Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

Alliance Operating Profit Slips 22%, Assets - 14%


Alliance Capital Management Holding said a 14% decline in assets under management led to a 22% decline in operating profit in the fourth quarter.

The investment management company, a unit of Axa Financial Inc., announced that fourth-quarter operating profit fell to 53 cents a unit, from 68 cents the year earlier. It said assets under management fell to $387 billion, from $452 billion at the end of 2001.

Alliance had $500 million of asset inflows in the fourth quarter but had $4.3 billion of outflows for the year.

Copyright 2003 Thomson Media Inc. All Rights Reserved.