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T. Rowe Price Group, Inc. (TROW) - free report >>
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T. Rowe Price Group, Inc. (TROW) - free report >>
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Cohen & Steers' (CNS) April AUM Down on Unfavorable Markets
Cohen & Steers (CNS - Free Report) reported preliminary assets under management (AUM) of $98 billion as of Apr 30, 2022, which reflects a decline of 4% from the prior-month level. Market depreciation of $3.9 billion and distributions of $188 million were partially offset by net inflows of $3 million.
CNS recorded total institutional accounts of $38.9 billion at the end of April, down 5.1% from the March-end level. Of the total institutional accounts, advisory accounts were $22.5 billion, while the rest were sub-advisory.
Cohen & Steers recorded $46.5 billion in open-end funds, down 3.3% from the prior month. Closed-end funds were $12.6 billion, down 3.5% from March 2022.
The company’s diverse product offerings, global reach and investment strategies are expected to keep supporting financials. Its solid AUM balance will likely keep aiding the top line. However, elevated expenses are expected to impede bottom-line growth to some extent.
Over the past year, shares of CNS have gained 7.8% against a 28% decline recorded by the industry.
Image Source: Zacks Investment Research
Among other asset managers, Invesco (IVZ - Free Report) and T. Rowe Price (TROW - Free Report) are expected to release preliminary AUM results for April in the coming days. Over the past year, shares of IVZ have lost 35%, while the TROW stock has declined 33.7%.
At present, IVZ carries a Zacks Rank #5 (Strong Sell), while T. Rowe Price has a Zacks Rank of 3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.