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 SECOND QUARTER
2013 RESULTS
NEW YORK, NY, July 17, 2013—Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common shareholders of $15.3 million, or $0.34 per share (diluted and basic), for the quarter ended June 30, 2013, compared with $16.1 million, or $0.36 per diluted share and $0.37 per basic share, for the quarter ended June 30, 2012. Total revenue for the second quarter of 2013 was a record $77.8 million, an increase of 15.4% from $67.4 million for the second quarter of 2012.
For the six months ended June 30, 2013, the company recorded net income attributable to common shareholders of $30.4 million, or $0.68 per diluted share and $0.69 per basic share, compared with $34.1 million, or $0.77 per diluted share and $0.78 per basic share, for the six months ended June 30, 2012.
The results for the six months ended June 30, 2013 included after-tax expenses of approximately $0.10 per share associated primarily with the offering of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc. ("MIE"), a closed-end mutual fund. After adjusting for these items, earnings per share would have been $0.78.
Assets Under Management
Assets under management were $47.8 billion as of June 30, 2013, a decrease of 3.0% from $49.3 billion at March 31, 2013 and an increase of 7.7% from $44.4 billion at June 30, 2012. The decrease from March 31, 2013 was due to market depreciation of $1.0 billion and net outflows of $449 million, primarily from global/international real estate strategies associated with subadvisory relationships. The increase from June 30, 2012 was due to market appreciation of $4.1 billion, partially offset by net outflows of $644 million. Average assets under management were $50.2 billion for the quarter ended June 30, 2013, an increase of 5.8% from $47.4 billion for the quarter ended March 31, 2013 and an increase of 14.9% from $43.6 billion for the quarter ended June 30, 2012.
Assets under management for institutional accounts were $24.5 billion as of June 30, 2013, a decrease of 5.9% from $26.1 billion at March 31, 2013 and a decrease of 4.1% from $25.6 billion at June 30, 2012. The decrease from March 31, 2013 was due to net outflows of $1.1 billion, primarily from global/international real estate and large cap value strategies associated with subadvisory relationships and market depreciation of $454 million. The decrease from June 30, 2012 was due to net outflows of $3.7 billion, primarily from global/international real estate strategies associated with subadvisory relationships, partially offset by market appreciation of $2.6 billion. Average assets under management for institutional accounts were $26.1 billion for the quarter ended June 30, 2013, an increase of 2.8% from $25.4 billion for the quarter ended March 31, 2013 and an increase of 2.3% from $25.5 billion for the quarter ended June 30, 2012.
Assets under management for open-end mutual funds were $14.4 billion at both June 30, 2013 and March 31, 2013 and $12.1 billion at June 30, 2012. The increase from June 30, 2012 was due to net inflows of $1.3 billion, primarily from preferred securities and U.S. real estate strategies and market appreciation of $1.1 billion. Average assets under management for open-end mutual funds were $15.0 billion for the quarter ended June 30, 2013, an increase of 8.9% from $13.8 billion for the quarter ended March 31, 2013 and an increase of 30.1% from $11.5 billion for the quarter ended June 30, 2012.
Assets under management for closed-end mutual funds were $8.8 billion as of June 30, 2013, an increase of 0.6% from $8.8 billion at March 31, 2013 and an increase of 32.4% from $6.7 billion at June 30, 2012. The increase from March 31, 2013 was due to inflows of $281 million from additional use of the credit facility and the exercise of the underwriters' over-allotment option for MIE, partially offset by market depreciation of $231 million. The increase from June 30, 2012 was due to net inflows of $1.7 billion, primarily from the launches of Cohen & Steers Limited Duration Preferred and Income Fund, Inc. and MIE and market appreciation of $422 million. Average assets under management for closed-end mutual funds were $9.1 billion for the quarter ended June 30, 2013, an increase of 9.7% from $8.3 billion for the quarter ended March 31, 2013 and an increase of 37.0% from $6.6 billion for the quarter ended June 30, 2012.
