: Total AUM $860B, Bernstein Private Wealth at $153B, tax-exempt fixed income AUM $50B.
- **Strong Flows**: +$1.7B net flows (excluding RGA), tax-exempt +$4B, private markets +$3B.
- **Profitability**: Adjusted EPS +12% to $0.86, operating margin 34.2% (vs 32.1% prior year).
- **Strategic Wins**: $7B deployed with Equitable, new Fortitude Carlyle sidecar, $4B DC plan mandates.
- **Private Markets Expansion**: AUM +17% YoY to $80B, targeting $90-100B by 2027.
- **Performance Fees Upside**: Full year guidance raised to $130-155M, private credit fees stable.

**【CEO Summary Section】**
- **AUM Growth**: Total AUM reached $860 billion, (Bernstein Private Wealth at $153 billion, institutional at $351 billion). Tax-exempt fixed income AUM grew to $50 billion despite market volatility.
- **Flow Dynamics**: Firm-wide net flows +$1.7 billion (excluding $4 billion RGA outflows). Tax-exempt inflows +$4 billion (11q streak), private markets +$3 billion. Active equities shed $6 billion but defensive strategies saw inflows.
- **Strategic Partnerships**: $7 billion deployed with Equitable (target $20 billion). New Fortitude Carlyle Asia ReIT sidecar ($1.5 billion AUM pipeline).
- **Performance**: 86% of fixed income AUM outperformed 3YR, 53% equities AUM outperformed 5YR. American Income ETF rebounded with +$1B AUM.
- **Private Markets**: Private credit AUM +17% YoY to $80 billion (target $90-100B by 2027). PCI platform generates stable performance fees.

**【CFO Financial Commentary】**
- **Revenue & Earnings**: Adjusted EPS +12% YoY to $0.86. Net revenues $885M (+5% YoY). Base fees flat, performance fees $20M (vs $26M prior quarter).
- **Expense Management**: Total expenses $582M (flat YoY). Compensation ratio 48.5% (vs 48% prior). Non-comp expenses guided to $600-610M (down from $620M prior).
- **Margin Expansion**: Operating margin 34.2% (vs 32.1% prior year). Year-to-date margin 33.4% vs 32.5% prior year. Target 33%+ for 2025.
- **Performance Fees Guidance**: Full year $130-155M (up from $110-130M). Private credit fees stable, public market upside if rates stabilize.

**【Q&A Highlights】**
- **Insurance Partnerships**: Ruby Re deployment on track, FCA Re sidecar adds $1.5B AUM. Equitable capital deployment progress ($7B of $20B committed).
- **Interest Rate Impact**: Lower rates may reduce performance fee upside but private credit fees stable. 2026 guidance for buyback activity dependent on unit price.
- **Asia Growth**: Taxable fixed income flows rebounded, ETF platform surpasses $10B AUM. Private wealth AUM +7% annualized, driven by adviser productivity.
- **DC Plan Solutions**: Custom target date funds win $4B new mandates. DOL safe harbor for LIS reduces regulatory risk. Private credit in glide paths gaining traction despite fee sensitivity.
- **Credit Quality**: Private credit teams see competitive bids but no material credit deterioration. First Brands exposure limited to inventory financing with collateral protection.

AllianceBernstein Holding L.P. Limited Partnership Units (AB) Q3 2025 Earnings Call Transcript

- **AUM Growth Milestone**: $829B AUM, up 17% YoY, with private markets AUM at $77B (20% YoY) targeting $90-100B by 2027.
- **Operating Efficiency**: 33% 2025 margin target achieved 2Q, 150bps YoY improvement to 32.3%.
- **Performance Fees Upside**: Guidance raised to $110-130M (vs. $90-105M), driven by private credit and real estate debt.
- **Strategic Expansion**: 18 ETFs ($8B AUM), SMA growth to $54B, and $5B RGA mandate for retirement solutions.
- **Disciplined Capital Allocation**: Small-mid RIA acquisitions to accelerate private wealth growth, with 12-15 month deployment cycle.

