FUND manager AllianceBernstein saw profit surge 46 per cent in the first quarter as strong demand from institutional investors pushed inflows higher for a second consecutive quarter.
Total assets under management at the end of March totalled $443.2bn (£284.5bn), up 5.8 per cent from a year ago. Market gains added $10.6bn while the firm also drew a net $2.6bn in investor cash. Institutional demand accounted for the bulk of the inflow. AllianceBernstein reported a profit of $38.2m, up 46 per cent on its $26.7m profit for the same period a year ago.
“Continued high demand for fixed income, strong equity markets and more stable global macroeconomic backdrop contributed to our solid first quarter results” chief executive Peter Kraus said.