Financial Highlights (Unaudited)
|
| | | | | | | |
| | Three Months Ended |
| | (in thousands, except per share data or as noted) |
| | June 30,
2013 | | June 30,
2012 |
| Revenue | $ | 77,796 |
| | $ | 67,432 |
|
| Expenses | $ | 49,239 |
| | $ | 41,368 |
|
| Operating income | $ | 28,557 |
| | $ | 26,064 |
|
| Operating margin | 36.7 | % |
| 38.7 | % |
| Total non-operating loss | $ | (10,178 | ) | | $ | (1,992 | ) |
| Net income attributable to common shareholders | $ | 15,282 |
| | $ | 16,079 |
|
| Diluted earnings per share attributable to common shareholders | $ | 0.34 |
| | $ | 0.36 |
|
| Assets under management, end of period (in millions) | $ | 47,823 |
| | $ | 44,391 |
|
| Average assets under management for period (in millions) | $ | 50,154 |
| | $ | 43,647 |
|
June 30, 2013 Compared With June 30, 2012
Total revenue for the second quarter of 2013 was $77.8 million, an increase of 15.4% from $67.4 million for the second quarter of 2012, primarily due to higher average assets under management. Operating expenses for the second quarter of 2013 were $49.2 million, an increase of 19.0% from $41.4 million for the second quarter of 2012, primarily due to increases in distribution and service fees, general and administrative expenses and employee compensation and benefits. Operating income was $28.6 million for the three months ended June 30, 2013, compared with operating income of $26.1 million for the three months ended June 30, 2012. The company's operating margin decreased to 36.7% for the second quarter of 2013 compared with 38.7% for the three months ended June 30, 2012, primarily due to increases in the distribution and service fee expenses and G&A, partially offset by a decrease in the compensation to revenue ratio. Non-operating loss, excluding net loss attributable to redeemable noncontrolling interest, increased to $3.4 million for the three months ended June 30, 2013, compared with a non-operating loss of $940,000 for the three months ended June 30, 2012, primarily due to losses from the company's seed investments.
Balance Sheet Information
As of June 30, 2013, cash, cash equivalents and investments were $181 million. As of June 30, 2013, stockholders' equity was $234 million and the company had no long-term or short-term debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, July 18, 2013 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) 223-4561 (U.S.) or (303) 223-2681 (international); passcode: 21667921. 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 July 18, 2013 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21667921. 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 with a long history of innovation and a focus on real assets, including real estate, infrastructure and commodities. Headquartered in New York City, with offices in London, 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, 2012, 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 |
| | June 30, 2013 | | March 31, 2013 | | June 30, 2012 | | March 31, 2013 | | June 30, 2012 |
| Revenue | | | | | | | | | |
| Investment advisory and administration fees | $ | 70,353 |
| | $ | 65,394 |
| | $ | 59,687 |
| | | | |
| Distribution and service fees | 3,741 |
| | 3,434 |
| | 2,747 |
| | | | |
| Portfolio consulting and other | 3,702 |
| | 3,631 |
| | 4,998 |
| | | | |
| Total revenue | 77,796 |
| | 72,459 |
| | 67,432 |
| | 7.4 | % | | 15.4 | % |
| Expenses | | | | | | | | | |
| Employee compensation and benefits | 24,895 |
| | 23,377 |
| | 22,927 |
| | | | |
| Distribution and service fees | 9,677 |
| | 15,081 |
| | 6,535 |
| | | | |
| General and administrative | 12,517 |
| | 11,179 |
| | 9,923 |
| | | | |
| Depreciation and amortization | 1,340 |
| | 1,347 |
| | 1,438 |
| | | | |
| Amortization, deferred commissions | 810 |
| | 765 |
| | 545 |
| | | | |
| Total expenses | 49,239 |
| | 51,749 |
| | 41,368 |
| | (4.9 | %) | | 19.0 | % |
