Cohen & Steers' October AUM Up on Market Gains & Inflows

Cohen & Steers CNS reported preliminary assets under management (AUM) of $72 billion as of Oct 31, 2019, up 1.6% from the prior-month level. Market appreciation of $967 million and net inflows of $333 million were partly offset by distributions of $186 million.

The company recorded total institutional accounts of $31.9 billion at the end of the month, up 1% on a sequential basis. Of the total institutional accounts, advisory accounts were $15.5 billion as of Oct 31 while the remaining were subadvisory accounts.

Cohen & Steers recorded $30.4 billion in open-end funds, up 2.7% from the $29.6 billion a month ago. Also, closed-end funds were $9.7 billion, relatively stable 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 its bottom-line growth.

Shares of the company have surged 91.4% so far this year, outperforming the 8.9% rally of the industry.

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

Performance and Upcoming Release

Franklin Resources BEN announced preliminary AUM of $693.1 billion for October 2019. Results displayed a slight rise from $692.6 billion recorded as of Sep 30, 2019. Net market gains led to the improvement, partially offset by net outflows.

Invesco’s IVZ preliminary month-end AUM of $1,195.2 billion for October 2019 increased nearly 1% from the prior month. The rise was primarily driven by foreign exchange, reinvested distributions and favorable market returns.

Legg Mason LM is expected to report October AUM figures in the next few days.

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