Exhibit 99.1
| | |
| Cohen & Steers, Inc. | |  |
280 Park Avenue | |
New York, NY 10017-1216 | |
Tel (212) 832-3232 | |
Contact:
Matthew S. Stadler
Executive Vice President
Chief Financial Officer
Cohen & Steers, Inc.
(212) 446-9168
COHEN & STEERS REPORTS SECOND QUARTER 2007 RESULTS
Asset Management Reports Record Quarterly Revenue
Assets Under Management Reach Record $34.6 Billion With Record Net Inflows
NEW YORK, NY, July 25, 2007—Cohen & Steers, Inc. (NYSE: CNS) reported net income of $18.6 million, or $0.44 per diluted share and $0.45 per basic share for the quarter ended June 30, 2007, compared with a net loss of $37.8 million, or $0.95 per share (diluted and basic), for the quarter ended June 30, 2006. Total revenue in the second quarter of 2007 was $69.3 million, an increase of 64.5% from $42.1 million in the second quarter of 2006.
The second quarter 2006 results included the previously disclosed $1.25 per share after-tax expense associated with the termination of certain fund compensation agreements and a $0.02 per share after-tax gain from the sale of property and equipment. After adjusting for these items, earnings per share were $0.28.
For the six months ended June 30, 2007, the company recorded net income of $40.9 million, or $0.96 per diluted share and $0.98 per basic share, compared with a net loss of $29.1 million, or $0.73 per share (diluted and basic), for the 2006 period. After adjusting for the above mentioned second quarter 2006 items, earnings per share were $0.50 for the six months ended June 30, 2006. Total revenue was $146.1 million for the six months ended June 30, 2007, an increase of 82.6% from $80.0 million for the 2006 period.
Assets Under Management
Assets under management reached a record $34.6 billion as of June 30, 2007, an increase of 3.0% from $33.6 billion at March 31, 2007 and an increase of 48.7% from $23.2 billion at June 30, 2006. The increase was driven by record quarterly net inflows of $3.1 billion, including $2.6 billion into institutional separate accounts, primarily from the addition of seven net new accounts and three net new relationships. “We continue to see strong inflows as a result of our expanded retail and institutional sales and client service teams,” said Robert H. Steers, co-chairman and co-chief executive officer of Cohen & Steers.
Assets under management have become more diverse. As of June 30, 2007, U.S. REIT common stocks comprised 46% of total assets, compared with 66% a year earlier. “Our expansion into international real estate securities, utilities, large cap value and preferred securities has given our clients a number of ways to diversify their holdings,” said Martin Cohen, co-chairman and co-chief executive officer of Cohen & Steers. “At the same time, our global diversification has provided stability to assets under management during a period when U.S. REIT share prices declined.”
Recent Developments
The company’s commitment to broaden its investment offerings and expand its international distribution capabilities was evident this quarter.
| | • | | Cohen & Steers was appointed as subadviser to the Harbor Large Cap Value Fund in June. The fund had net assets of approximately $540 million at the end of the quarter. |
| | • | | The company has developed quantitative strategies and hedging capabilities. Yigal Jhirad, senior vice president with 21 years of experience, joined the company from Morgan Stanley where he was an executive director. |
| | • | | Stephen Kenneally was appointed executive director and head of business development in Asia. Mr. Kenneally, who was formerly chief executive officer at First State Investments (Hong Kong) Limited, has 26 years of experience in the region. |
| | • | | Cohen & Steers Global Income Builder, a closed-end mutual fund that is scheduled to price on July 26th, capitalizes on all five of the company’s dividend-oriented strategies and employs a covered-call option overlay. |
2
Asset Management Segment
Total revenue for the asset management segment was a record $66.4 million for the three months ended June 30, 2007, an increase of 64.4% from $40.4 million for the three months ended June 30, 2006. Pretax income was a record $29.6 million for the three months ended June 30, 2007, compared with a pretax loss of $58.0 million for the second quarter of 2006. (The 2006 period includes the expense associated with the termination of certain fund compensation agreements of $75.7 million and a $1.1 million gain from the sale of property and equipment previously mentioned. After adjusting for these items, asset management’s pretax income was $16.6 million.)
Assets under management reached $34.6 billion at June 30, 2007, an increase of 48.7% from $23.2 billion at June 30, 2006. The increase was a result of net inflows of $8.1 billion, market appreciation of $2.1 billion and $1.0 billion from the fourth quarter 2006 acquisition of Cohen & Steers Europe S.A. (formerly known as Houlihan Rovers S.A.).
The company recorded net inflows of $469 million into open-end mutual funds during the quarter ended June 30, 2007. This marked the eighth consecutive quarter of positive net inflows into open-end mutual funds, and was led by Cohen & Steers International Realty Fund, which had net inflows of $761 million.
Institutional separate accounts had net inflows of $2.6 billion during the quarter ended June 30, 2007. Inflows of $3.0 billion, primarily into large cap value, global and international real estate securities portfolios, were partly offset by $389 million in outflows.
Investment Banking Segment
Total revenue for the investment banking segment was $2.9 million for the quarter ended June 30, 2007, compared with $2.1 million for the quarter ended June 30, 2006. Investment banking revenue was attributable to capital raising and merger advisory assignments. Pretax income was $412,000 for the three months ended June 30, 2007, compared with $239,000 for the second quarter of 2006. Revenue from investment banking activity is dependent on the completion of transactions, the timing of which cannot be predicted.
Balance Sheet Information
As of June 30, 2007, cash and cash equivalents and marketable securities available for sale were $186 million.
Stockholders’ equity was $266 million as of June 30, 2007. The company had no long-term or short-term debt.
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Conference Call Information
Cohen & Steers will hold a conference call tomorrow, July 26, 2007 at 11:00 a.m. (ET) to discuss the Company’s second quarter results. Investors and analysts can access the live conference call by dialing (888) 243-6208 (domestic) or (973) 582-2869 (international); Passcode: 9036265. A replay of the call will be available for two weeks starting at approximately 2:00 p.m. (ET) on July 26, 2007 and can be accessed at (877) 519-4471 (domestic) or (973) 341-3080 (international); Passcode: 9036265. Internet access to the Web cast, which includes audio (listen-only), will be available on the Company’s Web site at cohenandsteers.com under “Corporate Info.” The Web cast will be archived on the Web site for two weeks. Participants should plan to register at least 10 minutes before the conference call begins.
About Cohen & Steers, Inc.
Cohen & Steers is a manager of high-income equity portfolios, specializing in U.S. REITs, international real estate securities, preferred securities, utilities and large cap value stocks. Headquartered in New York City, with offices in Brussels, Hong Kong, London and Seattle, the firm serves individual and institutional investors through a wide range of open-end mutual funds, closed-end mutual funds and institutional separate accounts.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the Company’s current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes that these factors include, but are not limited to, those described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, which is accessible on the Securities and Exchange Commission’s website at sec.gov and on the Company’s Web site at cohenandsteers.com. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
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Performance Notes
Cohen & Steers Global Income Builder, Inc. For more complete information about the funds, including charges and expenses, please call (800) 330-7348 for a prospectus. There are special risks associated with an investment in the funds. These risks are described in the prospectus for the fund, which you should read carefully before you invest or send money. A registration statement relating to the fund has been filed with the Securities and Exchange Commission, but has not yet become effective. The information in the registration statement is not complete and may be changed. None of the fund’s securities may be sold nor may offers to buy be accepted prior to the time the fund’s registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of the fund’s securities in any such state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. Merrill Lynch, Pierce Fenner & Smith Incorporated is acting as the lead underwriter in connection with the proposed offering.
