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Cohen & Steers' July AUM Rises on Solid Markets & Inflows
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Cohen & Steers (CNS - Free Report) reported preliminary assets under management (AUM) of $70.1 billion as of Jul 31, 2020, which increased 5.7% from the prior-month level. Market appreciation of $2.7 billion and net inflows of $1.3 billion were partially offset by distributions of $209 million.
The company recorded total institutional accounts of $30.4 billion at the end of July, up 5.5% from the June-end level. Of the total institutional accounts, advisory accounts were $15.9 billion, while the rest were sub-advisory.
Cohen & Steers recorded $30.9 billion in open-end funds, up 6.8% from a month ago. Also, close-end funds were $8.8 billion, which grew 3.2% from June 2020.
The company’s widespread product offerings, global reach and investment strategies continue to attract investors, in turn, supporting revenue growth. However, mounting expenses will likely impede bottom-line growth to some extent.
Shares of the company have lost 2.8% so far this year compared with a 1.4% decline recorded by the industry it belongs to.
Among other asset managers, Franklin Resources, Inc. (BEN - Free Report) , Invesco Ltd. (IVZ - Free Report) and Legg Mason Inc. are expected to release preliminary AUM results for July in the coming days.
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With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
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Cohen & Steers' July AUM Rises on Solid Markets & Inflows
Cohen & Steers (CNS - Free Report) reported preliminary assets under management (AUM) of $70.1 billion as of Jul 31, 2020, which increased 5.7% from the prior-month level. Market appreciation of $2.7 billion and net inflows of $1.3 billion were partially offset by distributions of $209 million.
The company recorded total institutional accounts of $30.4 billion at the end of July, up 5.5% from the June-end level. Of the total institutional accounts, advisory accounts were $15.9 billion, while the rest were sub-advisory.
Cohen & Steers recorded $30.9 billion in open-end funds, up 6.8% from a month ago. Also, close-end funds were $8.8 billion, which grew 3.2% from June 2020.
The company’s widespread product offerings, global reach and investment strategies continue to attract investors, in turn, supporting revenue growth. However, mounting expenses will likely impede bottom-line growth to some extent.
Shares of the company have lost 2.8% so far this year compared with a 1.4% decline recorded by the industry it belongs to.
Currently, Cohen & Steers carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Among other asset managers, Franklin Resources, Inc. (BEN - Free Report) , Invesco Ltd. (IVZ - Free Report) and Legg Mason Inc. are expected to release preliminary AUM results for July in the coming days.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
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