News

Cohen & Steers, Inc. CNS reported preliminary assets under management (AUM) of $79.3 billion as of Jan 31, 2024. This reflected a decline of 4.6% from the prior month's level.

The decrease was due to a net outflow of $1.5 billion, a market depreciation of $2.2 billion and distributions of $157 million.

Cohen & Steers recorded total institutional accounts of $32 billion at the end of January 2024, falling 8.6% from the December 2023-end level. Of the total institutional accounts, advisory accounts were $18 billion, while the rest were sub-advisory.

Closed-end funds were $10.9 billion, down 1.9% from the December 2023-end level. Also, Open-end funds were $36.4 billion, which fell 1.6% from the prior 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 three months, shares of Cohen & Steers have jumped 31%, outperforming the industry’s growth of 24.7%.

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Among the other asset managers, Invesco IVZ and Franklin Resources, Inc. BEN are set to announce their preliminary AUM balance for January 2024 in the coming days.

Invesco has a Zacks Rank #3 (Hold), while Franklin carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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