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 FOURTH QUARTER
AND FULL YEAR 2012 RESULTS
NEW YORK, NY, January 23, 2013—Cohen & Steers, Inc. (NYSE: CNS) reported income attributable to common shareholders of $21.7 million, or $0.49 per diluted share and $0.50 per basic share, for the quarter ended December 31, 2012, compared with income attributable to common shareholders of $16.0 million, or $0.36 per diluted share and $0.37 per basic share, for the quarter ended December 31, 2011. Total revenue for the fourth quarter of 2012 was $71.1 million, an increase of 19.7% from $59.4 million for the fourth quarter of 2011.
For the year ended December 31, 2012, the company recorded income attributable to common shareholders of $66.1 million, or $1.49 per diluted share and $1.51 per basic share, compared with income attributable to common shareholders of $54.3 million, or $1.23 per diluted share and $1.26 per basic share, for the year ended December 31, 2011. The 2012 results included after-tax expenses of approximately $0.21 per share associated primarily with the offering of Cohen & Steers Limited Duration Preferred and Income Fund, Inc. ("LDP"), a closed-end mutual fund. After adjusting for these items, earnings per share would have been $1.70 for the year ended December 31, 2012.
Assets Under Management
Assets under management were a record $45.8 billion as of December 31, 2012, an increase of 1.9% from $44.9 billion at September 30, 2012 and an increase of 10.9% from $41.3 billion at December 31, 2011. The increase from September 30, 2012 was due to market appreciation of $1.2 billion, partially offset by net outflows of $339 million, primarily from global/international real estate strategies. The increase from December 31, 2011 was due to market appreciation of $7.1 billion, partially offset by net outflows of $2.6 billion, primarily from global/international real estate strategies. Average assets under management were $44.9 billion for the quarter ended December 31, 2012, a decrease of 0.7% from $45.2 billion for the quarter ended September 30, 2012 and an increase of 11.4% from $40.3 billion for the quarter ended December 31, 2011.
Assets under management for institutional accounts were $24.9 billion as of December 31, 2012, an increase of 0.8% from $24.6 billion at September 30, 2012 and a decrease of 2.1% from $25.4 billion at December 31, 2011. The increase from September 30, 2012 was due to market appreciation of $745 million, largely offset by net outflows of $539 million, primarily from global/international real estate strategies associated with subadvisory relationships. The decrease from December 31, 2011 was due to net outflows of $5.1 billion, primarily from global/international real estate strategies associated with subadvisory relationships, largely offset by market appreciation of $4.5 billion. Average assets under management for institutional accounts were $24.4 billion for the quarter ended December 31, 2012, a decrease of 4.1% from $25.4 billion for the quarter ended September 30, 2012 and a decrease of 2.3% from $24.9 billion for the quarter ended December 31, 2011.
Assets under management for open-end mutual funds were a record $13.0 billion as of December 31, 2012, an increase of 3.5% from $12.5 billion at September 30, 2012 and an increase of 34.8% from $9.6 billion at December 31, 2011. The increase from September 30, 2012 was due to market appreciation of $349 million and net inflows of $85 million, primarily from the preferred securities strategy. The increase from December 31, 2011 was due to market appreciation of $1.9 billion and net inflows of $1.5 billion, primarily from U.S. real estate and preferred securities strategies. Average assets under management for open-end mutual funds were $12.6 billion for the quarter ended December 31, 2012, an increase of 0.8% from $12.5 billion for the quarter ended September 30, 2012 and an increase of 37.3% from $9.2 billion for the quarter ended December 31, 2011.
Assets under management for closed-end mutual funds were $8.0 billion as of December 31, 2012, an increase of 2.7% from $7.8 billion at September 30, 2012 and an increase of 27.0% from $6.3 billion at December 31, 2011. The increase from September 30, 2012 was due to inflows of $115 million through an increase in the use of the funds' credit facilities and market appreciation of $97 million. The increase from December 31, 2011 was due to inflows of $1.0 billion from the launch of LDP and market appreciation of $696 million. Average assets under management for closed-end mutual funds were $7.9 billion for the quarter ended December 31, 2012, an increase of 8.1% from $7.3 billion for the quarter ended September 30, 2012 and an increase of 27.9% from $6.2 billion for the quarter ended December 31, 2011.