| Operating income | 28,557 |
| | 20,710 |
| | 26,064 |
| | 37.9 | % | | 9.6 | % |
| Non-operating income | | | | | | | | | |
| Interest and dividend income - net | 743 |
| | 546 |
| | 669 |
| | | | |
| (Loss) gain from trading securities - net | (10,963 | ) | | 1,624 |
| | (2,469 | ) | | | | |
| Gain (loss) from available-for-sale securities - net | 837 |
| | 491 |
| | (84 | ) | | | | |
| Equity in (losses) earnings of affiliates | (427 | ) | | 536 |
| | (129 | ) | | | | |
| Other | (368 | ) | | (271 | ) | | 21 |
| | | | |
| Total non-operating (loss) income | (10,178 | ) | | 2,926 |
| | (1,992 | ) | | * |
| | * |
|
| Income before provision for income taxes | 18,379 |
| | 23,636 |
| | 24,072 |
| | (22.2 | %) | | (23.6 | %) |
| Provision for income taxes | 9,870 |
| | 8,135 |
| | 9,045 |
| | | | |
| Net income | 8,509 |
| | 15,501 |
| | 15,027 |
| | (45.1 | %) | | (43.4 | %) |
| Less: Net loss (income) attributable to redeemable noncontrolling interest | 6,773 |
| | (360 | ) | | 1,052 |
| | | | |
| Net income attributable to common shareholders | $ | 15,282 |
| | $ | 15,141 |
| | $ | 16,079 |
| | 0.9 | % | | (5.0 | %) |
| | | | | | | | | | |
| Earnings per share attributable to common shareholders | | | | | | | | | |
| Basic | $ | 0.34 |
| | $ | 0.34 |
| | $ | 0.37 |
| | 0.5 | % | | (6.0 | %) |
| Diluted | $ | 0.34 |
| | $ | 0.34 |
| | $ | 0.36 |
| | 0.7 | % | | (6.2 | %) |
| Weighted average shares outstanding | | | | | | | | | |
| Basic | 44,306 |
| | 44,137 |
| | 43,808 |
| | | | |
| Diluted | 45,002 |
| | 44,882 |
| | 44,393 |
| | | | |
| | | | | | | | | | |
| * Not meaningful | | | | | | | | | |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Condensed Consolidated Statements of Operations (Unaudited) | | | |
| For the Periods Ended | | | | | |
| (in thousands, except per share data) | | | | | |
| | | | | | |
| | Six Months Ended | | |
| | June 30, 2013 | | June 30, 2012 | | % Change |
| Revenue | | | | | |
| Investment advisory and administration fees | $ | 135,747 |
| | $ | 117,842 |
| | |
| Distribution and service fees | 7,175 |
| | 5,248 |
| | |
| Portfolio consulting and other | 7,333 |
| | 8,072 |
| | |
| Total revenue | 150,255 |
| | 131,162 |
| | 14.6 | % |
| Expenses | | | | | |
| Employee compensation and benefits | 48,272 |
| | 44,595 |
| | |
| Distribution and service fees | 24,758 |
| | 12,772 |
| | |
| General and administrative | 23,696 |
| | 18,460 |
| | |
| Depreciation and amortization | 2,687 |
| | 2,834 |
| | |
| Amortization, deferred commissions | 1,575 |
| | 1,041 |
| | |
| Total expenses | 100,988 |
| | 79,702 |
| | 26.7 | % |
| Operating income | 49,267 |
| | 51,460 |
| | (4.3 | %) |
| Non-operating income | | | | | |
| Interest and dividend income - net | 1,289 |
| | 1,290 |
| | |
| Loss from trading securities - net | (9,339 | ) | | (748 | ) | | |
| Gain from available-for-sale securities - net | 1,328 |
| | 603 |
| | |
| Equity in earnings of affiliates | 109 |
| | 643 |
| | |
| Other | (639 | ) | | (763 | ) | | |
| Total non-operating (loss) income | (7,252 | ) | | 1,025 |
| | * |
|
| Income before provision for income taxes | 42,015 |
| | 52,485 |
| | (19.9 | %) |
| Provision for income taxes | 18,005 |
| | 19,200 |
| | |
| Net income | 24,010 |
| | 33,285 |
| | (27.9 | %) |
| Less: Net loss attributable to redeemable noncontrolling interest | 6,413 |
| | 848 |
| | |
| Net income attributable to common shareholders | $ | 30,423 |
| | $ | 34,133 |
| | (10.9 | %) |
| | | | | | |
| Earnings per share attributable to common shareholders | | | | | |
| Basic | $ | 0.69 |
| | $ | 0.78 |
| | (11.9 | %) |
| Diluted | $ | 0.68 |
| | $ | 0.77 |
| | (12.0 | %) |
| Weighted average shares outstanding | | | | | |
| Basic | 44,222 |
| | 43,705 |
| | |
| Diluted | 44,942 |
| | 44,390 |
| | |
| | | | | | |
| * 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 |
| | June 30, 2013 | | March 31, 2013 | | June 30, 2012 | | March 31, 2013 | | June 30, 2012 |
| Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 26,081 |
| | $ | 24,850 |
| | $ | 26,608 |
| | | | |
| Inflows | 277 |
| | 246 |
| | 296 |
| | | | |
| Outflows | (1,366 | ) | | (590 | ) | | (1,785 | ) | | | | |
| Net outflows | (1,089 | ) | | (344 | ) | | (1,489 | ) | | | | |
| Market (depreciation) appreciation | (454 | ) | | 1,575 |
| | 480 |
| | | | |
| Total (decrease) increase | (1,543 | ) | | 1,231 |
| | (1,009 | ) | | | | |
| Assets under management, end of period | $ | 24,538 |
| | $ | 26,081 |
| | $ | 25,599 |
| | (5.9 | %) | | (4.1 | %) |
| Percentage of total assets under management | 51.3 | % | | 52.9 | % | | 57.7 | % | | | | |
| Average assets under management for period | $ | 26,082 |
| | $ | 25,372 |
| | $ | 25,496 |
| | 2.8 | % | | 2.3 | % |
| | | | | | | | | | |
| Open-End Mutual Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 14,447 |
| | $ | 12,962 |
| | $ | 11,588 |
| | | | |
| Inflows | 1,789 |
| | 1,508 |
| | 1,077 |
| | | | |
| Outflows | (1,430 | ) | | (849 | ) | | (784 | ) | | | | |
| Net inflows | 359 |
| | 659 |
| | 293 |
| | | | |
| Market (depreciation) appreciation | (364 | ) | | 826 |
| | 233 |
| | | | |
| Total (decrease) increase | (5 | ) | | 1,485 |
| | 526 |
| | | | |
| Assets under management, end of period | $ | 14,442 |
| | $ | 14,447 |
| | $ | 12,114 |
| | 0.0 | % | | 19.2 | % |
| Percentage of total assets under management | 30.2 | % | | 29.3 | % | | 27.3 | % | | | | |
| Average assets under management for period | $ | 15,019 |
| | $ | 13,788 |
| | $ | 11,543 |
| | 8.9 | % | | 30.1 | % |
| | | | | | | | | | |
| Closed-End Mutual Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 8,793 |
| | $ | 7,985 |
| | $ | 6,694 |
| | | | |
| Inflows | 281 |
| | 458 |
| | — |
| | | | |
| Outflows | — |
| | — |
| | — |
| | | | |
| Net inflows | 281 |
| | 458 |
| | — |
| | | | |
| Market (depreciation) appreciation | (231 | ) | | 350 |
| | (16 | ) | | | | |
| Total increase (decrease) | 50 |
| | 808 |
| | (16 | ) | | | | |
| Assets under management, end of period | $ | 8,843 |
| | $ | 8,793 |
| | $ | 6,678 |
| | 0.6 | % | | 32.4 | % |
| Percentage of total assets under management | 18.5 | % | | 17.8 | % | | 15.0 | % | | | | |
| Average assets under management for period | $ | 9,053 |
| | $ | 8,251 |
| | $ | 6,608 |
| | 9.7 | % | | 37.0 | % |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 49,321 |
| | $ | 45,797 |
| | $ | 44,890 |
| | | | |
| Inflows | 2,347 |
| | 2,212 |
| | 1,373 |
| | | | |
| Outflows | (2,796 | ) | | (1,439 | ) | | (2,569 | ) | | | | |
| Net (outflows) inflows | (449 | ) | | 773 |
| | (1,196 | ) | | | | |
| Market (depreciation) appreciation | (1,049 | ) | | 2,751 |
| | 697 |
| | | | |
| Total (decrease) increase | (1,498 | ) | | 3,524 |
| | (499 | ) | | | | |
| Assets under management, end of period | $ | 47,823 |
| | $ | 49,321 |
| | $ | 44,391 |
| | (3.0 | %) | | 7.7 | % |
| Average assets under management for period | $ | 50,154 |
| | $ | 47,411 |
| | $ | 43,647 |
| | 5.8 | % | | 14.9 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Vehicle | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Six Months Ended | | |
| | June 30, 2013 | | June 30, 2012 | | % Change |
| Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 24,850 |
| | $ | 25,380 |
| | |
| Inflows | 523 |
| | 1,366 |
| | |
| Outflows | (1,956 | ) | | (4,218 | ) | | |
| Net outflows | (1,433 | ) | | (2,852 | ) | | |
| Market appreciation | 1,121 |
| | 3,071 |
| | |
| Total (decrease) increase | (312 | ) | | 219 |
| | |
| Assets under management, end of period | $ | 24,538 |
| | $ | 25,599 |
| | (4.1 | %) |
| Percentage of total assets under management | 51.3 | % | | 57.7 | % | | |
| Average assets under management for period | $ | 25,727 |
| | $ | 25,690 |
| | 0.1 | % |
| | | | | | |
| Open-End Mutual Funds | | | | | |
| Assets under management, beginning of period | $ | 12,962 |
| | $ | 9,619 |
| | |
| