Cohen & Steers (CNS - Free Report) reported preliminary assets under management (AUM) of $72.2 billion as of Dec 31, 2019, up 1.4% from the prior-month level. Net inflows of $639 million and market appreciation of $818 million were partly offset by distributions of $443 million.
The company recorded total institutional accounts of $31.8 billion at the end of the month, up 1.2% on a sequential basis. Of the total institutional accounts, advisory accounts were $15.7 billion as of Dec 31 and the remaining were subadvisory accounts.
Cohen & Steers recorded $30.7 billion in open-end funds, up 1.8% from a month ago. Also, closed-end funds were $9.6 billion, up marginally on a sequential basis.
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. Moreover, the company's high dependence on advisory revenues is a key near-term concern.
Shares of the company have gained 21.2% over the past six months, outperforming the 3% growth of the industry.
Currently, Cohen & Steers carries a Zacks Rank #5 (Strong Sell).
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 $698.3 billion for December 2019. Results displayed a 1% increase from $691.3 billion recorded as of Nov 30, 2019. Net outflows were more than offset by market gains.
Invesco (IVZ - Free Report) and Legg Mason (LM - Free Report) are expected to report December AUM figures in the next few days.
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