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

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Cohen & Steers (CNS - Free Report) 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 - Free Report) 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 - Free Report) and Invesco (IVZ - Free Report) are expected to report their May AUM figures in the next few days.

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