Cohen & Steers, Inc. (CNS Quick QuoteCNS - Free Report) reported preliminary assets under management (AUM) of $72.2 billion as of Oct 31, 2023, which reflects a decrease of 4% from the prior-month level. Market depreciation of $2.1 billion, net outflows of $732 million and distributions of $154 million led to the decline.

Cohen & Steers recorded total institutional accounts of $29.8 billion at the end of October 2023, declining 4.6% from the September-end level. Of the total institutional accounts, advisory accounts were $17.3 billion, while the rest were sub-advisory.

Closed-end funds were $10 billion, decreasing 2.3% from the September 2023 level. Also, the company recorded $32.4 billion in open-end funds, marking a 3.9% fall 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 17.1% compared with the industry’s decline of 5.4%.
 

Image Source: Zacks Investment Research

Among other asset managers, T. Rowe Price Group, Inc. (TROW Quick QuoteTROW - Free Report) and Invesco (IVZ Quick QuoteIVZ - Free Report) are expected to release preliminary AUM results for October in the coming days.

TROW and IVZ each carry a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.