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.
Tel (212) 446-9168
COHEN & STEERS REPORTS THIRD QUARTER
2010 RESULTS
NEW YORK, NY, October 20, 2010—Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common shareholders of $13.2 million, or $0.30 per diluted share and $0.31 per basic share, for the quarter ended September 30, 2010, compared with net income attributable to common shareholders of $7.5 million, or $0.18 per share (diluted and basic), for the quarter ended September 30, 2009.
The third quarter 2010 results included an after-tax gain of approximately $0.06 per share primarily due to recoveries on the sale of securities. After adjusting for these items, earnings per share attributable to common shareholders would have been $0.25 for the quarter ended September 30, 2010.
For the nine months ended September 30, 2010, the company recorded net income attributable to common shareholders of $33.6 million, or $0.78 per diluted share and $0.79 per basic share, compared with a loss attributable to common shareholders of $13.4 million, or $0.32 per share (diluted and basic), for the nine months ended September 30, 2009. The 2010 results included after-tax gains of approximately $0.14 per share primarily due to recoveries on the sale of securities. After adjusting for these items, earnings per share attributable to common shareholders would have been $0.64 for the nine months ended September 30, 2010. The 2009 results included after-tax expenses of approximately $0.69 per share due to impairment charges. After adjusting for these items, earnings per share attributable to common shareholders would have been $0.38 for the nine months ended September 30, 2009.
Assets Under Management
Assets under management were $31.2 billion as of September 30, 2010, an increase of 19.0% from $26.2 billion at June 30, 2010 and an increase of 38.9% from $22.5 billion at September 30, 2009. The increase from June 30, 2010 was due to market appreciation of $3.9 billion and net inflows of $1.1 billion. The increase from September 30, 2009 was due to market appreciation of $4.4 billion and net inflows of $4.4 billion. Average assets under management were $29.0 billion for the quarter ended September 30, 2010, an increase of 7.1% from $27.0 billion for the quarter ended June 30, 2010 and an increase of 48.8% from $19.5 billion for the quarter ended September 30, 2009.
Assets under management for open-end mutual funds were $7.6 billion as of September 30, 2010, an increase of 15.8% from $6.6 billion at June 30, 2010 and an increase of 29.4% from $5.9 billion at September 30, 2009. The increase from June 30, 2010 was due to market appreciation of $1.0 billion and net inflows of $33 million. The increase from September 30, 2009 was due to market appreciation of $1.2 billion and net inflows of $511 million. Average assets under management for open-end mutual funds were $7.0 billion for the quarter ended September 30, 2010, an increase of 5.5% from $6.7 billion for the quarter ended June 30, 2010 and an increase of 37.4% from $5.1 billion for the quarter ended September 30, 2009.
Assets under management for closed-end mutual funds were $5.9 billion as of September 30, 2010, an increase of 11.1% from $5.3 billion at June 30, 2010 and an increase of 13.7% from $5.2 billion at September 30, 2009. The increase from June 30, 2010 was primarily due to market appreciation of $559 million. The increase from September 30, 2009 was primarily due to market appreciation of $689 million. Average assets under management for closed-end mutual funds were $5.7 billion for the quarter ended September 30, 2010, an increase of 1.2% from $5.6 billion for the quarter ended June 30, 2010 and an increase of 19.8% from $4.8 billion for the quarter ended September 30, 2009.
Assets under management for institutional separate accounts were $17.7 billion as of September 30, 2010, an increase of 23.5% from $14.3 billion at June 30, 2010 and an increase of 55.3% from $11.4 billion at September 30, 2009. The increase from June 30, 2010 was due to market appreciation of $2.3 billion and net inflows of $1.0 billion. The increase from September 30, 2009 was due to net inflows of $3.8 billion and market appreciation of $2.5 billion. Average assets under management for institutional separate accounts were $16.2 billion for the quarter ended September 30, 2010, an increase of 10.1% from $14.7 billion for the quarter ended June 30, 2010 and an increase of 69.2% from $9.6 billion for the quarter ended September 30, 2009.
