Cohen & Steers (CNS - Free Report) reported preliminary assets under management (AUM) of $69.6 billion as of Aug 31, 2019, up 3% from the prior-month level of $67.5 billion. Market appreciation of $2 billion and net inflows of $240 million were partly offset by distributions of $186 million.
Both July and August AUM balance included model-based portfolios, which were previously classified as assets under advisement. These portfolios, totaling $4.4 billion as of Jul 31, 2019, are managed within discretionary accounts and associated revenues are included in portfolio consulting and other.
The company recorded total institutional accounts of $30.9 billion at the end of the month, up 2.8% on a sequential basis. Of the total institutional accounts, advisory accounts were $14.5 billion as of Aug 31 while the remaining were subadvisory accounts.
Cohen & Steers recorded $29 billion in open-end funds, up 3.8% from the $27.9 billion recorded a month ago. Also, closed-end funds were $9.6 billion, up 1.7% from July 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 surged 53.4% so far this year compared with 14.2% rally of 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 - Free Report) announced preliminary AUM by its subsidiaries of $690.6 billion for August 2019. Results displayed 2.7% decrease from $709.5 billion recorded as of Jul 31, 2019. Net outflows and net market declines led to this downside.
Invesco (IVZ - Free Report) and AllianceBernstein Holding L.P. (AB - Free Report) are expected to report August AUM figures in the next few days.
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