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Lazard, Inc. (LAZ) - free report >>
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Cohen & Steers (CNS) Records 2.4% Sequential Rise in July AUM
Cohen & Steers, Inc. (CNS - Free Report) reported preliminary assets under management (AUM) of $82.3 billion as of Jul 31, 2023, which reflected an increase of 2.4% from the prior-month level. Market appreciation of $1.86 billion and net inflows of $231 million supported the rise. However, it was partially offset by distributions of $162 million.
CNS recorded total institutional accounts of $34.43 billion at the end of July 2023, rising 3.5% from the June-end level. Of the total institutional accounts, advisory accounts were $19.53 billion while the rest were sub-advisory.
Closed-end funds were $11.06 billion, increasing 1.2% from the prior month. Also, the company registered $36.85 billion in open-end funds, marking a 1.8% rise from the previous 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 improved 21.4% compared with 13.7% 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 July in the coming days.
VTRS and LAZ currently carry a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.