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AllianceBernstein Holding L.P. AB has announced assets under management (AUM) for August 2024. The company’s preliminary month-end AUM of $791 billion reflects a 1.8% increase from the end of July 2024.
The rise was primarily driven by market appreciation. This was partly offset by net outflows in the Institutions channel.
At the end of August, AllianceBernstein’s Equity AUM rose 1.5% sequentially to $336 billion. Alternatives/Multi-Asset Solutions AUM (including certain multi-asset services and solutions) was up 1.2% to $163 billion. Fixed Income AUM of $292 billion grew 2.5% from the end of July.
In terms of channel, July month-end Institutions AUM of $329 billion increased roughly 1% from the previous month. Retail AUM was $328 billion, up 2.8% from the prior month’s end. Private Wealth AUM of $134 billion increased 1.5% from the July 2024 level.
AllianceBernstein’s global reach and solid AUM balance are likely to boost top-line growth. However, rising operating costs and a challenging operating backdrop are near-term concerns. In the past six months, shares of AB have gained 3.2% compared with the industry's rise of 8.4%.
Currently, AB carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of AB’s Peers
Invesco IVZ announced preliminary AUM for August 2024. The company’s month-end AUM of $1.75 trillion represented a 1.1% increase from the previous month.
Invesco’s AUM was favorably impacted by solid market returns, which boosted its AUM by $16 billion. Further, FX boosted the AUM balance by $7.3 billion.
Lazard, Inc. LAZ reported a preliminary AUM balance of $244.3 billion for August 2024. This reflected a marginal decrease from $246.1 billion as of July 31, 2024.
The fall in LAZ’s AUM balance was due to net outflows of $7.5 billion. This was partially offset by the market appreciation and a foreign exchange appreciation of $2.8 billion and $3 billion, respectively.
Zacks Investment Research
Lazard, Inc. LAZ reported a preliminary asset under management (AUM) balance of $244.3 billion for August 2024, reflecting a marginal decrease from $246.1 billion as of July 31, 2024.
LAZ’s AUM Breakdown
The fall in AUM balance was due to net outflows of $7.5 billion. This was partially offset by the market appreciation and a foreign exchange appreciation of $2.8 billion and $3 billion, respectively.
In August, Lazard’s equity assets decreased almost 1.8% from the prior month’s level to $192.2 billion, while fixed-income assets increased 1.9% to $46.6 billion. Other assets rose 9.7% to $8.9 billion from the previous month.
LAZ’s robust AUM balance, coupled with innovative investment strategies and solutions, is expected to support its top line. A well-laddered debt maturity profile and impressive cost-control efforts are other positives. However, the current challenging macroeconomic environment and high reliance on financial advisory fees for a major chunk of its revenues are major concerns.
Lazard’s Zacks Rank & Price Performance
Year to date, shares of Lazard have risen 32.5% compared with the industry’s growth of 4.7%.
LAZ currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Invesco IVZ announced preliminary AUM for August 2024. The company’s month-end AUM of $1.75 trillion represented a 1.1% increase from the previous month.
Invesco’s AUM was favorably impacted by solid market returns, which boosted its AUM by $16 billion. Further, FX boosted the AUM balance by $7.3 billion.
Cohen & Steers, Inc. CNS reported a preliminary AUM of $88.1 billion as of Aug. 31, 2024. This reflected a rise of 4.2% from the prior month's level.
CNS’ increase was driven by the market appreciation of $3.7 billion and net inflows of $8 million, partially offset by distributions of $152 million.
Zacks Investment Research
Sept 12 (Reuters) - AllianceBernstein Holding LP AB.N:
AB ANNOUNCES AUGUST 31, 2024 ASSETS UNDER MANAGEMENT
ALLIANCEBERNSTEIN HOLDING LP - PRELIMINARY AUM INCREASE TO $791 BILLION DURING AUGUST 2024
Source text for Eikon: (Full Story)
Further company coverage: AB.N
** Shares of investment bank Lazard LAZ.N fall as much as 4.2%, last down 1.3% at $44.98
** LAZ saw net outflows of $7.5 bln in August, after one of its clients switched to a passive investing strategy
** Assets under management at LAZ fell sequentially to about $244.34 bln at the end of August, from $246.10 bln in July
** Bank was one of the several asset managers to be impacted, after the client restructured its developed market assets portfolio, a person familiar with the matter told Reuters on Thursday
** Passive investing is buying and holding investments with minimal portfolio changes and mostly centers around index funds
** As of last close, LAZ shares up 30.9% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
Legal Entity Identifier: 549300YM9USHRKIET173
Invesco Asia Trust plc
HEADLINE: Annual General Meeting Results
At the Annual General Meeting of the Company held on 12 September 2024, all resolutions were decided on a poll and were passed. The resolutions and results of the poll are set out below.