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Financial Highlights
| | | | | | | | |
| | | Three Months Ended
(in thousands, except per share
data or as noted) | |
| | | September 30,
2010 | | | June 30,
2010 | |
Revenue | | $ | 46,372 | | | $ | 44,232 | |
Expenses | | $ | 32,400 | | | $ | 30,900 | |
Operating income | | $ | 13,972 | | | $ | 13,332 | |
Operating margin | | | 30.1 | % | | | 30.1 | % |
| | |
Total non-operating income | | $ | 4,489 | | | $ | 2,050 | |
Net income attributable to common shareholders | | $ | 13,163 | | | $ | 11,603 | |
| | |
Diluted earnings per share attributable to common shareholders | | $ | 0.30 | | | $ | 0.27 | |
| | |
Assets under management, end of period (in millions) | | $ | 31,239 | | | $ | 26,242 | |
Average assets under management for period (in millions) | | $ | 28,961 | | | $ | 27,031 | |
Total revenue was $46.4 million for the three months ended September 30, 2010, an increase of 4.8% from $44.2 million for the three months ended June 30, 2010, primarily due to higher average assets under management. Operating expenses were $32.4 million for the three months ended September 30, 2010, an increase of 4.9% from $30.9 million for the three months ended June 30, 2010, primarily due to increases in employee compensation and benefits, general and administrative and distribution and service fees. Operating income was $14.0 million for the three months ended September 30, 2010, compared with $13.3 million for the three months ended June 30, 2010. The company’s operating margin remained unchanged at 30.1% for the third quarter of 2010 compared with the second quarter of 2010 primarily due to the compensation to revenue ratio remaining at 39%. Non-operating income was $4.5 million for the three months ended September 30, 2010, an increase of 119.0% from $2.1 million for the three months ended June 30, 2010, primarily due to an increase in equity in earnings from the company’s seed investments, partially offset by a decline in the amount of recoveries on the sale of securities.
Balance Sheet Information
As of September 30, 2010, cash, cash equivalents and investments were $172 million. As of September 30, 2010, stockholders’ equity was $222 million and the company had no long-term or short-term debt.
Conference Call Information
Cohen & Steers will hold a conference call tomorrow, October 21, 2010 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 (800) 769-9015 (U.S.) or (212) 231-2913 (international); passcode: 21484874. Participants should plan to register at least 10 minutes before the conference call begins.
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A replay of the call will be available for two weeks starting at approximately 1:00 p.m. (ET) on October 21, 2010 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21484874. Internet access to the webcast, which includes audio (listen-only), will be available on the company’s Web site at www.cohenandsteers.com under “Corporate Info.” The webcast will be archived on the Web site for two weeks.
About Cohen & Steers, Inc.
Cohen & Steers is a manager of income-oriented equity portfolios specializing in U.S. and international real estate securities, large cap value stocks, listed infrastructure and utilities, and preferred securities. The company also manages alternative investment strategies such as hedged real estate securities portfolios and private real estate multimanager strategies for qualified investors. Headquartered in New York City, with offices in London, Brussels, Hong Kong and Seattle, Cohen & Steers serves individual and institutional investors through a broad range of investment vehicles.
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, 2009, which is accessible on the Securities and Exchange Commission’s Web site at www.sec.gov and on the company’s Web site at www.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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Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Periods Ended
(in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | % Change From | |
| | | September 30,
2010 | | | June 30,
2010 | | | September 30,
2009 | | | June 30,
2010 | | | September 30,
2009 | |
Revenue | | | | | | | | | | | | | | | | | | | | |
