AllianceBernstein Loses 3.1% of Assets in August


AllianceBernstein L.P. and AllianceBernstein Holding L.P. (NYSE: AB) announced that preliminary assets under management fell to $467 billion from $482 billion during August 2010. The 3.1% decline was due to negative equity investment returns and net asset outflows, mainly from institutional accounts. Half of the institutional outflows were from a non-actively managed account which generates substantially lower fees than other such accounts.