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5
Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
For the Periods Ended
(in thousands, except per share data)
| | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | % Change From | |
| | | June 30,
2007 | | | March 31,
2007 | | | June 30,
2006 | | | March 31,
2007 | | | June 30,
2006 | |
Revenue | | | | | | | | | | | | | | | | | | |
Investment advisory and administration fees | | $ | 56,186 | | | $ | 52,156 | | | $ | 35,298 | | | | | | | |
Distribution and service fees | | | 7,746 | | | | 6,380 | | | | 3,530 | | | | | | | |
Portfolio consulting and other | | | 2,425 | | | | 2,485 | | | | 1,165 | | | | | | | |
Investment banking fees | | | 2,930 | | | | 15,746 | | | | 2,128 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total revenue | | | 69,287 | | | | 76,767 | | | | 42,121 | | | (9.7 | )% | | 64.5 | % |
| | | | | | | | | | | | | | | | | | |
Expenses | | | | | | | | | | | | | | | | | | |
Employee compensation and benefits | | | 20,094 | | | | 22,262 | | | | 11,992 | | | | | | | |
Distribution and service fees | | | 9,297 | | | | 9,267 | | | | 81,118 | | | | | | | |
General and administrative | | | 8,146 | | | | 7,271 | | | | 6,703 | | | | | | | |
Depreciation and amortization | | | 1,731 | | | | 1,671 | | | | 1,623 | | | | | | | |
Amortization, deferred commissions | | | 2,755 | | | | 2,070 | | | | 991 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total expenses | | | 42,023 | | | | 42,541 | | | | 102,427 | | | (1.2 | )% | | (59.0 | )% |
| | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | 27,264 | | | | 34,226 | | | | (60,306 | ) | | (20.3 | )% | | | * |
| | | | | | | | | | | | | | | | | | |
Non-operating income (expense) | | | | | | | | | | | | | | | | | | |
Interest and dividend income | | | 2,043 | | | | 1,657 | | | | 645 | | | | | | | |
Gain from sale of marketable securities | | | 716 | | | | 195 | | | | 530 | | | | | | | |
Gain from sale of property and equipment | | | (2 | ) | | | — | | | | 1,056 | | | | | | | |
Foreign currency transaction loss | | | 1 | | | | (76 | ) | | | (29 | ) | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total non-operating income | | | 2,758 | | | | 1,776 | | | | 2,202 | | | 55.3 | % | | 25.2 | % |
| | | | | | | | | | | | | | | | | | |
Income (loss) before provision for income taxes and equity in earnings of affiliate | | | 30,022 | | | | 36,002 | | | | (58,104 | ) | | (16.6 | )% | | | * |
Provision for income taxes | | | 11,400 | | | | 13,686 | | | | (19,925 | ) | | | | | | |
Equity in earnings of affiliate | | | — | | | | — | | | | 360 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 18,622 | | | $ | 22,316 | | | $ | (37,819 | ) | | (16.6 | )% | | | * |
| | | | | | | | | | | | | | | | | | |
Earnings (loss) per share | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.45 | | | $ | 0.53 | | | $ | (0.95 | ) | | (16.2 | )% | | | * |
| | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.44 | | | $ | 0.52 | | | $ | (0.95 | ) | | (16.2 | )% | | | * |
| | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | | | | | | | | | | | | | | | | |
Basic | | | 41,809 | | | | 41,983 | | | | 39,805 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Diluted | | | 42,666 | | | | 42,828 | | | | 39,805 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
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Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
For the Periods Ended
(in thousands, except per share data)
| | | | | | | | | | | |
| | | Six Months Ended | | | % Change From | |
| | | June 30,
2007 | | | June 30,
2006 | | | June 30, 2006 | |
Revenue | | | | | | | | | | | |
Investment advisory and administration fees | | $ | 108,342 | | | $ | 68,304 | | | | |
Distribution and service fee revenue | | | 14,126 | | | | 6,731 | | | | |
Portfolio consulting and other | | | 4,910 | | | | 2,099 | | | | |
Investment banking fees | | | 18,676 | | | | 2,833 | | | | |
| | | | | | | | | | | |
Total revenue | | | 146,054 | | | | 79,967 | | | 82.6 | % |
| | | | | | | | | | | |
Expenses | | | | | | | | | | | |
Employee compensation and benefits | | | 42,356 | | | | 22,589 | | | | |
Distribution and service fee expenses | | | 18,564 | | | | 88,794 | | | | |
General and administrative | | | 15,417 | | | | 12,398 | | | | |
Depreciation and amortization | | | 3,402 | | | | 3,174 | | | | |
Amortization, deferred commissions | | | 4,825 | | | | 1,740 | | | | |
| | | | | | | | | | | |
Total expenses | | | 84,564 | | | | 128,695 | | | (34.3 | )% |
| | | | | | | | | | | |
Operating income (loss) | | | 61,490 | | | | (48,728 | ) | | | * |
| | | | | | | | | | | |
Non-operating income (expense) | | | | | | | | | | | |
Interest and dividend income | | | 3,700 | | | | 1,702 | | | | |
Gain from sale of marketable securities | | | 911 | | | | 1,189 | | | | |
Gain from sale of property and equipment | | | (2 | ) | | | 1,056 | | | | |
Foreign currency transaction loss | | | (75 | ) | | | (45 | ) | | | |
| | | | | | | | | | | |
Total non-operating income | | | 4,534 | | | | 3,902 | | | 16.2 | % |
| | | | | | | | | | | |
Income (loss) before provision for income taxes and equity in earnings of affiliate | | | 66,024 | | | | (44,826 | ) | | | * |
Provision for income taxes | | | 25,086 | | | | (15,016 | ) | | | |
Equity in earnings of affiliate | | | — | | | | 708 | | | | |
| | | | | | | | | | | |
Net income (loss) | | $ | 40,938 | | | $ | (29,102 | ) | | | * |
| | | | | | | | | | | |
Earnings (loss) per share | | | | | | | | | | | |
Basic | | $ | 0.98 | | | $ | (0.73 | ) | | | * |
| | | | | | | | | | | |
Diluted | | $ | 0.96 | | | $ | (0.73 | ) | | | * |
| | | | | | | | | | | |
Weighted average shares outstanding | | | | | | | | | | | |
Basic | | | 41,895 | | | | 39,831 | | | | |
| | | | | | | | | | | |
Diluted | | | 42,746 | | | | 39,831 | | | | |
| | | | | | | | | | | |
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Cohen & Steers, Inc. and Subsidiaries
Selected Segment Financial Data (Unaudited)
For the Periods Ended
(in thousands)
| | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | % Change From | |
| | | June 30,
2007 | | | March 31,
2007 | | | June 30, 2006 | | | March 31,
2007 | | | June 30,
2006 | |
Asset Management | | | | | | | | | | | | | | | | | | |
Total revenue, including equity in earnings of affiliate | | $ | 66,357 | | | $ | 61,021 | | | $ | 40,353 | | | 8.7 | % | | 64.4 | % |
Total expenses | | | (39,135 | ) | | | (35,674 | ) | | | (100,471 | ) | | 9.7 | % | | (61.0 | )% |
Net non-operating income | | | 2,388 | | | | 1,489 | | | | 2,135 | | | 60.4 | % | | 11.9 | % |
| | | | | | | | | | | | | | | | | | |
Income (loss) before provision for income taxes | | $ | 29,610 | | | $ | 26,836 | | | $ | (57,983 | ) | | 10.3 | % | | | * |
| | | | | | | | | | | | | | | | | | |
| | | | | |
Investment Banking | | | | | | | | | | | | | | | | | | |
Total revenue | | $ | 2,930 | | | $ | 15,746 | | | $ | 2,128 | | | (81.4 | )% | | 37.7 | % |
Total expenses | | | (2,888 | ) | | | (6,867 | ) | | | (1,956 | ) | | (57.9 | )% | | 47.6 | % |
Net non-operating income | | | 370 | | | | 287 | | | | 67 | | | 28.9 | % | | 452.2 | % |
| | | | | | | | | | | | | | | | | | |
Income before provision for income taxes | | $ | 412 | | | $ | 9,166 | | | $ | 239 | | | (95.5 | )% | | 72.4 | % |
| | | | | | | | | | | | | | | | | | |
| | | | | |
Total | | | | | | | | | | | | | | | | | | |
Total revenue, including equity in earnings of affiliate | | $ | 69,287 | | | $ | 76,767 | | | $ | 42,481 | | | (9.7 | )% | | 63.1 | % |
Total expenses | | | (42,023 | ) | | | (42,541 | ) | | | (102,427 | ) | | (1.2 | )% | | (59.0 | )% |
Net non-operating income | | | 2,758 | | | | 1,776 | | | | 2,202 | | | 55.3 | % | | 25.2 | % |
| | | | | | | | | | | | | | | | | | |
Income (loss) before provision for income taxes | | $ | 30,022 | | | $ | 36,002 | | | $ | (57,744 | ) | | (16.6 | )% | | | * |
