Cohen & Steers July AUM Increases On Market Appreciation
Zacks Investment Research | Aug 09, 2019 08:53AM ET
Cohen & Steers (NYSE:CNS) reported preliminary assets under management (AUM) of $63.1 billion as of Jul 31, 2019, up nearly 1.2% from the prior-month level of $62.4 billion. Market appreciation of $794 million and net inflows of $255 million were partly offset by a conversion of $119 million from certain institutional accounts to model-based portfolios (excluded from AUM) and distributions of $181 million.
The company recorded total institutional accounts of $27.6 billion at the end of the month, up 1.3% on a sequential basis. The increase was mainly driven by net inflows and market appreciation, partly offset by the above-mentioned conversion. Of the total institutional accounts, advisory accounts were $14.5 billion as of Jul 31 while the remaining were sub-advisory accounts.
Cohen & Steers recorded $26.1 billion in open-end funds, up 1.4% from the $25.7 billion recorded a month ago. Also, closed-end funds were $9.5 billion, up marginally from June 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 gained 5% over the past three months against a 5.3% decline recorded by the Zacks Investment Research
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