Financial Highlights (Unaudited)
|
| | | | | | | | | | | | | | | |
| (in thousands, except per share data or as noted) | Three Months Ended | | Year Ended |
| | December 31, 2012 | | December 31, 2011 | | December 31, 2012 | | December 31, 2011 |
| Revenue | $ | 71,095 |
| | $ | 59,416 |
| | $ | 273,553 |
| | $ | 237,246 |
|
| Expenses | $ | 38,362 |
| | $ | 36,617 |
| | $ | 177,121 |
| | $ | 150,242 |
|
| Operating income | $ | 32,733 |
| | $ | 22,799 |
| | $ | 96,432 |
| | $ | 87,004 |
|
| Operating margin | 46.0 | % | | 38.4 | % | | 35.3 | % | | 36.7 | % |
| Total non-operating income (loss) | $ | 1,531 |
| | $ | 2,409 |
| | $ | 7,871 |
| | $ | (143 | ) |
| Net income attributable to common shareholders | $ | 21,723 |
| | $ | 16,047 |
| | $ | 66,117 |
| | $ | 54,307 |
|
| Diluted earnings per share attributable to common shareholders | $ | 0.49 |
| | $ | 0.36 |
| | $ | 1.49 |
| | $ | 1.23 |
|
| Assets under management, end of period (in millions) | $ | 45,797 |
| | $ | 41,284 |
| | $ | 45,797 |
| | $ | 41,284 |
|
| Average assets under management for period (in millions) | $ | 44,863 |
| | $ | 40,286 |
| | $ | 44,178 |
| | $ | 40,039 |
|
December 31, 2012 Compared with December 31, 2011
Total revenue for the fourth quarter of 2012 was $71.1 million, an increase of 19.7% from $59.4 million for the fourth quarter of 2011, primarily due to higher average assets under management. Operating expenses for the fourth quarter of 2012 were $38.4 million, an increase of 4.8% from $36.6 million for the fourth quarter of 2011, primarily due to higher general and administrative and distribution and service fees expenses, partially offset by lower employee compensation and benefits. Operating income was $32.7 million for the three months ended December 31, 2012, compared with operating income of $22.8 million for the three months ended December 31, 2011. The company's operating margin increased to 46.0% for the fourth quarter of 2012 compared with 38.4% for the three months ended December 31, 2011 primarily due to a decrease in the compensation to revenue ratio. Non-operating income was $1.5 million for the three months ended December 31, 2012, compared with non-operating income of $2.4 million for the three months ended December 31, 2011, primarily due to less earnings from the company's seed investments.
Balance Sheet Information
As of December 31, 2012, cash, cash equivalents and investments were $175 million. As of December 31, 2012, stockholders' equity was $217 million and the company had no long-term or short-term debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, January 24, 2013 at 11:00 a.m. (ET) to discuss the company's fourth quarter results. Investors and analysts can access the live conference call by dialing (800) 769-9015 (U.S.) or (212) 231-2915 (international); passcode: 21644440. 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 1:00 p.m. (ET) on January 24, 2013 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21644440. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company/Investor Relations." The webcast will be archived on the website for two weeks.
About Cohen & Steers
Founded in 1986, Cohen & Steers is a leading global investment manager focused on global real estate securities, global listed infrastructure, real assets, large cap value stocks and preferred securities. The company also manages alternative investment strategies for qualified investors such as hedged real estate securities portfolios and private real estate strategies. Headquartered in New York City, with offices in London, Brussels, Hong Kong, Tokyo and Seattle, Cohen & Steers serves institutional and individual investors around the world.
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, 2011, which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website 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.
# # # #
|
| | | | | | | | | | | | | | | | | |
| 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 |
