SAN FRANCISCO (MarketWatch) — Two years after agreeing to pay massive penalties for its role in the mutual-fund industry’s improper trading scandal, Alliance Capital Management Holding L.P.’s fortunes are looking brighter.
The New York-based asset manager (AC61.66, +0.19, +0.3%) is seeing new money flowing into its U.S. and internationally focused retail stock funds, reflecting an improved market environment that has drawn retail investors and boosted asset manager stocks.
In particular, Alliance’s roster of growth-stock funds is evidently striking a chord with shareholders who are banking on a rebound in growth to propel Alliance’s earnings. Moreover, the company is booking higher performance fees from the hedge funds it runs for institutions and high net-worth clients.
