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Cohen & Steers' (CNS) May AUM Decreases on Higher Outflows

Zacks Equity Research

Cohen & Steers CNS has reported preliminary assets under management (AUM) of $62.9 billion as of May 31, 2019, down marginally from the prior-month level of $63.1 billion. Market appreciation of $264 million was more than offset by net outflows of $228 million and distributions of $207 million.

The company recorded total institutional accounts of $28.4 billion at the end of the month, down 1.4% on a sequential basis. Of the total institutional accounts, advisory accounts were $14 billion as of May 31, while the remaining were sub-advisory accounts.

Cohen & Steers recorded $25.2 billion in open-end funds, up 1.1% from the $24.9 billion recorded a month ago. Also, close-end funds came in at $9.3 billion, down marginally from April.

With operations spread across the globe, Cohen & Steers benefits largely from its well-diversified AUM. However, escalating expenses, mainly due to its continued expansion efforts, will keep hindering bottom-line growth.

Currently, Cohen & Steers carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Shares of the company have jumped 48.6%, so far this year, outperforming the13.9% rally registered by the industry.

Performance and Upcoming Releases

Franklin Resources BEN has announced preliminary AUM by its subsidiaries of $695 billion for May. Results displayed a 3.5% decline from the $720.5 billion recorded as of Apr 30, 2019. Net market declines and net outflows were the primary reasons for this downside.

Among other asset managers, AllianceBernstein Holding L.P. AB and Invesco IVZ are expected to report their May AUM figures in the next few days.

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Cohen & Steers Inc (CNS) : Free Stock Analysis Report
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