Alliance Operating Profit Slips 22%, Assets - 14%
February 10, 2003
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.