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Franklin Resources, Inc. (BEN) - $25 value - yours FREE >>
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Cohen & Steers (CNS) November AUM Down on Market Depreciation
Cohen & Steers (CNS - Free Report) reported preliminary assets under management (AUM) of $71.2 billion as of Nov 30, 2019, down 1.1% from the prior-month level. Net inflows of $630 million were offset by market depreciation of $656 million and distributions of $758 million.
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The company recorded total institutional accounts of $31.4 billion at the end of the month, down 1.3% on a sequential basis. Of the total institutional accounts, advisory accounts were $15.3 billion as of Nov 30 and the remaining were subadvisory accounts.
Cohen & Steers recorded $30.2 billion in open-end funds, down marginally from $30.4 billion a month ago. Also, closed-end funds were $9.6 billion, down 1.5% sequentially.
With operations across the globe, Cohen & Steers benefits largely from its well-diversified AUM. However, escalating expenses mainly due to its continued expansion efforts are expected to keep hindering bottom-line growth.
Shares of the company have surged 93.1% so far this year, outperforming the 9.7% rally of the industry.
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.
Performance and Upcoming Release
Franklin Resources (BEN - Free Report) announced preliminary AUM by its subsidiaries of $691.3 billion for November 2019. Results displayed a marginal decrease from $693.1 billion recorded as of Oct 31, 2019. Net outflows were partly offset by net market gains.
Invesco’s (IVZ - Free Report) preliminary month-end AUM of $1,201.9 billion for November 2019 increased marginally from the prior month. The rise was primarily driven by favorable market returns, partially offset by net long-term outflows and the unfavorable impact of foreign exchange.
Legg Mason is expected to report November AUM figures in the next few days.
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