Q4 2025 AllianceBernstein Holding LP Earnings Call Transcript
Key Points
- AllianceBernstein Holding LP (AB) achieved a record $867 billion in assets under management by the end of 2025, driven by market appreciation, strong sales, and organic growth.
- The Bernstein Private Wealth business contributed significantly, with $156 billion in assets under management, accounting for roughly 37% of firmwide revenues in 2025.
- The private markets platform saw an 18% year-over-year increase in assets under management, reaching $82 billion, supported by $9 billion in deployments.
- The firm's scalable model and disciplined expense management led to an adjusted operating margin of 33.7% for the year, within the target range of 30% to 35%.
- AllianceBernstein Holding LP (AB) is expanding its commercial real estate lending capabilities, expecting to onboard over $10 billion of new long-duration assets from Equitable by the end of 2026.
- Firmwide active net flows were negative for both the quarter and the full year, with $9.4 billion of total net active outflows in 2025.
- Active equity redemptions persisted, with $7.6 billion outflows in the fourth quarter and $22.5 billion throughout the year, primarily driven by retail redemptions.
- Taxable fixed income saw $2 billion in outflows in the fourth quarter and $9.1 billion for the year, affected by overseas retail demand decline amid geopolitical uncertainty and a weaker dollar.
- Equity performance softened in 2025, with relative returns declining across one-year, three-year, and five-year periods, particularly in US large-cap growth-oriented services.
- Retail flows softened in 2025, ending a two-year streak of organic gains, with $3.5 billion in net outflows in the fourth quarter and $9.1 billion for the full year.
Thank you for standing by and welcome to the Alliance Bernstein fourth quarter 2025 earnings review. (Operator Instructions) As a reminder, this conference is being recorded and will be available for replay on our website shortly after the conclusion of this call.
I would now like to turn the conference over to the host for this call, Head of Investor Relations for AB, Mr. Ioanis Jorgali. Please go ahead.
Good morning everyone and welcome to our fourth quarter 2025 earnings preview. Today's conference call is being webcast and is accompanied by a slide presentation available in the investor relations section of our website at www.allianceBernstein.com.
Joining us today to discuss the company's quarterly results are Seth Bernstein, our Chief Executive Officer, and Tom Simeone, our Chief Financial Officer; Onur Erzan, our President, will join us for the question-and-answer session following our
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