AllianceBernstein Holding L.P. (NYSE:AB) Q1 2024 Earnings Call Transcript

Seth Bernstein: Yes, sure. American Income AIP is our flagship product in Asia. It had its kind of 30th year anniversary. It’s a bit of longstanding strategy with very strong followership in multiple markets in Asia. As you know, in a higher rate environment, we see different trends geographically. Like for instance, in Europe you might have higher deposit substitution than you have higher rates. In Asia, however the consumer behavior is different. Asian investors like income, like AIP provides. So as a result, we have not seen a huge change in the demand for that product despite the interest rate environment. And it’s capturing relatively high share of those cross border flows that we track and hence it has been a strong contributor to our first quarter results.

Onur Erzan: I’d just add that it’s yielding more than deposit rate, which is an important factor in that marketplace, and we’re still seeing net inflows from Asia for that product. So not as much as we were before obviously given the backup and expectations on a rate drop, but we continue to see interest regularly.

John Dunn: Thank you.

Operator: And there are no further questions at this time. Mr. Griffin, I would turn the call back over to you.

Mark Griffin: Okay. Thanks everyone for joining our call. If you have any further questions, please feel free to reach out to Investor Relations. Have a great day.

Operator: Thank you. That does conclude today’s presentation. Thank you for your participation today and you may now disconnect.