AllianceBernstein's first-quarter profit fell 36% as the fund manager again struggled with outflows of investor cash, though it showed some signs of improvement as earnings and revenue declined less than expected.

Lacklustre trading activity and investor concerns over a rocky recovery in the global economy have put pressure on assets under management in recent quarters. The company has also faced considerable outflows of investor cash in every quarter since 2008. For the latest period, net outflows totaled $12.1bn.