| | December 31, 2012 | | September 30, 2012 | | December 31, 2011 | | September 30, 2012 | | December 31, 2011 |
| Revenue | | | | | | | | | |
| Investment advisory and administration fees | $ | 63,463 |
| | $ | 63,224 |
| | $ | 55,310 |
| | | | |
| Distribution and service fees | 3,205 |
| | 2,881 |
| | 2,260 |
| | | | |
| Portfolio consulting and other | 4,427 |
| | 5,191 |
| | 1,846 |
| | | | |
| Total revenue | 71,095 |
| | 71,296 |
| | 59,416 |
| | (0.3 | %) | | 19.7 | % |
| Expenses | | | | | | | | | |
| Employee compensation and benefits | 18,821 |
| | 25,101 |
| | 20,694 |
| | | | |
| Distribution and service fees | 7,122 |
| | 21,376 |
| | 5,758 |
| | | | |
| General and administrative | 10,370 |
| | 10,601 |
| | 8,380 |
| | | | |
| Depreciation and amortization | 1,344 |
| | 1,384 |
| | 1,296 |
| | | | |
| Amortization, deferred commissions | 705 |
| | 595 |
| | 489 |
| | | | |
| Total expenses | 38,362 |
| | 59,057 |
| | 36,617 |
| | (35.0 | %) | | 4.8 | % |
| Operating income | 32,733 |
| | 12,239 |
| | 22,799 |
| | 167.4 | % | | 43.6 | % |
| Non-operating income | | | | | | | | | |
| Interest and dividend income - net | 762 |
| | 478 |
| | 269 |
| | | | |
| Gain from trading securities - net | 831 |
| | 3,999 |
| | 495 |
| | | | |
| Gain from available-for-sale securities - net | 197 |
| | 437 |
| | 154 |
| | | | |
| Equity in earnings of affiliates | 336 |
| | 71 |
| | 1,614 |
| | | | |
| Other | (595 | ) | | 330 |
| | (123 | ) | | | | |
| Total non-operating income | 1,531 |
| | 5,315 |
| | 2,409 |
| | (71.2 | %) | | (36.4 | %) |
| Income before provision for income taxes | 34,264 |
| | 17,554 |
| | 25,208 |
| | 95.2 | % | | 35.9 | % |
| Provision for income taxes | 12,220 |
| | 4,987 |
| | 9,134 |
| | | | |
| Net income | 22,044 |
| | 12,567 |
| | 16,074 |
| | 75.4 | % | | 37.1 | % |
| Less: Net income attributable to redeemable noncontrolling interest | (321 | ) | | (2,306 | ) | | (27 | ) | | | | |
| Net income attributable to common shareholders | $ | 21,723 |
| | $ | 10,261 |
| | $ | 16,047 |
| | 111.7 | % | | 35.4 | % |
| | | | | | | | | | |
| Earnings per share attributable to common shareholders | | | | | | | | | |
| Basic | $ | 0.50 |
| | $ | 0.23 |
| | $ | 0.37 |
| | 111.7 | % | | 33.6 | % |
| Diluted | $ | 0.49 |
| | $ | 0.23 |
| | $ | 0.36 |
| | 111.4 | % | | 34.0 | % |
| Weighted average shares outstanding | | | | | | | | | |
| Basic | 43,832 |
| | 43,822 |
| | 43,249 |
| | | | |
| Diluted | 44,609 |
| | 44,537 |
| | 44,141 |
| | | | |
| | | | | | | | | | |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Condensed Consolidated Statements of Operations (Unaudited) | | | |
| For the Periods Ended | | | | | |
| (in thousands, except per share data) | | | | | |
| | | | | | |
| | Year Ended | | |
| | December 31, 2012 | | December 31, 2011 | | % Change |
| Revenue | | | | | |
| Investment advisory and administration fees | $ | 244,529 |
| | $ | 221,879 |
| | |
| Distribution and service fees | 11,334 |
| | 9,718 |
| | |
| Portfolio consulting and other | 17,690 |
| | 5,649 |
| | |
| Total revenue | 273,553 |
| | 237,246 |
| | 15.3 | % |
| Expenses | | | | | |
| Employee compensation and benefits | 88,517 |
| | 84,371 |
| | |
| Distribution and service fees | 41,270 |
| | 23,867 |
| | |
| General and administrative | 39,431 |
| | 35,204 |
| | |
| Depreciation and amortization | 5,562 |
| | 5,056 |
| | |
| Amortization, deferred commissions | 2,341 |
| | 1,744 |
| | |
| Total expenses | 177,121 |
| | 150,242 |
| | 17.9 | % |
| Operating income | 96,432 |
| | 87,004 |
| | 10.8 | % |
| Non-operating income | | | | | |
| Interest and dividend income - net | 2,530 |
| | 1,068 |
| | |
| Gain from trading securities - net | 4,082 |
| | 39 |
| | |
| Gain from available-for-sale securities - net | 1,237 |
| | 376 |
| | |
| Equity in earnings (losses) of affiliates | 1,050 |
| | (3,021 | ) | | |
| Other | (1,028 | ) | | 1,395 |
| | |
| Total non-operating income (loss) | 7,871 |
| | (143 | ) | | * |
|
| Income before provision for income taxes | 104,303 |
| | 86,861 |
| | 20.1 | % |
| Provision for income taxes | 36,407 |
| | 32,584 |
| | |
| Net income | 67,896 |
| | 54,277 |
| | 25.1 | % |
| Less: Net (income) loss attributable to redeemable noncontrolling interest | (1,779 | ) | | 30 |
| | |
| Net income attributable to common shareholders | $ | 66,117 |
| | $ | 54,307 |
| | 21.7 | % |
| | | | | | |
| Earnings per share attributable to common shareholders | | | | | |
| Basic | $ | 1.51 |
| | $ | 1.26 |
| | 20.1 | % |
| Diluted | $ | 1.49 |
| | $ | 1.23 |
| | 20.4 | % |
| Weighted average shares outstanding | | | | | |
| Basic | 43,766 |
| | 43,190 |
| | |
| Diluted | 44,482 |
| | 43,975 |
| | |
| | | | | | |
| * Not meaningful | | | | | |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Vehicle | | | | | | | | | |
| For the Periods Ended | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | December 31, 2012 | | September 30, 2012 | | December 31, 2011 | | September 30, 2012 | | December 31, 2011 |
| Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 24,644 |
| | $ | 25,599 |
| | $ | 24,026 |
| | | | |
| Inflows | 385 |
| | 362 |
| | 498 |
| | | | |
| Outflows | (924 | ) | | (2,044 | ) | | (1,598 | ) | | | | |
| Net outflows | (539 | ) | | (1,682 | ) | | (1,100 | ) | | | | |
| Market appreciation | 745 |
| | 727 |
| | 2,454 |
| | | | |
| Total increase (decrease) | 206 |
| | (955 | ) | | 1,354 |
| | | | |
| Assets under management, end of period | $ | 24,850 |
| | $ | 24,644 |
| | $ | 25,380 |
| | 0.8 | % | | (2.1 | %) |
| Average assets under management for period | $ | 24,362 |
| | $ | 25,393 |
| | $ | 24,932 |
| | (4.1 | %) | | (2.3 | %) |
| | | | | | | | | | |
| Open-End Mutual Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 12,528 |
| | $ | 12,114 |
| | $ | 8,612 |
| | | | |
| Inflows | 1,165 |
| | 1,225 |
| | 908 |
| | | | |
| Outflows | (1,080 | ) | | (1,061 | ) | | (817 | ) | | | | |
| Net inflows | 85 |
| | 164 |
| | 91 |
| | | | |
| Market appreciation | 349 |
| | 250 |
| | 916 |
| | | | |
| Total increase | 434 |
| | 414 |
| | 1,007 |
| | | | |
| Assets under management, end of period | $ | 12,962 |
| | $ | 12,528 |
| | $ | 9,619 |
| | 3.5 | % | | 34.8 | % |
| Average assets under management for period | $ | 12,594 |
| | $ | 12,490 |
| | $ | 9,170 |
| | 0.8 | % | | 37.3 | % |
| | | | | | | | | | |
| Closed-End Mutual Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 7,773 |
| | $ | 6,678 |
| | $ | 5,979 |
| | | | |
| Inflows | 115 |
| | 889 |
| | — |
| | | | |
| Outflows | — |
| | — |
| | (59 | ) | | | | |
| Net inflows (outflows) | 115 |
| | 889 |
| | (59 | ) | | | | |
| Market appreciation | 97 |
| | 206 |
| | 365 |
| | | | |
| Total increase | 212 |
| | 1,095 |
| | 306 |
| | | | |
| Assets under management, end of period | $ | 7,985 |
| | $ | 7,773 |
| | $ | 6,285 |
| | 2.7 | % | | 27.0 | % |
| Average assets under management for period | $ | 7,907 |
| | $ | 7,312 |
| | $ | 6,184 |
| | 8.1 | % | | 27.9 | % |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 44,945 |
| | $ | 44,391 |
| | $ | 38,617 |
| | | | |
| Inflows | 1,665 |
| | 2,476 |
| | 1,406 |
| | | | |
| Outflows | (2,004 | ) | | (3,105 | ) | | (2,474 | ) | | | | |
| Net outflows | (339 | ) | | (629 | ) | | (1,068 | ) | | | | |
| Market appreciation | 1,191 |
| | 1,183 |
| | 3,735 |
| | | | |
| Total increase | 852 |
| | 554 |
| | 2,667 |
| | | | |
| Assets under management, end of period | $ | 45,797 |
| | $ | 44,945 |
| | $ | 41,284 |
| | 1.9 | % | | 10.9 | % |
| Average assets under management for period | $ | 44,863 |
| | $ | 45,195 |
| | $ | 40,286 |
| | (0.7 | %) | | 11.4 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Vehicle | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Year Ended | | |
| | December 31, 2012 | | December 31, 2011 | | % Change |
| Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 25,380 |
| | $ | 19,625 |
| | |
| Inflows | 2,113 |
| | 9,841 |
| | |
| Outflows | (7,186 | ) | | (3,802 | ) | | |
| Net (outflows) inflows | (5,073 | ) | | 6,039 |
| | |
| Market appreciation (depreciation) | 4,543 |
