Cohen & Steers October AUM Falls 3.7% On Unfavorable Markets

Cohen & Steers (NYSE: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 (NYSE: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 (NYSE:IVZ) and Federated Investors, Inc. (NYSE:FII) are likely to come out with their monthly numbers soon.

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