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Cohen & Steers October AUM Falls 3.7% on Unfavorable Markets


Cohen & Steers CNS reported preliminary assets under management (AUM) of $57.8 billion as of Oct 31, 2018, down 3.7% from the prior-month level. Market depreciation of $1.8 billion, net outflows of $275 million and distributions of $200 million were the reasons for the decline.

The company recorded total institutional accounts of $26.6 billion at the end of October, down 4% sequentially. Of the total institutional accounts, advisory accounts were $12.1 billion as of Oct 31 while the remaining were subadvisory accounts.

Cohen & Steers recorded $22.4 billion in open-end funds, falling 3.7% from the $23.3 billion recorded a month ago. Also, close-end funds came in at $8.8 billion, down 3% from September.

With operations at a global level, Cohen & Steers benefits greatly from its well diversified AUM. However, mounting expenses, mainly due to its continuous expansion efforts will likely hamper bottom-line growth to some extent.

Shares of the company have lost 15.7% so far this year compared with 17.7% decline for the industry it belongs to.

Cohen & Steers currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Among other investment managers, Franklin Resources BEN announced preliminary AUM by its subsidiaries of $682.7 billion for October. Results reflect a decline of 4.8% from $717.1 billion recorded as of Sep 30. The fall was primarily due to market declines and net outflows.

Notably, Invesco IVZ and Federated Investors, Inc. FII are likely to come out with their monthly numbers soon.

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