Cohen & Steers CNS reported preliminary assets under management (AUM) of $57.4 billion as of Mar 31, 2020, which decreased 17.2% from the prior-month level. Market depreciation of $11.7 billion and distributions of $285 million were partially offset by net inflows of $109 million.
The company recorded total institutional accounts of $25 billion at the end of March, down 15.7% on a sequential basis. Of the total institutional accounts as of Mar 31, advisory accounts were $13 billion, while the rest were sub-advisory.
Cohen & Steers recorded $24.6 billion in open-end funds, down 18.5% from $30.1 billion in the prior month. Also, close-end funds came in at $7.8 billion, declining 17.5% from February 2020.
Cohen & Steers’ widespread product offerings, global reach and investment strategies continue to attract investors, in turn supporting revenue growth. However, mounting expenses — mainly due to its continued expansion efforts — will likely impede bottom-line growth to some extent.
Shares of the company have rallied 4.2% over the past year against 24.7% decline of the industry it belongs to.
Currently, Cohen & Steers carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Among other asset managers, Franklin Resources, Inc. BEN also reported fall in preliminary month-end AUM balance. The company’s AUM balance as of Mar 31, 2020 declined 11.6% sequentially to $580.2 billion. The decrease was largely due to sharp market declines.
Invesco Ltd. IVZ and Legg Mason Inc. LM are expected to release preliminary AUM results for March in the coming days.
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