| | (284 | ) | | |
| Total (decrease) increase | (530 | ) | | 5,755 |
| | |
| Assets under management, end of period | $ | 24,850 |
| | $ | 25,380 |
| | (2.1 | %) |
| Average assets under management for period | $ | 25,284 |
| | $ | 24,175 |
| | 4.6 | % |
| | | | | | |
| Open-End Mutual Funds | | | | | |
| Assets under management, beginning of period | $ | 9,619 |
| | $ | 8,484 |
| | |
| Inflows | 5,149 |
| | 4,278 |
| | |
| Outflows | (3,669 | ) | | (2,991 | ) | | |
| Net inflows | 1,480 |
| | 1,287 |
| | |
| Market appreciation (depreciation) | 1,863 |
| | (152 | ) | | |
| Total increase | 3,343 |
| | 1,135 |
| | |
| Assets under management, end of period | $ | 12,962 |
| | $ | 9,619 |
| | 34.8 | % |
| Average assets under management for period | $ | 11,798 |
| | $ | 9,342 |
| | 26.3 | % |
| | | | | | |
| Closed-End Mutual Funds | | | | | |
| Assets under management, beginning of period | $ | 6,285 |
| | $ | 6,353 |
| | |
| Inflows | 1,004 |
| | 153 |
| | |
| Outflows | — |
| | (59 | ) | | |
| Net inflows | 1,004 |
| | 94 |
| | |
| Market appreciation (depreciation) | 696 |
| | (162 | ) | | |
| Total increase (decrease) | 1,700 |
| | (68 | ) | | |
| Assets under management, end of period | $ | 7,985 |
| | $ | 6,285 |
| | 27.0 | % |
| Average assets under management for period | $ | 7,096 |
| | $ | 6,522 |
| | 8.8 | % |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 41,284 |
| | $ | 34,462 |
| | |
| Inflows | 8,266 |
| | 14,272 |
| | |
| Outflows | (10,855 | ) | | (6,852 | ) | | |
| Net (outflows) inflows | (2,589 | ) | | 7,420 |
| | |
| Market appreciation (depreciation) | 7,102 |
| | (598 | ) | | |
| Total increase | 4,513 |
| | 6,822 |
| | |
| Assets under management, end of period | $ | 45,797 |
| | $ | 41,284 |
| | 10.9 | % |
| Average assets under management for period | $ | 44,178 |
| | $ | 40,039 |
| | 10.3 | % |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management - Institutional Accounts (Unaudited) | | | | | | |
| By Investment Relationship | | | | | | | | | |
| For the Periods Ended | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | December 31, 2012 | | September 30, 2012 | | December 31, 2011 | | September 30, 2012 | | December 31, 2011 |
| Subadvisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 17,712 |
| | $ | 18,639 |
| | $ | 18,266 |
| | | | |
| Inflows | 145 |
| | 149 |
| | 349 |
| | | | |
| Outflows | (735 | ) | | (1,549 | ) | | (1,429 | ) | | | | |
| Net outflows | (590 | ) | | (1,400 | ) | | (1,080 | ) | | | | |
| Market appreciation | 460 |
| | 473 |
| | 1,887 |
| | | | |
| Total (decrease) increase | (130 | ) | | (927 | ) | | 807 |
| | | | |
| Assets under management, end of period | $ | 17,582 |
| | $ | 17,712 |
| | $ | 19,073 |
| | (0.7 | %) | | (7.8 | %) |
| Average assets under management for period | $ | 17,273 |
| | $ | 18,492 |
| | $ | 18,795 |
| | (6.6 | %) | | (8.1 | %) |
| | | | | | | | | | |
| Advisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 6,932 |
| | $ | 6,960 |
| | $ | 5,760 |
| | | | |
| Inflows | 240 |
| | 213 |
| | 149 |
| | | | |
| Outflows | (189 | ) | | (495 | ) | | (169 | ) | | | | |
| Net inflows (outflows) | 51 |
| | (282 | ) | | (20 | ) | | | | |
| Market appreciation | 285 |
| | 254 |
| | 567 |
| | | | |
| Total increase (decrease) | 336 |
| | (28 | ) | | 547 |
| | | | |
| Assets under management, end of period | $ | 7,268 |
| | $ | 6,932 |
| | $ | 6,307 |
| | 4.8 | % | | 15.2 | % |
| Average assets under management for period | $ | 7,089 |
| | $ | 6,901 |
| | $ | 6,137 |
| | 2.7 | % | | 15.5 | % |
| | | | | | | | | | |
| Total Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 24,644 |
| | $ | 25,599 |
| | $ | 24,026 |
| | | | |
| Inflows | 385 |
| | 362 |
| | 498 |
| | | | |
| Outflows | (924 | ) | | (2,044 | ) | | (1,598 | ) | | | | |
| Net outflows | (539 | ) | | (1,682 | ) | | (1,100 | ) | | | | |
| Market appreciation | 745 |
| | 727 |
| | 2,454 |
| | | | |
| Total increase (decrease) | 206 |
| | (955 | ) | | 1,354 |
| | | | |
| Assets under management, end of period | $ | 24,850 |
| | $ | 24,644 |
| | $ | 25,380 |
| | 0.8 | % | | (2.1 | %) |
| Average assets under management for period | $ | 24,362 |
| | $ | 25,393 |
| | $ | 24,932 |
| | (4.1 | %) | | (2.3 | %) |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management - Institutional Accounts (Unaudited) | | |
| By Investment Relationship | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Year Ended | | |
| | December 31, 2012 | | December 31, 2011 | | % Change |
| Subadvisory | | | | | |
| Assets under management, beginning of period | $ | 19,073 |
| | $ | 13,334 |
| | |
| Inflows | 850 |
| | 9,018 |
| | |
| Outflows | (5,559 | ) | | (3,074 | ) | | |
| Net (outflows) inflows | (4,709 | ) | | 5,944 |
| | |
| Market appreciation (depreciation) | 3,218 |
| | (205 | ) | | |
| Total (decrease) increase | (1,491 | ) | | 5,739 |
| | |
| Assets under management, end of period | $ | 17,582 |
| | $ | 19,073 |
| | (7.8 | %) |
| Average assets under management for period | $ | 18,437 |
| | $ | 17,515 |
| | 5.3 | % |
| | | | | | |
| Advisory | | | | | |
| Assets under management, beginning of period | $ | 6,307 |
| | $ | 6,291 |
| | |
| Inflows | 1,263 |
| | 823 |
| | |
| Outflows | (1,627 | ) | | (728 | ) | | |
| Net (outflows) inflows | (364 | ) | | 95 |
| | |
| Market appreciation (depreciation) | 1,325 |
| | (79 | ) | | |
| Total increase | 961 |
| | 16 |
| | |
| Assets under management, end of period | $ | 7,268 |
| | $ | 6,307 |
| | 15.2 | % |
| Average assets under management for period | $ | 6,847 |
| | $ | 6,660 |
| | 2.8 | % |
| | | | | | |
| Total Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 25,380 |
| | $ | 19,625 |
| | |
| Inflows | 2,113 |
| | 9,841 |
| | |
| Outflows | (7,186 | ) | | (3,802 | ) | | |
| Net (outflows) inflows | (5,073 | ) | | 6,039 |
| | |
| Market appreciation (depreciation) | 4,543 |
| | (284 | ) | | |
| Total (decrease) increase | (530 | ) | | 5,755 |
| | |
| Assets under management, end of period | $ | 24,850 |
| | $ | 25,380 |
| | (2.1 | %) |
| Average assets under management for period | $ | 25,284 |
| | $ | 24,175 |
| | 4.6 | % |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy | | | | | | | | | |
| For the Periods Ended | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | December 31, 2012 | | September 30, 2012 | | December 31, 2011 | | September 30, 2012 | | December 31, 2011 |
| U.S. Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 22,430 |
| | $ | 22,178 |
| | $ | 16,099 |
| | | | |
| Inflows | 600 |
| | 774 |
| | 749 |
| | | | |
| Outflows | (733 | ) | | (552 | ) | | (513 | ) | | | | |
| Net (outflows) inflows | (133 | ) | | 222 |
| | 236 |
| | | | |
| Market appreciation | 316 |
| | 30 |
| | 2,170 |
| | | | |
| Total increase | 183 |
| | 252 |
| | 2,406 |
| | | | |
| Assets under management, end of period | $ | 22,613 |
| | $ | 22,430 |
| | $ | 18,505 |
| | 0.8 | % | | 22.2 | % |
| Average assets under management for period | $ | 22,088 |
| | $ | 22,527 |
| | $ | 17,339 |
| | (1.9 | %) | | 27.4 | % |
| | | | | | | | | | |
| Global/International Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 11,114 |
| | $ | 12,532 |
| | $ | 13,734 |
| | | | |
| Inflows | 288 |
| | 249 |
| | 343 |
| | | | |
| Outflows | (964 | ) | | (2,301 | ) | | (1,624 | ) | | | | |
| Net outflows | (676 | ) | | (2,052 | ) | | (1,281 | ) | | | | |
| Market appreciation | 717 |
| | 634 |
| | 956 |
| | | | |
| Total increase (decrease) | 41 |
| | (1,418 | ) | | (325 | ) | | | | |
| Assets under management, end of period | $ | 11,155 |
| | $ | 11,114 |
| | $ | 13,409 |
| | 0.4 | % | | (16.8 | %) |
| Average assets under management for period | $ | 10,978 |
| | $ | 12,097 |
| | $ | 13,822 |
| | (9.3 | %) | | (20.6 | %) |
| | | | | | | | | | |
| Preferred Securities | | | | | | | | | |
| Assets under management, beginning of period | $ | 3,843 |
| | $ | 2,548 |
| | $ | 1,803 |
| | | | |
| Inflows | 569 |
| | 1,331 |
| | 152 |
| | | | |
| Outflows | (138 | ) | | (183 | ) | | (52 | ) | | | | |
| Net inflows | 431 |
| | 1,148 |