Ordinary Business
Ordinary Resolutions
1. To receive and consider the Annual Financial Report for the year ended 30 April 2024.
2. To approve Company’s Dividend Payment Policy.
3. To approve the Annual Statement and Report on Remuneration.
4. To re-elect Neil Rogan as a Director of the Company.
5. To re-elect Vanessa Donegan as a Director of the Company.
6. To re-elect Myriam Madden as a Director of the Company.
7. To re-elect Sonya Rogerson as a Director of the Company.
8. To appoint Ernst & Young LLP as auditor to the Company.
9. To authorise the Audit Committee to determine the remuneration of the auditor.
Special Business
Ordinary Resolution
10. To authorise the Directors to allot securities.
Special Resolutions
11.To authorise the Directors to allot securities disapplying statutory pre-emption rights.
12. To authorise the Directors to buy back up to 14.99% of the Company’s issued ordinary shares.
13. That the period of notice required for general meetings of the Company (other than AGMs) shall be not less than 14 days.
Resolution | Votes For (including votes at the discretion of the Chairman) | % | Votes Against | % | Votes Withheld |
Ordinary Resolutions |
|
|
|
| |
1 | 39,697,832 | 100.00 | 0 | 0.00 | 3,227 |
2 | 39,691,129 | 99.98 | 9,480 | 0.02 | 450 |
3 | 39,625,535 | 99.85 | 58,807 | 0.15 | 16,717 |
4 | 39,659,350 | 99.93 | 28,410 | 0.07 | 13,299 |
5 | 39,674,578 | 99.95 | 18,687 | 0.05 | 7,794 |
6 | 39,666,801 | 99.94 | 23,687 | 0.06 | 10,571 |
7 | 39,668,778 | 99.94 | 24,487 | 0.06 | 7,794 |
8 | 39,640,595 | 99.87 | 49,893 | 0.13 | 10,571 |
9 | 39,660,525 | 99.91 | 37,199 | 0.09 | 3,335 |
10 | 39,648,067 | 99.89 | 43,347 | 0.11 | 9,645 |
Special Resolutions |
|
|
|
| |
11 | 39,611,881 | 99.84 | 65,210 | 0.16 | 23,968 |
12 | 38,650,573 | 97.36 | 1,050,036 | 2.64 | 450 |
13 | 39,644,104 | 99.86 | 54,188 | 0.14 | 2,767 |
The Company has 74,999,881 ordinary shares of 10p each in issue, of which 9,746,594 shares are held in Treasury. These carry one vote per share and accordingly the total voting rights are 65,253,287. The above tables represent the number of votes registered. 61% of the Company’s issued share capital is represented by the voting. The poll votes lodged with the Registrar will shortly be available via the Company’s website at: www.invesco.co.uk/invescoasia
In accordance with UK Listing Rule 6.4.2R, copies of the resolutions that were passed at the annual general meeting, which do not constitute ordinary business will shortly be available for inspection via the National Storage Mechanism:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Company SecretaryInvesco Asset Management Limited
12 September 2024
By Manya Saini and Pritam Biswas
Sept 12 (Reuters) - Lazard's LAZ.N asset management business saw net outflows of $7.5 billion in August after one of its clients switched to a passive investing strategy, a person familiar with the matter told Reuters on Thursday.
The bank was one of several asset managers to be impacted after the client restructured its developed market assets portfolio, the person said, without naming the client.
Passive investing typically refers to a buy-and-hold portfolio strategy that involves minimal trading in the market and mostly centers around investing in index-tracking funds.
Lazard's total assets under management (AUM) fell sequentially to about $244.34 billion at August-end from $246.10 billion in July. Its AUM at August-end included $2.8 billion in gains from equities and $3 billion from foreign exchange.
However, its AUM was up from the year-earlier period.
Outside of the client, flows for the month were generally in line with the bank's expectations and there was growing new business activity, the source said.
Although August was a volatile month for the U.S. equity market, the S&P 500 is still up about 16% so far this year, marked by gains across big-tech stocks, particularly those focused on artificial intelligence.
Lazard swung to a profit in the second quarter and beat analysts' expectations as dealmaking surged. Like its industry peers, the investment bank has benefited from renewed activity in the M&A market and as companies raise money from stock and debt offerings.
The bank's asset management as well as its restructuring and liability management practice businesses had helped sustain revenue for roughly two years as dealmaking activity stalled.
In the second quarter, asset management revenue at Lazard fell 1%, on an adjusted basis, to $265 million.
(Reporting by Manya Saini and Pritam Biswas in Bengaluru; Editing by Anil D'Silva)
(( ArasuKannagi.Basil@thomsonreuters.com ;))
Keywords: LAZARD-AUM/ (PIX)
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