AllianceBernstein (NYSE: AB) reported Q3 EPS of $0.69, $0.01 better than the analyst estimate of $0.68. Revenue for the quarter came in at $900.04 million versus the consensus estimate of $744.69 million.

"The firm delivered strong financial results in an improving, though still uncertain economic and market environment," said Seth P. Bernstein, President and CEO of AllianceBernstein. "Earnings and cash distributions to Unitholders grew year-over-year and sequentially, and we generated net inflows in all three client channels. Active net inflows of $7.3 billion represented a 5% annualized organic growth rate, excluding low-fee AXA redemptions of $2.2 billion. Sales and net inflows of active equities remained robust in both Retail and Institutional, and our Private Client channel generated sales growth and net inflows. Our fixed income strategies outperformed peers in the quarter, as credit sectors strengthened. We expanded operating margins and drove double-digit earnings growth both year-over-year and sequentially."

Bernstein continued, "In Retail, we generated net inflows despite gross sales normalizing following record prior periods. Active equities grew 8% organically, with inflows of $1.7 billion, positive for the 14th straight quarter. In Institutional, net flows were positive led by a 14% active equity organic growth rate. Our institutional pipeline of $16.9 billion continued to reflect strong alternatives and active equity participation, in addition to growth in multi-asset (CRS) strategies. In Private Wealth, improved sales and net inflows reflected fundings from a diverse client pipeline. Bernstein Research revenues declined versus both prior periods, as higher retail participation led to lower institutional trading volumes and market volatility declined from this year's second quarter. Our adjusted operating margin of 29.7% was up 220 basis points year-over-year and 180 basis points sequentially."

Bernstein concluded, "Our firm saw solid AUM growth in the third quarter, with global equity and fixed income markets both providing returns in the mid-to-high single digits. Looking forward, we remain ever-focused on client needs, aware that volatility could return given the continued global effects of the COVID-19 pandemic. Our colleagues around the world have proven their resiliency in the face of recent circumstances, strengthening the foundation of our firm. We move forward with confidence in our ability to continue to deliver for our clients."

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