AB · ALLIANCEBERNSTEI Q2 FY2026 earnings call record财报电话会记录

“Against this backdrop, AllianceBernstein generated its strongest sales quarter in five years, returned to positive organic growth, and reached its objective of $90 billion-$100 billion in private markets AUM more than a year ahead of our 2027 commitment.”

“Over time, we will add at least $100 billion of Corebridge assets, meaningfully enhancing AB scale and providing an organic glide path toward $1 trillion in firm-wide AUM.”

“Institutional deployments into private market strategies accelerated during the quarter, supported by demand across private credit, commercial real estate debt, and insurance-oriented solutions.”

“Demand was driven by alternatives and multi-asset, with over $4 billion of net inflows, growing at an 11% annualized organic rate.”

“Our remaining pipeline totals approximately $14 billion and is well diversified, including roughly $5 billion in private alternatives, $3 billion in customized retirement, $3 billion in fixed income, and $2 billion in indexed equities.”

“Base fees grew 7% year-over-year, reflecting higher average AUM across the platform, partially offset by the impact of changes in product and channel mix on our firm-wide fee rate.”

“Given our continued expense discipline and operating efficiency, we are lowering our full-year non-compensation expense outlook to $620 million-$640 million, compared with our prior range of $625 million-$650 million.”

“Given the favorable earnings mix and updated outlook, we are lowering our expected full-year ABLP tax rate to 5%-6%, from our prior range of 6%-7%.”

“Our adjusted operating margin expanded 70 basis points year-over-year to 33% as revenue growth outpaced expense growth despite continued investment across strategic growth initiatives.”

“We achieved our target of $90 billion-$100 billion of AUM more than one year ahead of schedule and continue to see a strong pipeline for sustained growth.”

“I would have thought it would actually be a much better impact on the margin, and the profitability would be quite a bit higher than the existing margin.”

“We already have them here, so we're going to be able to take on those assets with very little incremental cost, and that's why there's 45%-50% dropping down to the bottom line in incremental margin, as Onur noted.”