| | | | | | | | | | | | | | | | | | |
| | | | |
| | | Six Months Ended | | | % Change From | | | | | | | |
| | | June 30,
2007 | | | June 30,
2006 | | | June 30, 2006 | | | | | | | |
Asset Management | | | | | | | | | | | | | | | | | | |
Total revenue, including equity in earnings of affiliate | | $ | 127,378 | | | $ | 77,842 | | | | 63.6 | % | | | | | | |
Total expenses | | | (74,809 | ) | | | (124,988 | ) | | | (40.1 | )% | | | | | | |
Net non-operating income | | | 3,877 | | | | 3,706 | | | | 4.6 | % | | | | | | |
| | | | | | | | | | | | | | | | | | |
Income (loss) before provision for income taxes | | $ | 56,446 | | | $ | (43,440 | ) | | | | * | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
Investment Banking | | | | | | | | | | | | | | | | | | |
Total revenue | | $ | 18,676 | | | $ | 2,833 | | | | 559.2 | % | | | | | | |
Total expenses | | | (9,755 | ) | | | (3,707 | ) | | | 163.2 | % | | | | | | |
Net non-operating income | | | 657 | | | | 196 | | | | 235.2 | % | | | | | | |
| | | | | | | | | | | | | | | | | | |
Income (loss) before provision for income taxes | | $ | 9,578 | | | $ | (678 | ) | | | | * | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
Total | | | | | | | | | | | | | | | | | | |
Total revenue, including equity in earnings of affiliate | | $ | 146,054 | | | $ | 80,675 | | | | 81.0 | % | | | | | | |
Total expenses | | | (84,564 | ) | | | (128,695 | ) | | | (34.3 | )% | | | | | | |
Net non-operating income | | | 4,534 | | | | 3,902 | | | | 16.2 | % | | | | | | |
| | | | | | | | | | | | | | | | | | |
Income (loss) before provision for income taxes | | $ | 66,024 | | | $ | (44,118 | ) | | | | * | | | | | | |
| | | | | | | | | | | | | | | | | | |
8
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
For the Periods Ended
(in millions)
| | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | % Change From | |
| | | June 30,
2007 | | | March 31,
2007 | | | June 30,
2006 | | | March 31,
2007 | | | June 30,
2006 | |
Closed-End Mutual Funds | | | | | | | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 11,742 | | | $ | 11,391 | | | $ | 10,262 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Inflows | | | — | | | | 202 | | | | — | | | | | | | |
Market appreciation (depreciation) | | | (551 | ) | | | 149 | | | | (164 | ) | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total increase (decrease) | | | (551 | ) | | | 351 | | | | (164 | ) | | | | | | |
| | | | | | | | | | | | | | | | | | |
Assets under management, end of period | | $ | 11,191 | | | $ | 11,742 | | | $ | 10,098 | | | (4.7 | )% | | 10.8 | % |
| | | | | | | | | | | | | | | | | | |
| | | | | |
Open-End Mutual Funds | | | | | | | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 11,480 | | | $ | 9,575 | | | $ | 6,577 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Inflows | | | 1,601 | | | | 2,366 | | | | 702 | | | | | | | |
Outflows | | | (1,132 | ) | | | (792 | ) | | | (481 | ) | | | | | | |
| | | | | | | | | | | | | | | | | | |
Net inflows | | | 469 | | | | 1,574 | | | | 221 | | | | | | | |
Market appreciation (depreciation) | | | (830 | ) | | | 331 | | | | (58 | ) | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total increase (decrease) | | | (361 | ) | | | 1,905 | | | | 163 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Assets under management, end of period | | $ | 11,119 | | | $ | 11,480 | | | $ | 6,740 | | | (3.1 | )% | | 65.0 | % |
| | | | | | | | | | | | | | | | | | |
| | | | | |
Institutional Separate Accounts | | | | | | | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 10,330 | | | $ | 8,930 | | | $ | 6,124 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Inflows | | | 3,030 | | | | 1,658 | | | | 465 | | | | | | | |
Outflows | | | (389 | ) | | | (559 | ) | | | (150 | ) | | | | | | |
| | | | | | | | | | | | | | | | | | |
Net inflows | | | 2,641 | | | | 1,099 | | | | 315 | | | | | | | |