**【CEO Summary Section】**
- **Record Assets Under Management (AUM)**: Ended Q2 at $829 billion, up 17% year-over-year, driven by private wealth (35% of base fees) and insurance asset management. Active equity outflows of $6 billion (primarily retail) offset by inflows into active ETFs and international strategies.
- **Private Markets Growth**: Private markets AUM reached $77 billion (20% YoY), targeting $90-100 billion by 2027. $15 billion deployed from Equitable's $20 billion commitment, with flywheel effect benefiting both companies.
- **Operating Efficiency**: On track for 33% 2025 operating margin (vs. 30-35% 2027 target), with 33% YoY margin in Q2, driven by cost control and scale gains.
- **Strategic Initiatives**: Expanded ETF platform to 18 products ($8B AUM), SMA growth ($54B AUM), and insurance partnerships (e.g., RGA mandate for $5B in retirement solutions).

**【CFO Financial Commentary】**
- **Adjusted Earnings**: $0.76/unit (7% YoY growth), with net revenues of $844M and base fees up 4% YoY. Operating margin 32.3% (vs. 30.8% YoY), benefiting from lower G&A costs post-office relocation.
- **Expense Management**: Compensation ratio 48.5% (vs. 49% YoY), with non-comp expenses tracking to $600-620M vs. prior $625M guidance. Interest expense down $3M YoY.
- **Performance Fees**: Q2 $30M (down $12M YoY due to public market underperformance), revised 2025 guidance to $110-130M (vs. prior $90-105M), driven by private credit and real estate debt.
- **Fee Rate Dynamics**: Firm-wide fee rate 38.7bps (down 1bps QoQ), pressured by market volatility and outflows from higher-fee retail strategies.

**【Q&A Highlights】**
- **Retirement Income Scaling**: Added Pacific Life to lifetime income platform, focusing on low-fee, long-duration assets. AB's share of economics is pass-through, with focus on client outcomes over margin.
- **M&A Strategy**: Small-mid sized RIA acquisitions (e.g., $500M+ AUM) to accelerate private wealth growth, with 12-15 month deployment cycle. No material capital allocation beyond existing private markets commitments.
- **Margin Trajectory**: 33% 2025 target reaffirmed, with potential upside if markets stabilize. 2026+ guidance pending, but 33%+ margin seen as sustainable.
- **Wealth Management Growth**: SMA AUM up 14% QoQ, ETFs doubling YoY. Focus on tax-aware strategies (e.g., passive tax loss harvesting) and ultra-HNW client expansion.
- **Performance Fee Leverage**: Private credit (ABPCI) and real estate debt driving $22M Q2 performance fees, with 2025 guidance up 20% YoY.

AllianceBernstein Holding L.P. Limited Partnership Units (AB) Q2 2025 Earnings Call Transcript

- **Record Inflows**: $2.7 billion in net inflows, with tax-exempt fixed income and private markets leading growth.
- **Resilient Margins**: 33.7% adjusted operating margin, up 340 bps YoY, supported by expense control.
- **Private Markets Surge**: Fee-paying AUM in private markets up 20% YoY to $75 billion, targeting $100 billion by 2027.
- **Performance Fees Beat**: Q1 performance fees of $39 million (+31% YoY), with 2025 guidance raised to $90-105 million.
- **Durable Fee Rate**: 39.5 bps base fee rate reflects selective growth in higher-fee private markets.

**【CEO Summary Section】**
- **Strong Organic Growth**: Q1 2025 saw $2.7 billion in firm-wide active net inflows, driven by tax-exempt fixed income ($2.4 billion) and private markets ($2.5 billion). Retail muni AUM grew to $46 billion, up 100% since 2020.
- **Fixed Income Resilience**: Despite volatility, active fixed income inflows reached $1 billion, offsetting taxable outflows. Tax-exempt strategies maintained 19% annualized growth.
- **Private Markets Expansion**: Fee-paying AUM in private markets hit $75 billion (20% YoY growth), with $14 billion deployed from Equitable's $20 billion commitment. Targeting $90-100 billion by 2027.
- **Diversified Asset Mix**: Liquid and illiquid credit account for ~50% of AUM, providing downside protection. All-in fee rate remains stable at 39.5 bps.

