Cohen & Steers' (CNS) April AUM Improves on Upbeat Markets
Cohen & Steers CNS reported preliminary assets under management (AUM) of $80.9 billion as of Apr 30, 2023, which reflects an increase of 1.3% from the prior-month level. Market appreciation of $1.3 billion supported the rise, which was partially offset by net outflows of $86 million and distributions of $185 million.
CNS recorded total institutional accounts of $33.2 billion at the end of April 2023, increasing 2% from the March-end level. Of the total institutional accounts, advisory accounts were $18.9 billion, while the rest were sub-advisory.
Closed-end funds were $11 billion, marginally increasing from the March 2023 level. Also, Cohen & Steers recorded $36.7 billion in open-end funds, witnessing a slight rise from the prior month.
The company’s diverse product offerings, global reach and investment strategies are expected to support financials. Its solid AUM balance is likely to continue aiding the top line. However, high expenses and a challenging operating environment are major near-term headwinds, which might hurt its financials to some extent.
Over the past six months, shares of Cohen & Steers have lost 15.7% compared with the 12.1% decline recorded by the industry.
Image Source: Zacks Investment Research
Among other asset managers, Invesco IVZ and T. Rowe Price TROW are expected to release preliminary AUM results for April in the coming days.
At present, both Invesco and T. Rowe Price carry a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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