| | 100 |
| | | | |
| Market appreciation | 90 |
| | 147 |
| | 61 |
| | | | |
| Total increase | 521 |
| | 1,295 |
| | 161 |
| | | | |
| Assets under management, end of period | $ | 4,364 |
| | $ | 3,843 |
| | $ | 1,964 |
| | 13.6 | % | | 122.2 | % |
| Average assets under management for period | $ | 4,139 |
| | $ | 3,236 |
| | $ | 1,894 |
| | 27.9 | % | | 118.5 | % |
| | | | | | | | | | |
| Global Infrastructure | | | | | | | | | |
| Assets under management, beginning of period | $ | 3,258 |
| | $ | 3,122 |
| | $ | 2,919 |
| | | | |
| Inflows | 184 |
| | 27 |
| | 17 |
| | | | |
| Outflows | (22 | ) | | (35 | ) | | (73 | ) | | | | |
| Net inflows (outflows) | 162 |
| | (8 | ) | | (56 | ) | | | | |
| Market appreciation | 89 |
| | 144 |
| | 147 |
| | | | |
| Total increase | 251 |
| | 136 |
| | 91 |
| | | | |
| Assets under management, end of period | $ | 3,509 |
| | $ | 3,258 |
| | $ | 3,010 |
| | 7.7 | % | | 16.6 | % |
| Average assets under management for period | $ | 3,422 |
| | $ | 3,210 |
| | $ | 2,970 |
| | 6.6 | % | | 15.2 | % |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy - continued | | | | | | | | | |
| For the Periods Ended | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | December 31, 2012 | | September 30, 2012 | | December 31, 2011 | | September 30, 2012 | | December 31, 2011 |
| Large Cap Value Stocks | | | | | | | | | |
| Assets under management, beginning of period | $ | 3,602 |
| | $ | 3,389 |
| | $ | 3,470 |
| | | | |
| Inflows | 12 |
| | 50 |
| | 145 |
| | | | |
| Outflows | (142 | ) | | (31 | ) | | (116 | ) | | | | |
| Net (outflows) inflows | (130 | ) | | 19 |
| | 29 |
| | | | |
| Market (depreciation) appreciation | (7 | ) | | 194 |
| | 377 |
| | | | |
| Total (decrease) increase | (137 | ) | | 213 |
| | 406 |
| | | | |
| Assets under management, end of period | $ | 3,465 |
| | $ | 3,602 |
| | $ | 3,876 |
| | (3.8 | %) | | (10.6 | %) |
| Average assets under management for period | $ | 3,539 |
| | $ | 3,473 |
| | $ | 3,718 |
| | 1.9 | % | | (4.8 | %) |
| | | | | | | | | | |
| Other | | | | | | | | | |
| Assets under management, beginning of period | $ | 698 |
| | $ | 622 |
| | $ | 592 |
| | | | |
| Inflows | 12 |
| | 45 |
| | — |
| | | | |
| Outflows | (5 | ) | | (3 | ) | | (96 | ) | | | | |
| Net inflows (outflows) | 7 |
| | 42 |
| | (96 | ) | | | | |
| Market (depreciation) appreciation | (14 | ) | | 34 |
| | 24 |
| | | | |
| Total (decrease) increase | (7 | ) | | 76 |
| | (72 | ) | | | | |
| Assets under management, end of period | $ | 691 |
| | $ | 698 |
| | $ | 520 |
| | (1.0 | %) | | 32.9 | % |
| Average assets under management for period | $ | 697 |
| | $ | 652 |
| | $ | 543 |
| | 6.9 | % | | 28.4 | % |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 44,945 |
| | $ | 44,391 |
| | $ | 38,617 |
| | | | |
| Inflows | 1,665 |
| | 2,476 |
| | 1,406 |
| | | | |
| Outflows | (2,004 | ) | | (3,105 | ) | | (2,474 | ) | | | | |
| Net outflows | (339 | ) | | (629 | ) | | (1,068 | ) | | | | |
| Market appreciation | 1,191 |
| | 1,183 |
| | 3,735 |
| | | | |
| Total increase | 852 |
| | 554 |
| | 2,667 |
| | | | |
| Assets under management, end of period | $ | 45,797 |
| | $ | 44,945 |
| | $ | 41,284 |
| | 1.9 | % | | 10.9 | % |
| Average assets under management for period | $ | 44,863 |
| | $ | 45,195 |
| | $ | 40,286 |
| | (0.7 | %) | | 11.4 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Year Ended | | |
| | December 31, 2012 | | December 31, 2011 | | % Change |
| U.S. Real Estate | | | | | |
| Assets under management, beginning of period | $ | 18,505 |
| | $ | 10,506 |
| | |
| Inflows | 3,723 |
| | 9,506 |
| | |
| Outflows | (2,458 | ) | | (1,979 | ) | | |
| Net inflows | 1,265 |
| | 7,527 |
| | |
| Market appreciation | 2,843 |
| | 472 |
| | |
| Total increase | 4,108 |
| | 7,999 |
| | |
| Assets under management, end of period | $ | 22,613 |
| | $ | 18,505 |
| | 22.2 | % |
| Average assets under management for period | $ | 21,453 |
| | $ | 15,043 |
| | 42.6 | % |
| | | | | | |
| Global/International Real Estate | | | | | |
