AllianceBernstein LP's profit falls 9.2 percent

NEW YORK (AP) — AllianceBernstein LP said Thursday that lower revenue from investment advisory and service fees narrowed its third-quarter profit.

For the three months ending Sept. 30, the investment management operating partnership earned $199.3 million, down 9.2 percent to $219.5 million a year earlier.

Revenue was $806 million, down from 4.2 percent from $841 million last year.

Assets under management at the end of the quarter were $498 billion, a 16 percent decrease from a year ago, due to equity market depreciation and substantial net outflows, the company said.

As a result of the lower assets under management, revenue from advisory fees fell 32 percent to $484 million, the firm said.

However, the company noted its assets under management were 11 percent higher compared with the second quarter. Looking forward, the company said it anticipates the global economy will continue to improve, with moderate growth in 2010.

Still, AllianceBernstein noted that risks such as tight credit and depressed consumer spending remain.

AllianceBernstein LP is the operating partnership of AllianceBernstein Holding LP. The publicly traded holding company owned 34.9 percent of AllianceBernstein LP's units as of Sept. 30. AXA, a French provider of insurance and asset management services, owned 64.1 percent.