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AllianceBernstein Holding L.P. Units (AB-0.94%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in assets under management (AUM) to $792.2 billion from $725.2 billion in the previous year. This growth was primarily driven by market appreciation of $68.5 billion.
Investment advisory and services fees increased by 15.7% to $3.44 billion, with a rise in both base and performance-based fees. Base fees grew due to a 13.0% increase in average AUM.
Distribution revenues rose by 23.9% to $726.7 million, primarily due to a 20.0% increase in the corresponding average AUM of mutual funds.
Net income attributable to AB Unitholders increased by 53.4% to $1.17 billion, driven by higher investment advisory base fees, distribution revenues, and performance-based fees.
Operating income increased by 37.5% to $1.12 billion, with an operating margin of 24.7%, up from 19.1% in the previous year.
The company completed a transaction with Societe Generale to form a joint venture, resulting in the deconsolidation of the Bernstein Research Services business.
Cash provided by operating activities was $1.4 billion, compared to $872.3 million in the previous year, primarily due to higher earnings and changes in working capital.
AB Holding's principal source of income is its investment in AB, and it is required to distribute all of its Available Cash Flow to its Unitholders.
The company continues to focus on its investment management services, with expertise in actively managed equity and fixed income strategies, as well as alternative investments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AllianceBernstein Holding L.P. Units annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.