Investment advisory and administration fees | | $ | 42,909 | | | $ | 40,835 | | | $ | 30,929 | | | | | | | | | |
Distribution and service fees | | | 2,259 | | | | 2,236 | | | | 2,019 | | | | | | | | | |
Portfolio consulting and other | | | 1,204 | | | | 1,161 | | | | 879 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total revenue | | | 46,372 | | | | 44,232 | | | | 33,827 | | | | 4.8 | % | | | 37.1 | % |
| | | | | | | | | | | | | | | | | | | | |
Expenses | | | | | | | | | | | | | | | | | | | | |
Employee compensation and benefits | | | 18,085 | | | | 17,251 | | | | 15,956 | | | | | | | | | |
Distribution and service fees | | | 5,065 | | | | 4,831 | | | | 3,837 | | | | | | | | | |
General and administrative | | | 7,880 | | | | 7,473 | | | | 6,990 | | | | | | | | | |
Depreciation and amortization | | | 1,126 | | | | 1,113 | | | | 1,072 | | | | | | | | | |
Amortization, deferred commissions | | | 244 | | | | 232 | | | | 157 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 32,400 | | | | 30,900 | | | | 28,012 | | | | 4.9 | % | | | 15.7 | % |
| | | | | | | | | | | | | | | | | | | | |
Operating income | | | 13,972 | | | | 13,332 | | | | 5,815 | | | | 4.8 | % | | | 140.3 | % |
| | | | | | | | | | | | | | | | | | | | |
Non-operating income | | | | | | | | | | | | | | | | | | | | |
Interest and dividend income - net | | | 710 | | | | 366 | | | | 100 | | | | | | | | | |
(Loss) gain from trading securities - net | | | — | | | | (371 | ) | | | 3,071 | | | | | | | | | |
Gain from available-for-sale securities - net | | | 2,124 | | | | 3,281 | | | | 455 | | | | | | | | | |
Equity in earnings (losses) of affiliates | | | 1,005 | | | | (1,361 | ) | | | — | | | | | | | | | |
Other | | | 650 | | | | 135 | | | | 586 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total non-operating income | | | 4,489 | | | | 2,050 | | | | 4,212 | | | | 119.0 | % | | | 6.6 | % |
| | | | | | | | | | | | | | | | | | | | |
Income before provision for income taxes | | | 18,461 | | | | 15,382 | | | | 10,027 | | | | 20.0 | % | | | 84.1 | % |
Provision for income taxes | | | 5,298 | | | | 3,781 | | | | 2,065 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | | 13,163 | | | | 11,601 | | | | 7,962 | | | | 13.5 | % | | | 65.3 | % |
Less: Net loss (income) attributable to redeemable noncontrolling interest | | | — | | | | 2 | | | | (417 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net income attributable to common shareholders | | $ | 13,163 | | | $ | 11,603 | | | $ | 7,545 | | | | 13.4 | % | | | 74.5 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Earnings per share attributable to common shareholders | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.31 | | | $ | 0.27 | | | $ | 0.18 | | | | 13.4 | % | | | 73.0 | % |
| | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.30 | | | $ | 0.27 | | | $ | 0.18 | | | | 13.3 | % | | | 72.1 | % |
| | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | | | | | | | | | | | | | | | | | | |
Basic | | | 42,756 | | | | 42,730 | | | | 42,396 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Diluted | | | 43,217 | | | | 43,143 | | | | 42,633 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
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Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Periods Ended
(in thousands, except per share data)
| | | | | | | | | | | | |
| | | Nine Months Ended | | | % Change From | |
| | | September 30,
2010 | | | September 30,
2009 | | | September 30,
2009 | |
Revenue | | | | | | | | | | | | |
Investment advisory and administration fees | | $ | 121,836 | | | $ | 75,999 | | | | | |
Distribution and service fees | | | 6,659 | | | | 5,321 | | | | | |
Portfolio consulting and other | | | 3,453 | | | | 2,362 | | | | | |
| | | | | | | | | | | | |
Total revenue | | | 131,948 | | | | 83,682 | | | | 57.7 | % |
| | | | | | | | | | | | |
Expenses | | | | | | | | | | | | |
Employee compensation and benefits | | | 51,460 | | | | 43,047 | | | | | |
Distribution and service fees | | | 14,206 | | | | 10,039 | | | | | |
General and administrative | | | 22,490 | | | | 20,490 | | | | | |
Depreciation and amortization | | | 3,393 | | | | 3,120 | | | | | |
Amortization, deferred commissions | | | 666 | | | | 611 | | | | | |
| | | | | | | | | | | | |
Total expenses | | | 92,215 | | | | 77,307 | | | | 19.3 | % |
| | | | | | | | | | | | |
Operating income | | | 39,733 | | | | 6,375 | | | | * | |
| | | | | | | | | | | | |
Non-operating income | | | | | | | | | | | | |
Interest and dividend income - net | | | 1,271 | | | | 1,426 | | | | | |
(Loss) gain from trading securities - net | | | (182 | ) | | | 11,642 | | | | | |
Gain (loss) from available-for-sale securities - net | | | 5,603 | | | | (31,241 | ) | | | | |
Equity in earnings of affiliates | | | 185 | | | | — | | | | | |
Other | | | 697 | | | | 677 | | | | | |
| | | | | | | | | | | | |
Total non-operating income (loss) | | | 7,574 | | | | (17,496 | ) | | | * | |
| | | | | | | | | | | | |
Income (loss) before provision for income taxes | | | 47,307 | | | | (11,121 | ) | | | * | |
Provision for income taxes | | | 13,653 | | | | 1,227 | | | | | |
| | | | | | | | | | | | |
Net income (loss) | | | 33,654 | | | | (12,348 | ) | | | * | |
Less: Net income attributable to redeemable noncontrolling interest | | | (8 | ) | | | (1,007 | ) | | | | |
| | | | | | | | | | | | |
Net income (loss) attributable to common shareholders | | $ | 33,646 | | | $ | (13,355 | ) | | | * | |
| | | | | | | | | | | | |
| | | |
Earnings (loss) per share attributable to common shareholders | | | | | | | | | | | | |
Basic | | $ | 0.79 | | | $ | (0.32 | ) | | | * | |
| | | | | | | | | | | | |
Diluted | | $ | 0.78 | | | $ | (0.32 | ) | | | * | |
| | | | | | | | | | | | |
Weighted average shares outstanding | | | | | | | | | | | | |
Basic | | | 42,696 | | | | 42,319 | | | | | |
| | | | | | | | | | | | |
Diluted | | | 43,099 | | | | 42,319 | | | | | |
| | | | | | | | | | | | |
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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,
2010 | | | June 30,
2010 | | | September 30,
2009 | | | June 30,
2010 | | | September 30,
2009 | |
Open-End Mutual Funds | | | | | | | | | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 6,595 | | | $ | 6,958 | | | $ | 4,238 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Inflows | | | 641 | | | | 684 | | | | 747 | | | | | | | | | |
Outflows | | | (608 | ) | | | (509 | ) | | | (361 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net inflows | | | 33 | | | | 175 | | | | 386 | | | | | | | | | |
Market appreciation (depreciation) | | | 1,010 | | | | (538 | ) | | | 1,279 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total increase (decrease) | | | 1,043 | | | | (363 | ) | | | 1,665 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Assets under management, end of period | | $ | 7,638 | | | $ | 6,595 | | | $ | 5,903 | | | | 15.8 | % | | | 29.4 | % |
| | | | | | | | | | | | | | | | | | | | |
Average assets under management for period | | $ | 7,039 | | | $ | 6,672 | | | $ | 5,122 | | | | 5.5 | % | | | 37.4 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Closed-End Mutual Funds | | | | | | | | | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 5,315 | | | $ | 5,736 | | | $ | 4,213 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Inflows | | | 41 | | | | — | | | | 180 | | | | | | | | | |
Outflows | | | (12 | ) | | | (7 | ) | | | — | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net inflows (outflows) | | | 29 | | | | (7 | ) | | | 180 | | | | | | | | | |
Market appreciation (depreciation) | | | 559 | | | | (414 | ) | | | 799 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total increase (decrease) | | | 588 | | | | (421 | ) | | | 979 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Assets under management, end of period | | $ | 5,903 | | | $ | 5,315 | | | $ | 5,192 | | | | 11.1 | % | | | 13.7 | % |
| | | | | | | | | | | | | | | | | | | | |
Average assets under management for period | | $ | 5,703 | | | $ | 5,633 | | | $ | 4,759 | | | | 1.2 | % | | | 19.8 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Institutional Separate Accounts | | | | | | | | | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 14,332 | | | $ | 14,503 | | | $ | 7,869 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Inflows | | | 1,840 | | | | 1,471 | | | | 1,634 | | | | | | | | | |
Outflows | | | (798 | ) | | | (417 | ) | | | (449 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net inflows | | | 1,042 | | | | 1,054 | | | | 1,185 | | | | | | | | | |
Market appreciation (depreciation) | | | 2,324 | | | | (1,225 | ) | | | 2,344 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total increase (decrease) | | | 3,366 | | | | (171 | ) | | | 3,529 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Assets under management, end of period1 | | $ | 17,698 | | | $ | 14,332 | | | $ | 11,398 | | | | 23.5 | % | | | 55.3 | % |
| | | | | | | | | | | | | | | | | | | | |
Average assets under management for period | | $ | 16,219 | | | $ | 14,726 | | | $ | 9,583 | | | | 10.1 | % | | | 69.2 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total | | | | | | | | | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 26,242 | | | $ | 27,197 | | | $ | 16,320 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Inflows | | | 2,522 | | | | 2,155 | | | | 2,561 | | | | | | | | | |
Outflows | | | (1,418 | ) | | | (933 | ) | | | (810 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net inflows | | | 1,104 | | | | 1,222 | | | | 1,751 | | | | | | | | | |
Market appreciation (depreciation) | | | 3,893 | | | | (2,177 | ) | | | 4,422 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total increase (decrease) | | | 4,997 | | | | (955 | ) | | | 6,173 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Assets under management, end of period | | $ | 31,239 | | | $ | 26,242 | | | $ | 22,493 | | | | 19.0 | % | | | 38.9 | % |
| | | | | | | | | | | | | | | | | | | | |
Average assets under management for period | | $ | 28,961 | | | $ | 27,031 | | | $ | 19,464 | | | | 7.1 | % | | | 48.8 | % |
| | | | | | | | | | | | | | | | | | | | |
| 1 | As of September 30, 2010 and June 30, 2010, assets under management from institutional separate accounts included $217 million of assets invested in the company’s alternative strategy. |
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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,
2010 | | | September 30,
2009 | | | September 30,
2009 | |
Open-End Mutual Funds | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 6,285 | | | $ | 4,280 | | | | | |
| | | | | | | | | | | | |
Inflows | | | 2,035 | | | | 1,502 | | | | | |
Outflows | | | (1,570 | ) | | | (1,031 | ) | | | | |
| | | | | | | | | | | | |
Net inflows | | | 465 | | | | 471 | | | | | |
Market appreciation | | | 888 | | | | 1,152 | | | | | |
| | | | | | | | | | | | |
Total increase | | | 1,353 | | | | 1,623 | | | | | |
| | | | | | | | | | | | |
Assets under management, end of period | | $ | 7,638 | | | $ | 5,903 | | | | 29.4 | % |
| | | | | | | | | | | | |
Average assets under management for period | | $ | 6,647 | | | $ | 4,094 | | | | 62.4 | % |
| | | | | | | | | | | | |
| | | |
Closed-End Mutual Funds | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 5,546 | | | $ | 4,278 | | | | | |
| | | | | | | | | | | | |
Inflows | | | 41 | | | | 628 | | | | | |
Outflows | | | (19 | ) | | | (395 | ) | | | | |
| | | | | | | | | | | | |
Net inflows | | | 22 | | | | 233 | | | | | |
Market appreciation | | | 335 | | | | 681 | | | | | |
| | | | | | | | | | | | |
Total increase | | | 357 | | | | 914 | | | | | |
| | | | | | | | | | | | |
Assets under management, end of period | | $ | 5,903 | | | $ | 5,192 | | | | 13.7 | % |
| | | | | | | | | | | | |
Average assets under management for period | | $ | 5,625 | | | $ | 4,112 | | | | 36.8 | % |
| | | | | | | | | | | | |
| | | |
Institutional Separate Accounts | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 12,954 | | | $ | 6,544 | | | | | |
| | | | | | | | | | | | |
Inflows | | | 4,705 | | | | 3,110 | | | | | |
Outflows | | | (1,735 | ) | | | (748 | ) | | | | |
| | | | | | | | | | | | |
Net inflows | | | 2,970 | | | | 2,362 | | | | | |
Market appreciation | | | 1,774 | | | | 2,492 | | | | | |
| | | | | | | | | | | | |
Total increase | | | 4,744 | | | | 4,854 | | | | | |
| | | | | | | | | | | | |
Assets under management, end of period1 | | $ | 17,698 | | | $ | 11,398 | | | | 55.3 | % |
| | | | | | | | | | | | |
Average assets under management for period | | $ | 14,696 | | | $ | 7,386 | | | | 99.0 | % |
| | | | | | | | | | | | |
| | | |
Total | | | | | | | | | | | | |
Assets under management, beginning of period | | $ | 24,785 | | | $ | 15,102 | | | | | |
| | | | | | | | | | | | |
Inflows | | | 6,781 | | | | 5,240 | | | | | |
Outflows | | | (3,324 | ) | | | (2,174 | ) | | | | |
| | | | | | | | | | | | |
