Q1 2026 AllianceBernstein Holding LP Earnings Call Transcript
Key Points
- The proposed Equitable Corebridge merger is expected to significantly enhance AB's scale and growth outlook, potentially managing over $100 billion of assets.
- AB's private market platform reached $85 billion in AUM, reflecting strong institutional momentum and a 13% year-over-year increase.
- The active ETF lineup has grown significantly, with more than $16 billion in AUM, up over 150% year-over-year.
- Bernstein Private Wealth ended the quarter with $155 billion in AUM, contributing more than one-third of firmwide revenues.
- AB's institutional channel is positioned for accelerating net flows in the second half of 2026, supported by a record pipeline surpassing $27 billion in AUM.
- Firm-wide active net outflows of approximately $6 billion were recorded in the first quarter, concentrated within a subset of active equity strategies.
- Active equity outflows of roughly $11 billion were driven by recent performance challenges and client allocation adjustments.
- Taxable fixed income outflows of nearly $2 billion were noted, with positive institutional engagement offset by retail redemptions in the Asia-Pacific region.
- The firm's adjusted operating margin decreased by 30 basis points year-over-year due to investments in the business.
- The fee rate trajectory is expected to continue to reflect the mix of organic growth and market movements, which have been volatile.
Thank you for standing by, and welcome to the AllianceBernstein first-quarter 2026 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 first-quarter 2026 earnings review. 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 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 prepared remarks.
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