**【CFO Financial Commentary】**
- **Adjusted Earnings Growth**: Q1 2025 adjusted EPS of $0.80 (+10% YoY) driven by strong markets and margin expansion to 33.7% (vs. 29.7% in Q1 2024).
- **Revenue Performance**: Base fees grew 8% YoY, while performance fees reached $39 million (+$12 million YoY) from international small-cap and private credit strategies.
- **Expense Discipline**: Total operating expenses declined 10% YoY to $555 million, with a 48.5% compensation ratio. Full-year non-comp guidance remains $600-625 million.
- **Fee Rate Stability**: Despite market volatility, durable fee rate mix (39.5 bps) reflects selective growth in higher-fee private markets.

**【Q&A Key Highlights】**
- **Retail Channel Resilience**: U.S. muni franchise grew 19% QoQ, offsetting taxable fixed income outflows. Non-U.S. retail demand for equities (e.g., Japan's U.S. large-cap growth strategy) remained strong.
- **Equitable Synergy**: Equitable's $14 billion deployment supports private credit growth. No restrictions on future unit purchases, though AB maintains operational independence.
- **Alternative Assets Growth**: Private wealth clients allocate ~10% to alternatives (20%+ for ultra-high net worth). Q1 private markets inflows included $200 million in credit interval funds and $400 million in real estate debt.
- **Performance Fees Outlook**: 2025 guidance raised to $90-105 million, driven by private credit ($50-60 million) and public alpha ($19 million from international small-cap).

AllianceBernstein Holding (AB)-24 Apr 25-2025 Q1 Earnings call transcript

- **Strategic Wins**: $50M annual savings from NYC relocation, $70B private markets AUM, and 57% AUM outperforming peers.
- **Profit Growth**: 36% YoY EPS rise, 46% comp ratio, and $227M performance fees (+80%).
- **Growth Drivers**: 3%+ organic fee growth, $10.7B institutional pipeline, and 17 active ETFs with $5.5B AUM.
- **Risk Management**: 30% reduction in at-risk equity AUM, no major redemption risks.
- **Structure Decision**: Maintained tax-efficient partnership structure despite index inclusion tradeoffs.


**【CEO Opening Remarks】**
- **2024 Strategic Milestones**: Completed Bernstein JV with SocGen, relocating NYC office to Hudson Yards, generating $50M annual savings. Captured market share in Asia, U.S. HNW, and Global Insurance. 
- **Asset Growth**: Active fixed income inflows reached $24B (9% YoY), driven by tax-exempt strategies. Private markets AUM grew 14% to $70B, with 20% of Equitable's $10B commitment deployed.
- **Performance Highlights**: 57% of AUM outperformed peers over 1Y. U.S. large cap growth strategy net $3B inflows. Insurance vertical pipeline stands at $10.7B with 45bps fee rate.

**【CFO Financial Review】**
- **Q4 2024 Results**: Adjusted EPS $1.05 (+36% YoY), net revenues $973M (+12% YoY). Full-year adjusted EPS $3.25 (+21% YoY). 
- **Cost Efficiency**: Compensation ratio 46% (vs. 47.7% prior year). G&A expenses down 14% YoY due to NYC relocation. 2025 non-comp expense guide $600-625M, including $50M occupancy savings.
- **Performance Fees**: Full-year $227M (+80% YoY), driven by private alts (CarVal, PCI) and U.S. equity rally. 2025 recurring hurdle-based guidance $70-75M.

**【Q&A Key Themes】**
- **Corporate Structure**: Maintained partnership structure due to tax efficiency and index inclusion challenges. No plans for C Corp conversion.
- **Organic Growth**: Base fee growth 3%+ YoY, driven by private alts pipeline (50%+ fee rate). Institutional equity at-risk AUM reduced by 30%.
- **ETF Expansion**: 17 active ETFs with $5.5B AUM, 70% net new. Focused on RIA channel and emerging markets expansion.
- **Private Wealth**: Added 35+ advisors annually, targeting tuck-in RIAs. 2024 HNW growth 13%, outpacing peers.
- **Institutional Pipeline**: $10.7B pipeline with 45bps fee rate, 70% in alternatives. Insurance mandates with RGA and Equitable driving deployment.


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