AllianceBernstein

Overview

AllianceBernstein is a global investment management and related services firm serving institutional, retail and private wealth clients. The firm offers active and passive equity and fixed income strategies, multi-asset and alternatives solutions, hedge fund strategies, private alternatives (including private credit and real assets), and systematic strategies, plus custody- and fund-related services.

Distribution channels

• Institutional Services
• Retail Services
• Private Wealth Management

Scale and financial highlights (year-end)

• Assets under management (AUM)
  • 2025: ~$867 billion
  • 2024: ~$792 billion
  • 2023: ~$725 billion
• Net revenues
  • 2025: ~$4.5 billion
  • 2024: ~$4.5 billion
  • 2023: ~$4.2 billion
• Employees (full-time)
  • 2025: 4,468
  • 2024: 4,341

AUM by distribution channel (2025, with 2024 and 2023 comparisons)

• Institutional Services
  • AUM share: ~41% (2025 and 2024; 44% in 2023)
  • Related revenues: ~15% of net revenues (2025 and 2024; 16% in 2023)
• Retail Services
  • AUM share: ~41% (2025 and 2024; 39% in 2023)
  • Related revenues: ~55% of net revenues (2025 and 2024; 46% in 2023)
• Private Wealth Services
  • AUM share: ~18% (2025 and 2024; 17% in 2023)
  • Related revenues: ~28% of net revenues (2025 and 2024; 25% in 2023)

AUM by investment service (amounts in billions)

Institutional Services AUM (2025 / 2024 / 2023)

• Equity: $79.707 / $73.566 / $83.053
  • Actively managed: $51.108
  • Passively managed: $28.599
  • U.S.: $43.333; Global & non-U.S.: $36.374
• Fixed Income: $120.465 / $118.389 / $127.973
  • Taxable: $118.956; Tax-exempt: $1.421; Passively managed: $0.088
  • Servicing: $23.123
  • U.S.: $92.903; Global & non-U.S.: $27.562
• Alternatives / Multi-Asset Solutions: $154.067 / $129.435 / $106.098
  • U.S.: $41.007; Global & non-U.S.: $113.060
• Combined Institutional AUM: $354.239 (Affiliated/EQH: $91.134; Non-affiliated: $263.105)

Retail Services AUM (2025 / 2024 / 2023)

• Equity: $207.833 / $198.246 / $172.284
  • U.S.: $173.112; Global & non-U.S.: $34.721
• Fixed Income: $139.445 / $128.703 / $108.131
  • U.S.: $84.456; Global & non-U.S.: $54.989
• Alternatives / Multi-Asset Solutions: $9.118 / $7.306 / $6.360
  • U.S.: $2.817; Global & non-U.S.: $6.301
• Total Retail AUM: $356.396 (Affiliated/EQH: $47.145; Non-affiliated: $309.251)

Private Wealth Services AUM (2025 / 2024 / 2023)

• Equity: $68.789 / $59.890 / $54.202
  • U.S.: $45.247; Global & non-U.S.: $23.542
• Fixed Income: $53.645 / $48.683 / $44.963
  • U.S.: $48.298; Global & non-U.S.: $5.347
• Alternatives: $33.819 / $27.966 / $22.090
  • U.S.: $10.933; Global & non-U.S.: $22.886
• Total Private Wealth AUM: $156.253
  • U.S.: $104.478; Global & non-U.S.: $51.775

Total AUM by service (combined, 2025)

• Equity: ~$356.329B (Institutional + Retail + Private Wealth)
• Fixed Income: ~$313.555B
• Alternatives / Multi-Asset: ~$197.004B
• Overall AUM: ~$867B

Revenues by channel and service (amounts in thousands; 2025)

• Institutional Services
  • Investment advisory and services fees: $683,005
  • Distribution revenues: $189
  • Shareholder servicing fees: $348
  • Total Institutional revenues: $683,542
• Retail Services
  • Investment advisory and services fees: $1,603,709
  • Distribution revenues: $787,255
  • Shareholder servicing fees: $79,439
  • Total Retail revenues: $2,470,403
• Private Wealth Services
  • Investment advisory and services fees: $1,244,776
  • Distribution revenues: $31,000
  • Shareholder servicing fees: $2,984
  • Total Private Wealth revenues: $1,278,760
• Combined totals (all channels)
  • Total investment advisory and services fees: $3,531,490k ($3.531B)
  • Total distribution + shareholder servicing fees: $901,215k ($0.901B)
  • Grand total revenues: $4,432,705k (~$4.433B), consistent with reported net revenues of approximately $4.5B

Bernstein Research Services (BRS)

• BRS operated as a joint venture with SocGen and was deconsolidated over time.
• BRS revenues:
  • 2023: $386.1 million
  • 2024: $96.2 million
  • 2025: approximately $0 (deconsolidated)
• AB restructured its stake in the AB / SocGen joint venture in 2026.

Client and geographic notes

• EQH (and its subsidiaries) is AB’s largest institutional client, representing ~16% of AB’s AUM in 2025 and ~4% of net revenues from services provided to EQH.
• Geographic mix:
  • ~25% of clients are domiciled outside the U.S.
  • ~37% of AUM by investment services is non-U.S.
• AB operates a global workforce across multiple regulatory jurisdictions and maintains an information security program with a focus on risk management, governance and compliance.

Summary

• AllianceBernstein is a diversified, global investment manager offering active and passive equity, fixed income, multi-asset, hedge fund and private strategies through institutional, retail and private wealth channels.
• Key 2025 metrics: roughly $867B AUM, ~$4.5B net revenues and about 4,468 full-time employees.
• The firm’s AUM and revenues are concentrated across institutional and retail funds, with a meaningful relationship with EQH. Bernstein Research Services was deconsolidated and contributed negligible revenue in 2025.