Alliance Capital Management Holding L.P. and Alliance Capital Management L.P. reported that preliminary assets under management were $522 billion at April 30, 2005, a decrease of approximately $12 billion, or 2.2%, from $534 billion at March 31, 2005.
Preliminary long-term assets under management, excluding assets of its cash management services business (“CMS”), decreased by approximately $7 billion or 1.4% in the month of April, to $500 billion, primarily due to market depreciation.
CMS assets under management declined by approximately $5 billion during April to $22 billion, due primarily to seasonal redemptions related to investor tax obligations and continuing transfers of client assets in connection with the sale of the business to Federated Investors, Inc. under an agreement signed late last year. It is anticipated that the bulk of the remaining CMS assets covered by the agreement will be transferred during the second quarter.