AllianceBernstein [profile] reported a dip in AUM in last quarter. The New York City-based mutual fund shop noted that the net outflows were Alliance's lowest since Q2 2010.

Total assets under management as of March 31, 2012 were $419.1 billion, down $58.2 billion, or 12.2 percent, from March 31, 2011.

The firm attributed the drop to asset dispositions by the AXA Group. This includes the sale of Canadian and Australian businesses.

Gross sales were at the highest since levels since Q2 2007 and the firm's retail business had net inflows for the first time since the first quarter of 2010.  

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