Alliance Capital reported second quarter earnings on Wednesday. Earnings were $0.53 per diluted share, $0.04 short of the $0.57 that analysts had estimated.

Assets under management fell by one percent from $483.6 billion at the end of the first quarter to $480.6 billion at the end of the second quarter.

Retail assets under management dropped by 3.2 percent, from $158.7 billion at the end of March to $153.7 billion at the end of June. Approximately 18 percent, or $8.9 million of the $5.0 billion decrease was a result of net sales.

Alliance partly made up for the loss in retail assets by increasing institutional and private client assets by 0.4 percent and 1.7 percent, respectively. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE