| | |
| 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.
Tel (212) 446-9168
COHEN & STEERS REPORTS THIRD QUARTER 2007 RESULTS
Assets Under Management Total $34.7 Billion
NEW YORK, NY, October 24, 2007—Cohen & Steers, Inc. (NYSE: CNS) reported net income of $15.9 million, or $0.37 per diluted share and $0.38 per basic share, for the quarter ended September 30, 2007, compared with net income of $15.7 million, or $0.39 per share (diluted and basic), for the quarter ended September 30, 2006. Total revenue for the third quarter of 2007 was $69.5 million, an increase of 28.7% from $54.0 million for the third quarter of 2006.
The third quarter 2007 results include an after-tax expense of approximately $0.09 per share associated with the payment of an additional compensation agreement entered into in connection with the offering of Cohen & Steers Global Income Builder, Inc., a closed-end mutual fund. After adjusting for this expense, earnings per diluted share would have been $0.46.
For the nine months ended September 30, 2007, the company recorded net income of $56.8 million, or $1.33 per diluted share and $1.36 per basic share, compared with a net loss of $13.4 million, or $0.34 per share (diluted and basic), for the 2006 period. After adjusting for the above-mentioned third quarter 2007 item, earnings per diluted share would have been $1.42 for the nine months ended September 2007. The 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 diluted share would have been $0.89 for the nine months ended September 30, 2006. Total revenue was $215.5 million for the nine months ended September 30, 2007, an increase of 60.9% from $133.9 million for the 2006 period.
Assets Under Management
Assets under management reached $34.7 billion as of September 30, 2007, an increase of 0.5% from $34.6 billion at June 30, 2007 and an increase of 36.3% from $25.5 billion at September 30, 2006. The increase from June 30, 2007 was due to net inflows of $129 million, primarily from the launch of Cohen & Steers Global Income Builder, Inc., and market appreciation of $34 million. “Our assets remained steady through the quarter despite challenging market conditions,” said Martin Cohen, co-chairman and co-chief executive officer of Cohen & Steers. “This demonstrates the diversity of our portfolios and the strength of our distribution channels.”
The company continues to broaden both its assets under management and client base. As of September 30, 2007, U.S. REIT common stocks comprised 46% of total assets, compared with 65% the prior year, and non-U.S. investors now account for approximately 19% of the assets managed by the company, compared with 7% the prior year.
Recent Developments
Further diversifying the company’s offerings for high-income portfolios, it has introduced two new funds:
| | • | | Cohen & Steers Global Income Builder, Inc., a closed-end mutual fund that capitalizes on all five of the company’s dividend-oriented strategies and employs a covered-call option overlay. This fund raised $445 million, including the exercise of the underwriter’s overallotment, during the quarter ended September 30, 2007. Including leverage, the fund will have raised approximately $534 million. |
| | • | | Cohen & Steers SICAV Asia Pacific Real Estate Securities Fund, an open-end mutual fund for non-U.S. investors on October 1, 2007. The fund seeks income and long-term capital appreciation, investing in shares of publicly traded Asia Pacific real estate companies. |
Asset Management Segment
Total revenue for the asset management segment was $64.6 million for the three months ended September 30, 2007, an increase of 46.6% from $44.1 million for the three months ended September 30, 2006. Pretax income was $23.7 million for the three months ended September 30, 2007, compared with $17.2 million for the third quarter of 2006. (The 2007 period includes the aforementioned distribution expense of approximately $6 million.)
Assets under management reached $34.7 billion at September 30, 2007, an increase of 36.3% from $25.5 billion at September 30, 2006. The increase was a result of net inflows of $7.8 billion, market appreciation of $379 million and acquired assets of $1.0 billion from the fourth quarter 2006 acquisition of Cohen & Steers Europe S.A. (formerly Houlihan Rovers S.A.).
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During the quarter ended September 30, 2007, $445 million was raised as a result of the launch of Cohen & Steers Income Builder, Inc., a closed-end mutual fund.
The company recorded net outflows of $468 million from open-end mutual funds during the quarter ended September 30, 2007. Inflows of $951 million were more than offset by $1.4 billion in outflows. This was the first quarter since the second quarter of 2005 that the company’s open-end mutual funds experienced net outflows.
Institutional separate accounts had net inflows of $152 million during the quarter ended September 30, 2007. Inflows of $626 million were partially offset by $474 million in outflows.
Investment Banking Segment
Total revenue for the investment banking segment was $4.8 million for the quarter ended September 30, 2007, compared with $10.4 million for the quarter ended September 30, 2006. Investment banking revenue was attributable to capital raising and merger advisory assignments. Pretax income was $1.9 million for the three months ended September 30, 2007, compared with $6.2 million for the third quarter of 2006. Through the nine months ended September 30, 2007, investment banking recorded revenue of $23.5 million, surpassing the previous record for full year results of $18.8 million in 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 September 30, 2007, cash, cash equivalents and marketable securities available for sale were $206 million.
As of September 30, 2007, stockholders’ equity was $275 million and the company had no long-term or short-term debt.
Conference Call Information
Cohen & Steers will hold a conference call tomorrow, October 25, 2007 at 11:00 a.m. (ET) to discuss the company’s third quarter results. Investors and analysts can access the live conference call by dialing (866) 672-2663 (domestic) or (973) 582-2772 (international); Passcode: 9357852. Participants should plan to register at least 10 minutes before the conference call begins.
A replay of the call will be available for two weeks starting at approximately 2:00 p.m. (ET) on
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October 25, 2007 and can be accessed at (877) 519-4471 (domestic) or (973) 341-3080 (international); Passcode: 9357852. 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.
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 company 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.
Performance Notes
Cohen & Steers Global Income Builder, Inc.As with any investment, the price of the fund’s shares will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value.Please consider the investment objectives, risks, charges and expenses of the fund
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carefully before investing. This and other information about the fund is included in the fund’s prospectus. Call 1-800-330-7848 or visit cohenandsteers.com for a prospectus. Please read the prospectus carefully before investing.
Cohen & Steers SICAV Asia Pacific Real Estate Securities Fund. The sale of shares of the fund may be restricted in certain jurisdictions. In particular, shares may not be offered or sold, directly or indirectly in the United States or to U.S. persons, as more fully described in the fund’s prospectus.
# # # #
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 | |
| | | September 30,
2007 | | June 30,
2007 | | | September 30,
2006 | | | June 30,
2007 | | | September 30,
2006 | |
Revenue | | | | | | | | | | | | | | | | | |
Investment advisory and administration fees | | $ | 54,913 | | $ | 56,186 | | | $ | 38,480 | | | | | | | |
Distribution and service fees | | | 7,335 | | | 7,746 | | | | 4,015 | | | | | | | |
Portfolio consulting and other | | | 2,383 | | | 2,425 | | | | 1,080 | | | | | | | |
Investment banking fees | | | 4,820 | | | 2,930 | | | | 10,375 | | | | | | | |
| | | | | | | | | | | | | | | | | |
Total revenue | | | 69,451 | | | 69,287 | | | | 53,950 | | | 0.2 | % | | 28.7 | % |
| | | | | | | | | | | | | | | | | |
Expenses | | | | | | | | | | | | | | | | | |
Employee compensation and benefits | | | 20,140 | | | 20,094 | | | | 16,066 | | | | | | | |
Distribution and service fees | | | 14,330 | | | 9,297 | | | | 5,642 | | | | | | | |
General and administrative | | | 8,590 | | | 8,146 | | | | 8,159 | | | | | | | |
Depreciation and amortization | | | 1,767 | | | 1,731 | | | | 1,597 | | | | | | | |
Amortization, deferred commissions | | | 3,123 | | | 2,755 | | | | 1,139 | | | | | | | |
| | | | | | | | | | | | | | | | | |
Total expenses | | | 47,950 | | | 42,023 | | | | 32,603 | | | 14.1 | % | | 47.1 | % |
| | | | | | | | | | | | | | | | | |
Operating income | | | 21,501 | | | 27,264 | | | | 21,347 | | | (21.1 | )% | | 0.7 | % |
| | | | | | | | | | | | | | | | | |
Non-operating income (expense) | | | | | | | | | | | | | | | | | |
Interest and dividend income | | | 2,882 | | | 2,043 | | | | 686 | | | | | | | |
Gain from sale of marketable securities | | | 773 | | | 716 | | | | 834 | | | | | | | |
Loss from sale of property and equipment | | | — | | | (2 | ) | | | — | | | | | | | |
Foreign currency transaction gain (loss) | | | 432 | | | 1 | | | | (8 | ) | | | | | | |
| | | | | | | | | | | | | | | | | |
Total non-operating income | | | 4,087 | | | 2,758 | | | | 1,512 | | | 48.2 | % | | 170.3 | % |
| | | | | | | | | | | | | | | | | |
Income before provision for income taxes and equity in earnings of affiliate | | | 25,588 | | | 30,022 | | | | 22,859 | | | (14.8 | )% | | 11.9 | % |
Provision for income taxes | | | 9,727 | | | 11,400 | | | | 7,648 | | | | | | | |
Equity in earnings of affiliate | | | — | | | — | | | | 513 | | | | | | | |
| | | | | | | | | | | | | | | | | |
Net income | | $ | 15,861 | | $ | 18,622 | | | $ | 15,724 | | | (14.8 | )% | | 0.9 | % |
| | | | | | | | | | | | | | | | | |
Earnings per share | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.38 | | $ | 0.45 | | | $ | 0.39 | | | (14.9 | )% | | (3.7 | )% |
| | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.37 | | $ | 0.44 | | | $ | 0.39 | | | (14.6 | )% | | (3.7 | )% |
| | | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | | | | | | | | | | | | | | | |
Basic | | | 41,823 | | | 41,809 | | | | 39,927 | | | | | | | |
| | | | | | | | | | | | | | | | | |
Diluted | | | 42,564 | | | 42,666 | | | | 40,647 | | | | | | | |
| | | | | | | | | | | | | | | | | |
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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)
| | | | | | | | | | | |
| | | Nine Months Ended | | | % Change From | |
| | | September 30,
2007 | | | September 30,
2006 | | | September 30,
2006 | |
Revenue | | | | | | | | | | | |
Investment advisory and administration fees | | $ | 163,255 | | | $ | 106,784 | | | | |
Distribution and service fees | | | 21,461 | | | | 10,746 | | | | |
Portfolio consulting and other | | | 7,293 | | | | 3,179 | | | | |
Investment banking fees | | | 23,496 | | | | 13,208 | | | | |
| | | | | | | | | | | |
Total revenue | | | 215,505 | | | | 133,917 | | | 60.9 | % |
| | | | | | | | | | | |
Expenses | | | | | | | | | | | |
Employee compensation and benefits | | | 62,496 | | | | 38,655 | | | | |
Distribution and service fees | | | 32,894 | | | | 94,436 | | | | |
General and administrative | | | 24,007 | | | | 20,557 | | | | |
Depreciation and amortization | | | 5,169 | | | | 4,771 | | | | |
Amortization, deferred commissions | | | 7,948 | | | | 2,879 | | | | |
| | | | | | | | | | | |
Total expenses | | | 132,514 | | | | 161,298 | | | (17.8 | )% |
| | | | | | | | | | | |
Operating income (loss) | | | 82,991 | | | | (27,381 | ) | | * | |
| | | | | | | | | | | |
Non-operating income (expense) | | | | | | | | | | | |
Interest and dividend income | | | 6,582 | | | | 2,388 | | | | |
Gain from sale of marketable securities | | | 1,684 | | | | 2,023 | | | | |
Gain (loss) from sale of property and equipment | | | (2 | ) | | | 1,056 | | | | |
Foreign currency transaction gain (loss) | | | 357 | | | | (53 | ) | | | |
| | | | | | | | | | | |
Total non-operating income | | | 8,621 | | | | 5,414 | | | 59.2 | % |
| | | | | | | | | | | |
Income (loss) before provision for income taxes and equity in earnings of affiliate | | | 91,612 | | | | (21,967 | ) | | * | |
Provision for income taxes | | | 34,813 | | | | (7,368 | ) | | | |
Equity in earnings of affiliate | | | — | | | | 1,221 | | | | |
| | | | | | | | | | | |
Net income (loss) | | $ | 56,799 | | | $ | (13,378 | ) | | * | |
| | | | | | | | | | | |
Earnings (loss) per share | | | | | | | | | | | |
Basic | | $ | 1.36 | | | $ | (0.34 | ) | | * | |
| | | | | | | | | | | |
Diluted | | $ | 1.33 | | | $ | (0.34 | ) | | * | |
| | | | | | | | | | | |
Weighted average shares outstanding | | | | | | | | | | | |
Basic | | | 41,871 | | | | 39,865 | | | | |
| | | | | | | | | | | |
Diluted | | | 42,685 | | | | 39,865 | | | | |
| | | | | | | | | | | |
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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 | |
| | | September 30,
2007 | | | June 30,
2007 | | | September 30,
2006 | | | June 30,
2007 | | | September 30,
2006 | |
Asset Management | | | | | | | | | | | | | | | | | | |
Total revenue, including equity in earnings of affiliate | | $ | 64,631 | | | $ | 66,357 | | | $ | 44,088 | | | (2.6 | )% | | 46.6 | % |
Total expenses | | | (44,600 | ) | | | (39,135 | ) | | | (28,241 | ) | | 14.0 | % | | 57.9 | % |
Net non-operating income | | | 3,694 | | | | 2,388 | | | | 1,308 | | | 54.7 | % | | 182.4 | % |
| | | | | | | | | | | | | | | | | | |
Income before provision for income taxes | | $ | 23,725 | | | $ | 29,610 | | | $ | 17,155 | | | (19.9 | )% | | 38.3 | % |
| | | | | | | | | | | | | | | | | | |
Investment Banking | | | | | | | | | | | | | | | | | | |
Total revenue | | $ | 4,820 | | | $ | 2,930 | | | $ | 10,375 | | | 64.5 | % | | (53.5 | )% |
Total expenses | | | (3,350 | ) | | | (2,888 | ) | | | (4,362 | ) | | 16.0 | % | | (23.2 | )% |
Net non-operating income | | | 393 | | | | 370 | | | | 204 | | | 6.2 | % | | 92.6 | % |
| | | | | | | | | | | | | | | | | | |
Income before provision for income taxes | | $ | 1,863 | | | $ | 412 | | | $ | 6,217 | | | 352.2 | % | | (70.0 | )% |
| | | | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | | | | | |
Total revenue, including equity in earnings of affiliate | | $ | 69,451 | | | $ | 69,287 | | | $ | 54,463 | | | 0.2 | % | | 27.5 | % |
Total expenses | | | (47,950 | ) | | | (42,023 | ) | | | (32,603 | ) | | 14.1 | % | | 47.1 | % |
Net non-operating income | | | 4,087 | | | | 2,758 | | | | 1,512 | | | 48.2 | % | | 170.3 | % |
| | | | | | | | | | | | | | | | | | |
Income before provision for income taxes | | $ | 25,588 | | | $ | 30,022 | | | $ | 23,372 | | | (14.8 | )% | | 9.5 | % |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | Nine Months Ended | | | % Change From | |
| | | September 30,
2007 | | | September 30,
2006 | | | September 30,
2006 | |
Asset Management | | | | | | | | | | | |
Total revenue, including equity in earnings of affiliate | | $ | 192,009 | | | $ | 121,930 | | | 57.5 | % |
Total expenses | | | (119,409 | ) | | | (153,229 | ) | | (22.1 | )% |
