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Lazard, Inc. (LAZ) - free report >>
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Cohen & Steers' (CNS) June AUM Improves on Upbeat Markets
Cohen & Steers, Inc. (CNS - Free Report) reported preliminary assets under management (AUM) of $80.4 billion as of Jun 30, 2023, which reflects an increase of 3.3% from the prior-month level. Market appreciation of $2.9 billion and net inflows of $36 million supported the rise, while it was partially offset by the distributions of $391 million.
Cohen & Steers recorded total institutional accounts of $33.3 billion at the end of June 2023, rising 3.7% from the May-end level. Of the total institutional accounts, advisory accounts were $18.8 billion, while the rest were sub-advisory.
Closed-end funds were $10.9 billion, increasing 2.6% from the May 2023 level. Also, the company recorded $36.2 billion in open-end funds, marking a 3.1% increase from the prior month.
Cohen & Steers’ diverse product offerings, global reach and investment strategies are expected to support its financials. A solid AUM balance is likely to continue aiding 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 lost 5.1% against the 5.7% growth recorded by the industry.
Image Source: Zacks Investment Research
Among other asset managers, Virtus Investment Partners (VRTS - Free Report) and Lazard (LAZ - Free Report) are expected to release preliminary AUM results for June in the coming days.
While Virtus Investment Partners carries a Zacks Rank #2 (Buy), Lazard carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.