U.S. money manager AllianceBernstein Holding LP said Wednesday it suffered $10.3 billion in net outflows during the fourth-quarter after losing $6.8 billion in fixed-income assets related to an asset sale.
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The company said the loss would not hurt its revenue in a material way because the assets that were lost generated low fees.
AllianceBernstein's fourth-quarter net revenue rose 9 percent to $766 million from year-ago levels. Adjusted net income per unit was 60 cents, compared with 40 cents per unit in the year-ago period.
Analysts on average had been looking for adjusted net income of 43 cents a unit, according to Thomson Reuters I/B/E/S.
(Reporting By Tim McLaughlin; Editing by Sophie Hares)