Market appreciation (depreciation) | | | (721 | ) | | | 301 | | | | (32 | ) | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total increase | | | 1,920 | | | | 1,400 | | | | 283 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Assets under management, end of period | | $ | 12,250 | | | $ | 10,330 | | | $ | 6,407 | | | 18.6 | % | | 91.2 | % |
| | | | | | | | | | | | | | | | | | |
| | | | | |
Total | | | | | | | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 33,552 | | | $ | 29,896 | | | $ | 22,963 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Inflows | | | 4,631 | | | | 4,226 | | | | 1,167 | | | | | | | |
Outflows | | | (1,521 | ) | | | (1,351 | ) | | | (631 | ) | | | | | | |
| | | | | | | | | | | | | | | | | | |
Net inflows | | | 3,110 | | | | 2,875 | | | | 536 | | | | | | | |
Market appreciation (depreciation) | | | (2,102 | ) | | | 781 | | | | (254 | ) | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total increase | | | 1,008 | | | | 3,656 | | | | 282 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Assets under management, end of period (1) | | $ | 34,560 | | | $ | 33,552 | | | $ | 23,245 | | | 3.0 | % | | 48.7 | % |
| | | | | | | | | | | | | | | | | | |
| (1) | As of June 30, 2006, assets under management included $2.1 billion of assets managed by Houlihan Rovers through sub-advisory and similar arrangements. |
9
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
For the Periods Ended
(in millions)
| | | | | | | | | | | |
| | | Six Months Ended | | | % Change From | |
| | | June 30,
2007 | | | June 30,
2006 | | | June 30, 2006 | |
Closed-End Mutual Funds | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 11,391 | | | $ | 9,674 | | | | |
| | | | | | | | | | | |
Inflows | | | 202 | | | | 54 | | | | |
Market appreciation (depreciation) | | | (402 | ) | | | 370 | | | | |
| | | | | | | | | | | |
Total increase (decrease) | | | (200 | ) | | | 424 | | | | |
| | | | | | | | | | | |
Assets under management, end of period | | $ | 11,191 | | | $ | 10,098 | | | 10.8 | % |
| | | | | | | | | | | |
| | | |
Open-End Mutual Funds | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 9,575 | | | $ | 5,591 | | | | |
| | | | | | | | | | | |
Inflows | | | 3,967 | | | | 1,421 | | | | |
Outflows | | | (1,924 | ) | | | (981 | ) | | | |
| | | | | | | | | | | |
Net inflows | | | 2,043 | | | | 440 | | | | |
Market appreciation (depreciation) | | | (499 | ) | | | 709 | | | | |
| | | | | | | | | | | |
Total increase | | | 1,544 | | | | 1,149 | | | | |
| | | | | | | | | | | |
Assets under management, end of period | | $ | 11,119 | | | $ | 6,740 | | | 65.0 | % |
| | | | | | | | | | | |
| | | |
Institutional Separate Accounts | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 8,930 | | | $ | 5,226 | | | | |
| | | | | | | | | | | |
Inflows | | | 4,688 | | | | 870 | | | | |
Outflows | | | (948 | ) | | | (376 | ) | | | |
| | | | | | | | | | | |
Net inflows | | | 3,740 | | | | 494 | | | | |
Market appreciation (depreciation) | | | (420 | ) | | | 687 | | | | |
| | | | | | | | | | | |
Total increase | | | 3,320 | | | | 1,181 | | | | |
| | | | | | | | | | | |
Assets under management, end of period | | $ | 12,250 | | | $ | 6,407 | | | 91.2 | % |
| | | | | | | | | | | |
| | | |
Total | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 29,896 | | | $ | 20,491 | | | | |
| | | | | | | | | | | |
Inflows | | | 8,857 | | | | 2,345 | | | | |
Outflows | | | (2,872 | ) | | | (1,357 | ) | | | |
| | | | | | | | | | | |
Net inflows | | | 5,985 | | | | 988 | | | | |
Market appreciation (depreciation) | | | (1,321 | ) | | | 1,766 | | | | |
| | | | | | | | | | | |
Total increase | | | 4,664 | | | | 2,754 | | | | |
| | | | | | | | | | | |
Assets under management, end of period (1) | | $ | 34,560 | | | $ | 23,245 | | | 48.7 | % |
| | | | | | | | | | | |
| (1) | As of June 30, 2006, assets under management included $2.1 billion of assets managed by Houlihan Rovers through sub-advisory and similar arrangements. |
10
