Benzinga - by Zacks, Benzinga Contributor.
Cohen & Steers, Inc. (NYSE: CNS) reported preliminary assets under management of $80.5 billion as of May 31, 2024. This reflected growth of 4.3% from the prior month's level.
The increase was mainly attributable to a market appreciation of $3.6 billion. This was partly offset by net outflows of $93 million and distributions of $150 million.
Cohen & Steers recorded total institutional accounts of $32.1 billion at the end of May 2024, jumping 4.8% from the April 2024-end. Of the total institutional accounts, advisory accounts were $18.3 billion, while the rest were sub-advisory.
Closed-end funds were $11.1 billion, up 3.1% from the April 2024-end level. Further, Open-end funds were $37.3 billion, which rose 4.2% from the previous month.
CNS' diverse product offerings, global reach and investment strategies are expected to support its financials. A solid AUM balance is likely to continue supporting the top line. However, a challenging operating environment is a major near-term headwind, which might hurt its financials to some extent.
Over the past year, Cohen & Steers shares have gained 16.5%, underperforming the industry's growth of 26.5%.
Image Source: Zacks Investment Research
Competitive Landscape We now look forward to the monthly performance metrics of Invesco (NYSE: IVZ) and Franklin Resources (NYSE: BEN), which are expected to release results in the coming days.
Currently, both IVZ and BEN carry a Zacks Rank of 3 (Hold).
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