| Assets under management, beginning of period | $ | 13,409 |
| | $ | 15,438 |
| | |
| Inflows | 1,528 |
| | 2,964 |
| | |
| Outflows | (6,738 | ) | | (4,010 | ) | | |
| Net outflows | (5,210 | ) | | (1,046 | ) | | |
| Market appreciation (depreciation) | 2,956 |
| | (983 | ) | | |
| Total decrease | (2,254 | ) | | (2,029 | ) | | |
| Assets under management, end of period | $ | 11,155 |
| | $ | 13,409 |
| | (16.8 | %) |
| Average assets under management for period | $ | 12,277 |
| | $ | 15,789 |
| | (22.2 | %) |
| | | | | | |
| Preferred Securities | | | | | |
| Assets under management, beginning of period | $ | 1,964 |
| | $ | 1,292 |
| | |
| Inflows | 2,430 |
| | 887 |
| | |
| Outflows | (439 | ) | | (200 | ) | | |
| Net inflows | 1,991 |
| | 687 |
| | |
| Market appreciation (depreciation) | 409 |
| | (15 | ) | | |
| Total increase | 2,400 |
| | 672 |
| | |
| Assets under management, end of period | $ | 4,364 |
| | $ | 1,964 |
| | 122.2 | % |
| Average assets under management for period | $ | 2,988 |
| | $ | 1,698 |
| | 76.0 | % |
| | | | | | |
| Global Infrastructure | | | | | |
| Assets under management, beginning of period | $ | 3,010 |
| | $ | 2,870 |
| | |
| Inflows | 255 |
| | 291 |
| | |
| Outflows | (104 | ) | | (120 | ) | | |
| Net inflows | 151 |
| | 171 |
| | |
| Market appreciation (depreciation) | 348 |
| | (31 | ) | | |
| Total increase | 499 |
| | 140 |
| | |
| Assets under management, end of period | $ | 3,509 |
| | $ | 3,010 |
| | 16.6 | % |
| Average assets under management for period | $ | 3,206 |
| | $ | 3,057 |
| | 4.9 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy - continued | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Year Ended | | |
| | December 31, 2012 | | December 31, 2011 | | % Change |
| Large Cap Value Stocks | | | | | |
| Assets under management, beginning of period | $ | 3,876 |
| | $ | 3,673 |
| | |
| Inflows | 182 |
| | 710 |
| | |
| Outflows | (1,108 | ) | | (523 | ) | | |
| Net (outflows) inflows | (926 | ) | | 187 |
| | |
| Market appreciation | 515 |
| | 16 |
| | |
| Total (decrease) increase | (411 | ) | | 203 |
| | |
| Assets under management, end of period | $ | 3,465 |
| | $ | 3,876 |
| | (10.6 | %) |
| Average assets under management for period | $ | 3,625 |
| | $ | 3,805 |
| | (4.7 | %) |
| | | | | | |
| Other | | | | | |
| Assets under management, beginning of period | $ | 520 |
| | $ | 683 |
| | |
| Inflows | 148 |
| | 46 |
| | |
| Outflows | (8 | ) | | (152 | ) | | |
| Net inflows (outflows) | 140 |
| | (106 | ) | | |
| Market appreciation (depreciation) | 31 |
| | (57 | ) | | |
| Total increase (decrease) | 171 |
| | (163 | ) | | |
| Assets under management, end of period | $ | 691 |
| | $ | 520 |
| | 32.9 | % |
| Average assets under management for period | $ | 629 |
| | $ | 647 |
| | (2.8 | %) |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 41,284 |
| | $ | 34,462 |
| | |
| Inflows | 8,266 |
| | 14,404 |
| | |
| Outflows | (10,855 | ) | | (6,984 | ) | | |
| Net (outflows) inflows | (2,589 | ) | | 7,420 |
| | |
| Market appreciation (depreciation) | 7,102 |
| | (598 | ) | | |
| Total increase | 4,513 |
| | 6,822 |
| | |
| Assets under management, end of period | $ | 45,797 |
| | $ | 41,284 |
| | 10.9 | % |
| Average assets under management for period | $ | 44,178 |
| | $ | 40,039 |
| | 10.3 | % |
|
| | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Advisement (Unaudited) | | | | | |
| (in millions) | | | | | |
| | As of |
| | December 31, 2012 | | September 30, 2012 | | December 31, 2011 |
| | | | | | |
| Model-Based Strategies | $ | 4,536 |
| | $ | 5,605 |
| | $ | 2,009 |
|
| | | | | | |
| Exchange Traded Funds | $ | 2,804 |
| | $ | 2,948 |
| | $ | 2,380 |
|
| | | | | | |
| Unit Investment Trusts | $ | 1,324 |
| | $ | 1,290 |
| | $ | 1,233 |
|
| | | | | | |
| Total | $ | 8,664 |
| | $ | 9,843 |
| | $ | 5,622 |
|
| | | | | | |
| | | | | | |
| Note: Assets under advisement are defined as assets for which the company does not provide active management. |
