Sanford C. Bernstein is growing again.
The broker-dealer, a unit of giant money manager AllianceBernstein, is reporting increasing revenues this year. The firm credits "higher transaction volumes" for its success, partly due to a strong August.
In the first nine months of this year, AllianceBernstein reported $345.4 million in revenues for its Bernstein Research Services group, which offers its services through agency brokerage Sanford C. Bernstein. That’s up 6.7 percent, or about $22 million, from the same period last year.
Most of those revenues consist of commissions.
Bernstein had been in a slump since 2008 when revenues peaked at $353.6 million for the first nine months of that year. In the first three quarters of 2009 and 2010, revenues dropped to $325.8 million and $323.7 million, respectively.
