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T. Rowe Price Group, Inc. (TROW) - free report >>
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Cohen & Steers' (CNS) May AUM Falls 3.8% on Weaker Markets
Cohen & Steers (CNS - Free Report) reported preliminary assets under management (AUM) of $77.9 billion as of May 31, 2023, which reflects a decrease of 3.8% from the prior-month level. Market appreciation of $2.4 billion, net outflows of $461 million and distributions of $181 million led to the decline.
CNS recorded total institutional accounts of $32.1 billion at the end of May 2023, falling 3.5% from the April-end level. Of the total institutional accounts, advisory accounts were $18.3 billion, while the rest were sub-advisory.
Closed-end funds were $10.7 billion, decreasing 2.8% from the April 2023 level. Also, Cohen & Steers recorded $35.1 billion in open-end funds, marking a 4.4% decline from the prior month.
Cohen & Steers’ 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 7.8% compared with the 1.3% decline recorded by the industry.
Image Source: Zacks Investment Research
Among other asset managers, Invesco (IVZ - Free Report) and T. Rowe Price (TROW - Free Report) are expected to release preliminary AUM results for May 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.