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Cohen & Steers July AUM Increases on Market Appreciation

Zacks Equity Research

Cohen & Steers CNS reported preliminary assets under management (AUM) of $63.1 billion as of Jul 31, 2019, up nearly 1.2% from the prior-month level of $62.4 billion. Market appreciation of $794 million and net inflows of $255 million were partly offset by a conversion of $119 million from certain institutional accounts to model-based portfolios (excluded from AUM) and distributions of $181 million.

The company recorded total institutional accounts of $27.6 billion at the end of the month, up 1.3% on a sequential basis. The increase was mainly driven by net inflows and market appreciation, partly offset by the above-mentioned conversion. Of the total institutional accounts, advisory accounts were $14.5 billion as of Jul 31 while the remaining were sub-advisory accounts.

Cohen & Steers recorded $26.1 billion in open-end funds, up 1.4% from the $25.7 billion recorded a month ago. Also, closed-end funds were $9.5 billion, up marginally from June 2019.

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

Shares of the company have gained 5% over the past three months against a 5.3% decline recorded by the industry.

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.

Performance and Upcoming Releases

Franklin Resources BEN announced preliminary AUM by its subsidiaries of $709.5 billion for July 2019. Results displayed slight decrease from $715.2 billion recorded as of Jun 30, 2019. Net outflows and net market change led to this downside. Further, the figure edged down 3.3% year over year.

Invesco IVZ and AllianceBernstein Holding L.P. AB are expected to report July AUM figures in the next few days.

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