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Cohen & Steers February AUM Down as Coronavirus Hits Markets

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Cohen & Steers CNS reported preliminary assets under management (AUM) of $69.3 billion as of Feb 29, 2020, down 5.5% from the prior-month level. Market depreciation of $4.4 billion and distributions of $194 million were partially offset by net inflows of $593 million.

The company recorded total institutional accounts of $29.7 billion at the end of February, down 7.5% on a sequential basis. Of the total institutional accountsas of Feb 29, advisory accounts were $14.6 billion, while the rest were sub-advisory.

Cohen & Steers recorded $30.1 billion in open-end funds, down 7.2% from $31.5 billion in the prior month. Also, close-end funds came in at $9.4 billion, declining 3.2% from January 2020.

With operations at a global level, Cohen & Steers benefits from well-diversified AUM. The company’s widespread product offerings and investment strategies continue to attract investors, in turn supporting revenue growth. However, mounting expenses — mainly due to its continued expansion efforts — will likely impede bottom-line growth to some extent.

Shares of the company have lost 12.7% over the past three months compared with 9.8% decline of the industry it belongs to.

Currently, Cohen & Steers sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Among other asset managers, Franklin Resources, Inc. BEN also reported fall in preliminary month-end AUM balance. The company’s AUM balance as of Feb 29, 2020 declined 4.6% sequentially to $656.5 billion. The decrease was largely due to sharp market declines.

Invesco Ltd. IVZ and Legg Mason Inc. LM are expected to release preliminary AUM results for February in the coming days.

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