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Looking forward, we remain ever-focused on client needs, aware that volatility could return given the continued global effects of the COVID-19 pandemic. Any or all of the forward-looking statements made in this news release, Form 10-K, Forms 10-Q, other documents AB files with or furnishes to the SEC, and any other public statements issued by AB, may turn out to be wrong. He is currently President and Chief Executive Officer of Equitable Holdings, which comprises Equitable Financial Life Insurance Company, a leading financial-services firm, and AB, a leading investment-management and research firm. Private Wealth channel third quarter net inflows of $0.3 billion compared to net outflows of $0.7 billion in the second quarter of 2020. The write-down of the investment in the first quarter of 2020 has been excluded due to its non-recurring nature and because it is not part of our core operating results. Equitable Holdings, Inc. (NYSE; EQH) comprises two complementary and well-established principal franchises, Equitable Financial Life Insurance Company and AllianceBernstein. An audio replay of the conference call will also be available for one week. AllianceBernstein provides diversified investment management, research and related solutions to a broad range of clients around the world. Also, adjusted net revenues exclude investment gains and losses and dividends and interest on employee long-term incentive compensation-related investments. Total amount of AB Holding Units Purchased (1), Total Cash Paid for AB Holding Units Purchased (1), Open Market Purchases of AB Holding Units Purchased (2), Total Cash Paid for Open Market Purchases of AB Holding Units (2). We adjusted for the operating income impact of consolidating certain company-sponsored investment funds by eliminating the consolidated company-sponsored funds' revenues and expenses and including AB's revenues and expenses that were eliminated in consolidation. Third Quarter 2020 Earnings Conference Call Information. In both arrangements, the third-party client intermediary owns the relationship with the client and is responsible for performing services and distributing the product to the client on our behalf. Sequentially, adjusted operating income of $216 increased 11% from $195 million and the adjusted operating margin of 29.7% in the third quarter of 2020 increased 180 basis points from 27.9%. Distribution-related adjustments fluctuate each period based on the type of investment products sold, as well as the average AUM over the period. We adjust for the revenue impact of consolidating company-sponsored investment funds by eliminating the consolidated company-sponsored investment funds' revenues and including AB's fees from such consolidated company-sponsored investment funds and AB's investment gains and losses on its investments in such consolidated company-sponsored investment funds that were eliminated in consolidation. NEW YORK--(BUSINESS WIRE)--AXA Equitable Holdings, Inc. (NYSE: EQH), a leading financial services company, comprised of two principal franchises -- AXA Equitable Life and AllianceBernstein -- today announced the appointment of Stephanie Withers as Chief Auditor, effective October 18, 2019.Ms. All such investments had vested as of year-end 2012 and the investments have been delivered to the participants, except for those investments with respect to which the participant elected a long-term deferral. Total assets under management as of September 30, 2020 were $630.8 billion, up $30.8 billion, or 5%, from June 30, 2020 and up $38.4 billion, or 7%, from September 30, 2019. Certain statements provided by management in this news release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These tax-deferred investment products, such as variable annuities and mutual funds, are sponsored by educational and not-for-profit entities, as well as small- and medium-sized businesses. This section discusses our third quarter 2020 non-GAAP financial results, compared to the third quarter of 2019 and the second quarter of 2020. Lastly, during the first quarter of 2020, we wrote-down an investment that had been received in exchange for the sale of software technology; the write-down brought the investment balance to zero. 2019 also saw Equitable Holdings deliver strong operating results and meet all commitments made at the time of the IPO relating to earnings, balance sheet strength and shareholder returns. The non-GAAP measures alone may pose limitations because they do not include all of our revenues and expenses. Excluding AXA redemptions of low-fee fixed income mandates of $2.2 billion in the third quarter and $7.9 billion in the second quarter, the firm generated net inflows of $5.3 billion in the third quarter and net inflows of $4.6 billion in the second quarter of 2020. Similarly, we believe that non-GAAP earnings information helps investors better understand the underlying trends in our results and, accordingly, provides a valuable perspective for investors. “ Investment Advisers Act ” – the Investment Advisers Act of 1940, as amended. Company announces additional executive appointments for key leadership positions Equitable Holdings, Inc. ( NYSE:EQH ), the financial services holding company comprised of Equitable and AllianceBernstein , today announced the appointment of Robin M. Raju to Chief Financial Officer, effective April 1, pending approval from the Equitable Holdings Board of Directors. Equitable Holdings, Inc. (NYSE; EQH) comprises two complementary and well-established principal franchises, Equitable Financial Life Insurance Company and AllianceBernstein. It is important to remember that other factors besides those listed in "Risk Factors" and "Cautions Regarding Forward-Looking Statements", and those listed below, could also adversely affect AB's revenues, financial condition, results of operations and business prospects. Our ending AUM at September 30, 2020 reflects $11.1 billion in outflows resulting from AXA S.A.'s redemption of certain low-fee fixed income mandates, of which $2.2 billion was redeemed during the third quarter. AXA Equitable Holdings, Inc. (NYSE:EQH) announced today that its Board of Directors has declared a quarterly cash dividend of $0.15 per share of common stock based on third quarter 2019 earnings. We have a team of over 1,000 specially-focused financial professionals, the Retirement Benefits Group, that offers worksite advice to our clients. Third quarter Bernstein Research revenues of $99 million decreased 3% compared to the prior year third quarter and decreased 13% sequentially. Annuity and life insurance products are issued by AXA Equitable Life Insurance Company (AXA Equitable / AXA Equitable Life) (NY, NY), which was established in 1859. Additional information about AllianceBernstein may be found on our website, www.alliancebernstein.com. Equitable Holdings, Inc. (formerly The Equitable Life Assurance Society of the United States and AXA Equitable Life Insurance Company, and also known as The Equitable) is an American financial services and insurance company that was founded in 1859 by Henry Baldwin Hyde.In 1991, French insurance firm AXA acquired majority control of The Equitable. Within employee compensation and benefits expense, lower fringes, commissions and recruitment costs were partially offset by higher base compensation and incentive compensation. Third quarter adjusted diluted net income per Unit of $0.69 was up from $0.63 in the third quarter of 2019 and up from $0.61 in the second quarter of 2020. Since 1859, Equitable has been a provider of individual retirement, group retirement and life insurance products with more than 2.8 million clients across the United States. Annuity and life insurance products are issued by AXA Equitable Life Insurance Company (AXA Equitable / AXA Equitable Life) (NY, NY), which was established in 1859. Sequentially, operating income increased 4% from $210 million in the second quarter of 2020 and the operating margin of 24.1% increased 240 basis points from 21.7% in the second quarter of 2020. Adjusted operating income represents operating income on a US GAAP basis excluding (1) real estate charges (credits), (2) the impact on net revenues and compensation expense of the investment gains and losses (as well as the dividends and interest) associated with employee long-term incentive compensation-related investments, (3) our CEO's EQH award compensation, as discussed below, (4) the write-down of an investment, (5) acquisition-related expenses, (6) adjustments to contingent payment arrangements, and (7) the impact of consolidated company-sponsored investment funds. Higher promotion and servicing expenses were partially offset by lower total employee compensation and benefits expense. The partnership units, now around $30, trade inexpensively at 11 times Third quarter net revenues of $900 million increased 3% from $878 million in the third quarter of 2019. Management principally uses these non-GAAP financial measures in evaluating performance because we believe they present a clearer picture of our operating performance and allow management to see long-term trends without the distortion caused by long-term incentive compensation-related mark-to-market adjustments, real estate charges/credits and other adjustment items. Sales and net inflows of active equities remained robust in both Retail and Institutional, and our Private Client channel generated sales growth and net inflows. ” – AllianceBernstein Corporation (Delaware corporation), the general partner of AB and AB Holding and a subsidiary of AXA Equitable Holdings, and, where appropriate, ACMC, LLC, its predecessor. Retail channel third quarter net inflows of $0.7 billion compared to net inflows of $3.8 billion in the second quarter of 2020. The conference call will be hosted by Seth P. Bernstein, President and Chief Executive Officer, Ali Dibadj, Head of Finance and Strategy, John C. Weisenseel, Chief Financial Officer, and Kate Burke, Chief Operating Officer. AllianceBernstein, a leading global investment management and research firm, brings together a wide range of insights, expertise and innovations to advance the interests of their clients. We also excluded the limited partner interests we do not own. (1) Includes index and enhanced index services. NEW YORK, Oct. 22, 2020 /PRNewswire/ -- AllianceBernstein L.P. ("AB") and AllianceBernstein Holding L.P. ("AB Holding") (NYSE: AB) today reported financial and operating results for the quarter ended September 30, 2020. "The firm delivered strong financial results in an improving, though still uncertain economic and market environment," said Seth P. Bernstein, President and CEO of AllianceBernstein. Alliancebernstein L.P. Info: Size ($ in 1000's) At 12/31/2020: $211,909,420 At 09/30/2020: $185,803,840 Combined Holding Report Includes: ALLIANCEBERNSTEIN L.P. Equitable Holdings Inc. STEWART W P & … Within G&A, the increase was driven by higher other taxes, an unfavorable foreign exchange translation impact and higher technology expense. The pipeline of awarded but unfunded Institutional mandates remained strong at $16.9 billion at September 30, 2020, as compared with $17.5 billion at June 30, 2020. © 2020 Equitable Holdings, Inc. Equitable Holdings, Inc. (NYSE; EQH) comprises two complementary and well-established principal franchises, AXA Equitable Life Insurance Company and AllianceBernstein. Our life insurance products are designed to help our clients protect and transfer their wealth. The recording of changes in estimates of contingent consideration payable with respect to contingent payment arrangements associated with our acquisitions are not considered part of our core operating results and, accordingly, have been excluded. (1) The adjusted financial measures represent non-GAAP financial measures. As of September 30, 2020, we had 3,869 employees, compared to 3,778 employees as of September 30, 2019 and 3,825 as of June 30, 2020. Equitable Holdings, LLC had its name changed to EQ Holdings, LLC, effective November 4, 2019. Bernstein continued, "In Retail, we generated net inflows despite gross sales normalizing following record prior periods. We are presenting both earnings information derived in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and non-GAAP, adjusted earnings information in this release. The compensation expense associated with these awards has been excluded from our non-GAAP measures because they are non-cash and are based upon EQH's, and not AB's, financial performance. U.S. and global equity and fixed income markets were up in the third quarter extending a broad-based recovery from steep declines experienced during the first quarter. We believe offsetting distribution revenues and certain investment advisory services fees is useful for our investors and other users of our financial statements because such presentation appropriately reflects the nature of these costs as pass-through payments to third parties that perform functions on behalf of our sponsored mutual funds and/or shareholders of these funds. Cautions Regarding Forward-Looking Statements. Active net inflows of $7.3 billion represented a 5% annualized organic growth rate, excluding low-fee AXA redemptions of $2.2 billion. Total amount of AB Holding Units Purchased, Total Cash Paid for AB Holding Units Purchased, Open Market Purchases of AB Holding Units Purchased, Total Cash Paid for Open Market Purchases of AB Holding Units, Additional Equity in Earnings of Operating Partnership, http://alliancebernstein.com/investorrelations, http://www.prnewswire.com/news-releases/alliancebernstein-holding-lp-announces-third-quarter-results-301157434.html, To listen by webcast, please visit AB's Investor Relations website at. We adjust investment advisory and services fees and other revenues for pass through costs, primarily related to our transfer agent and shareholder servicing fees. Mr. de Oliveira has held a variety of board positions with subsidiaries of the company since 2011, and currently serves on the AXA Equitable Holdings and These products and services enable individuals to choose from advantages such as wealth accumulation, guaranteed income, death benefits and tax-efficient distribution options. A replay of the webcast will be made available beginning approximately one hour after the conclusion of the conference call and will be available on AB's website for one week. (1) To reflect higher ownership in the Operating Partnership resulting from application of the treasury stock method to outstanding options. Employee compensation and benefits expense decreased due to lower fringes, commissions and recruitment costs, partially offset by higher incentive compensation. Fluctuation in the value of these investments is recorded within investment gains and losses on the income statement. Variable annuities are subject to investment risks, including possible loss of principal invested. Third quarter diluted net income per Unit was $0.70 compared to $0.62 in the third quarter of 2019 and $0.59 in the second quarter of 2020. Further, such forward-looking statements speak only as of the date on which such statements are made; AB undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Equitable Holdings, Inc. (NYSE; EQH) comprises two complementary and well-established principal franchises, AXA Equitable Life Insurance Company and AllianceBernstein. Any awards granted to Mr. Bernstein by EQH are recorded as compensation expense in AB's consolidated statement of income. Excluding these legal fees, G&A would have increased by less than 2%. Our fixed income strategies outperformed peers in the quarter, as credit sectors strengthened. We expanded operating margins and drove double-digit earnings growth both year-over-year and sequentially.". Available Cash Flow typically is the adjusted diluted net income per unit for the quarter multiplied by the number of units outstanding at the end of the quarter. Our Group Retirement products help teachers, municipal and corporate employees accumulate wealth and better prepare for their retirement needs. Higher total employee compensation and benefits expense was partially offset by lower promotion and servicing and G&A expenses. AXA Advisors, LLC was transferred from Equitable Holdings, LLC to AXA Distribution Holding Corporation on Sept. 21, 1999. Equitable Holdings, Inc. ( NYSE: EQH ), the financial services holding company comprised of Equitable and AllianceBernstein , today announced it has named Jose Ramon Gonzalez as Chief Legal Officer and Corporate Secretary. This represents 4.2 percent ownership of the company. Adjusted operating margin is derived by dividing adjusted operating income by adjusted net revenues. The decrease from prior year was due to reduced customer trading volumes in the U.S. and Europe, partially offset by growth in Asia. For further information regarding these forward-looking statements and the factors that could cause actual results to differ, see "Risk Factors" and "Cautions Regarding Forward-Looking Statements" in AB's Form 10-K for the year ended December 31, 2019 and subsequent Forms 10-Q. Equitable Holdings said Tuesday that it has arranged for Venerable Holdings to reinsure about 114,000 variable annuities that were sold from 2006 through 2008. Retail gross sales of $17.5 billion decreased sequentially from $19.6 billion. Within G&A, the decrease is attributable to lower technology and office-related expenses, partially offset by higher professional fees. Within promotion and servicing expenses, the decrease was driven by lower trade execution costs.

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