Net inflows | | | 3,457 | | | | 3,066 | | | | | |
Market appreciation | | | 2,997 | | | | 4,325 | | | | | |
| | | | | | | | | | | | |
Total increase | | | 6,454 | | | | 7,391 | | | | | |
| | | | | | | | | | | | |
Assets under management, end of period | | $ | 31,239 | | | $ | 22,493 | | | | 38.9 | % |
| | | | | | | | | | | | |
Average assets under management for period | | $ | 26,968 | | | $ | 15,592 | | | | 73.0 | % |
| | | | | | | | | | | | |
| 1 | As of September 30, 2010, assets under management from institutional separate accounts included $217 million of assets invested in the company’s alternative strategy. |
8
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Category
(in millions)
| | | | | | | | | | | | |
| | | As of September 30,
2010 | | | As of June 30,
2010 | | | As of September 30,
2009 | |
Open-End Mutual Funds | | | | | | | | | | | | |
U.S. Real Estate | | $ | 4,824 | | | $ | 4,573 | | | $ | 3,512 | |
International Real Estate | | | 2,184 | | | | 1,612 | | | | 1,960 | |
Large Cap Value | | | 193 | | | | 187 | | | | 163 | |
Preferreds | | | 35 | | | | 12 | | | | 15 | |
Listed Infrastructure and Utilities | | | 106 | | | | 88 | | | | 86 | |
Other | | | 296 | | | | 123 | | | | 167 | |
| | | | | | | | | | | | |
Assets under management, end of period | | $ | 7,638 | | | $ | 6,595 | | | $ | 5,903 | |
| | | | | | | | | | | | |
| | | |
Closed-End Mutual Funds | | | | | | | | | | | | |
U.S. Real Estate | | $ | 1,735 | | | $ | 1,666 | | | $ | 1,730 | |
International Real Estate | | | 195 | | | | 82 | | | | 134 | |
Large Cap Value | | | 203 | | | | 182 | | | | 241 | |
Preferreds | | | 1,481 | | | | 1,242 | | | | 1,253 | |
Listed Infrastructure and Utilities | | | 2,025 | | | | 1,788 | | | | 1,275 | |
Other | | | 264 | | | | 355 | | | | 559 | |
| | | | | | | | | | | | |
Assets under management, end of period | | $ | 5,903 | | | $ | 5,315 | | | $ | 5,192 | |
| | | | | | | | | | | | |
| | | |
Institutional Separate Accounts | | | | | | | | | | | | |
U.S. Real Estate | | $ | 6,906 | | | $ | 5,504 | | | $ | 4,571 | |
International Real Estate | | | 6,134 | | | | 4,918 | | | | 4,143 | |
Large Cap Value | | | 2,834 | | | | 2,434 | | | | 1,831 | |
Preferreds | | | 1,068 | | | | 889 | | | | 724 | |
Listed Infrastructure and Utilities | | | 162 | | | | 146 | | | | 38 | |
Other | | | 594 | | | | 441 | | | | 91 | |
| | | | | | | | | | | | |
Assets under management, end of period1 | | $ | 17,698 | | | $ | 14,332 | | | $ | 11,398 | |
| | | | | | | | | | | | |
| | | |
Total | | | | | | | | | | | | |
U.S. Real Estate | | $ | 13,465 | | | $ | 11,743 | | | $ | 9,813 | |
International Real Estate | | | 8,513 | | | | 6,612 | | | | 6,237 | |
Large Cap Value | | | 3,230 | | | | 2,803 | | | | 2,235 | |
Preferreds | | | 2,584 | | | | 2,143 | | | | 1,992 | |
Listed Infrastructure and Utilities | | | 2,293 | | | | 2,022 | | | | 1,399 | |
Other | | | 1,154 | | | | 919 | | | | 817 | |
| | | | | | | | | | | | |
Assets under management, end of period | | $ | 31,239 | | | $ | 26,242 | | | $ | 22,493 | |
| | | | | | | | | | | | |
| 1 | As of September 30, 2010 and June 30, 2010, assets under management from institutional separate accounts included $217 million of assets invested in the company’s alternative strategy. |
9
Cohen & Steers, Inc. and Subsidiaries
Other Fee Earning Assets (Unaudited)
(in millions)
| | | | | | | | | | | | |
| | | As of September 30,
2010 | | | As of June 30,
2010 | | | As of September 30,
2009 | |
Unified Managed Accounts, end of period | | $ | 536 | | | $ | 468 | | | $ | 414 | |
| | | | | | | | | | | | |
| | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Exchange Traded Funds, end of period | | $ | 2,332 | | | $ | 2,012 | | | $ | 1,676 | |
| | | | | | | | | | | | |
| | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Unit Investment Trusts, end of period | | $ | 1,389 | | | $ | 1,256 | | | $ | 1,298 | |
| | | | | | | | | | | | |
| | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Total, end of period | | $ | 4,257 | | | $ | 3,736 | | | $ | 3,388 | |
| | | | | | | | | | | | |
Note: Other fee earning assets are defined as assets for which the company provides investment advice but for which the company has no discretion to execute trades, and therefore are not included in the company’s reported assets under management.
10