Net non-operating income | | | 7,571 | | | | 5,014 | | | 51.0 | % |
| | | | | | | | | | | |
Income (loss) before provision for income taxes | | $ | 80,171 | | | $ | (26,285 | ) | | * | |
| | | | | | | | | | | |
Investment Banking | | | | | | | | | | | |
Total revenue | | $ | 23,496 | | | $ | 13,208 | | | 77.9 | % |
Total expenses | | | (13,105 | ) | | | (8,069 | ) | | 62.4 | % |
Net non-operating income | | | 1,050 | | | | 400 | | | 162.5 | % |
| | | | | | | | | | | |
Income before provision for income taxes | | $ | 11,441 | | | $ | 5,539 | | | 106.6 | % |
| | | | | | | | | | | |
Total | | | | | | | | | | | |
Total revenue, including equity in earnings of affiliate | | $ | 215,505 | | | $ | 135,138 | | | 59.5 | % |
Total expenses | | | (132,514 | ) | | | (161,298 | ) | | (17.8 | )% |
Net non-operating income | | | 8,621 | | | | 5,414 | | | 59.2 | % |
| | | | | | | | | | | |
Income (loss) before provision for income taxes | | $ | 91,612 | | | $ | (20,746 | ) | | * | |
| | | | | | | | | | | |
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Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
For the Periods Ended
(in millions)
| | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | % Change From | |
| | | September 30,
2007 | | | June 30,
2007 | | | September 30,
2006 | | | June 30,
2007 | | | September 30,
2006 | |
Closed-End Mutual Funds | | | | | | | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 11,191 | | | $ | 11,742 | | | $ | 10,098 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Inflows | | | 445 | | | | — | | | | — | | | | | | | |
Market appreciation (depreciation) | | | (265 | ) | | | (551 | ) | | | 588 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total increase (decrease) | | | 180 | | | | (551 | ) | | | 588 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Assets under management, end of period | | $ | 11,371 | | | $ | 11,191 | | | $ | 10,686 | | | 1.6 | % | | 6.4 | % |
| | | | | | | | | | | | | | | | | | |
Open-End Mutual Funds | | | | | | | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 11,119 | | | $ | 11,480 | | | $ | 6,740 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Inflows | | | 951 | | | | 1,601 | | | | 928 | | | | | | | |
Outflows | | | (1,419 | ) | | | (1,132 | ) | | | (482 | ) | | | | | | |
| | | | | | | | | | | | | | | | | | |
Net inflows (outflows) | | | (468 | ) | | | 469 | | | | 446 | | | | | | | |
Market appreciation (depreciation) | | | 191 | | | | (830 | ) | | | 599 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total increase (decrease) | | | (277 | ) | | | (361 | ) | | | 1,045 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Assets under management, end of period | | $ | 10,842 | | | $ | 11,119 | | | $ | 7,785 | | | (2.5 | )% | | 39.3 | % |
| | | | | | | | | | | | | | | | | | |
Institutional Separate Accounts | | | | | | | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 12,250 | | | $ | 10,330 | | | $ | 6,407 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Inflows | | | 626 | | | | 3,030 | | | | 254 | | | | | | | |
Outflows | | | (474 | ) | | | (389 | ) | | | (259 | ) | | | | | | |
| | | | | | | | | | | | | | | | | | |
Net inflows (outflows) | | | 152 | | | | 2,641 | | | | (5 | ) | | | | | | |
Market appreciation (depreciation) | | | 108 | | | | (721 | ) | | | 594 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total increase | | | 260 | | | | 1,920 | | | | 589 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Assets under management, end of period | | $ | 12,510 | | | $ | 12,250 | | | $ | 6,996 | | | 2.1 | % | | 78.8 | % |
| | | | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 34,560 | | | $ | 33,552 | | | $ | 23,245 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Inflows | | | 2,022 | | | | 4,631 | | | | 1,182 | | | | | | | |
Outflows | | | (1,893 | ) | | | (1,521 | ) | | | (741 | ) | | | | | | |
| | | | | | | | | | | | | | | | | | |
Net inflows | | | 129 | | | | 3,110 | | | | 441 | | | | | | | |
Market appreciation (depreciation) | | | 34 | | | | (2,102 | ) | | | 1,781 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total increase | | | 163 | | | | 1,008 | | | | 2,222 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Assets under management, end of period (1) | | $ | 34,723 | | | $ | 34,560 | | | $ | 25,467 | | | 0.5 | % | | 36.3 | % |
| | | | | | | | | | | | | | | | | | |
| (1) | As of September 30, 2006, assets under management included $2.6 billion of assets managed by Cohen & Steers Europe S.A. (formerly Houlihan Rovers S.A.) through sub-advisory and similar arrangements. |
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Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
For the Periods Ended
(in millions)
| | | | | | | | | | | |
| | | Nine Months Ended | | | % Change From | |
| | | September 30,
2007 | | | September 30,
2006 | | | September 30,
2006 | |
Closed-End Mutual Funds | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 11,391 | | | $ | 9,674 | | | | |
| | | | | | | | | | | |
Inflows | | | 647 | | | | 54 | | | | |
Market appreciation (depreciation) | | | (667 | ) | | | 958 | | | | |
| | | | | | | | | | | |
Total increase (decrease) | | | (20 | ) | | | 1,012 | | | | |
| | | | | | | | | | | |
Assets under management, end of period | | $ | 11,371 | | | $ | 10,686 | | | 6.4 | % |
| | | | | | | | | | | |
Open-End Mutual Funds | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 9,575 | | | $ | 5,591 | | | | |
| | | | | | | | | | | |
Inflows | | | 4,918 | | | | 2,349 | | | | |
Outflows | | | (3,343 | ) | | | (1,463 | ) | | | |
| | | | | | | | | | | |
Net inflows | | | 1,575 | | | | 886 | | | | |
Market appreciation (depreciation) | | | (308 | ) | | | 1,308 | | | | |
| | | | | | | | | | | |
Total increase | | | 1,267 | | | | 2,194 | | | | |
| | | | | | | | | | | |
Assets under management, end of period | | $ | 10,842 | | | $ | 7,785 | | | 39.3 | % |
| | | | | | | | | | | |
Institutional Separate Accounts | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 8,930 | | | $ | 5,226 | | | | |
| | | | | | | | | | | |
Inflows | | | 5,314 | | | | 1,124 | | | | |
Outflows | | | (1,422 | ) | | | (635 | ) | | | |
| | | | | | | | | | | |
Net inflows | | | 3,892 | | | | 489 | | | | |
Market appreciation (depreciation) | | | (312 | ) | | | 1,281 | | | | |
| | | | | | | | | | | |
Total increase | | | 3,580 | | | | 1,770 | | | | |
| | | | | | | | | | | |
Assets under management, end of period | | $ | 12,510 | | | $ | 6,996 | | | 78.8 | % |
| | | | | | | | | | | |
Total | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 29,896 | | | $ | 20,491 | | | | |
| | | | | | | | | | | |
Inflows | | | 10,879 | | | | 3,527 | | | | |
Outflows | | | (4,765 | ) | | | (2,098 | ) | | | |
| | | | | | | | | | | |
Net inflows | | | 6,114 | | | | 1,429 | | | | |
Market appreciation (depreciation) | | | (1,287 | ) | | | 3,547 | | | | |
| | | | | | | | | | | |
Total increase | | | 4,827 | | | | 4,976 | | | | |
| | | | | | | | | | | |
Assets under management, end of period (1) | | $ | 34,723 | | | $ | 25,467 | | | 36.3 | % |
| | | | | | | | | | | |
| (1) | As of September 30, 2006, assets under management included $2.6 billion of assets managed by Cohen & Steers Europe S.A. (formerly Houlihan Rovers S.A.) through sub-advisory and similar arrangements. |
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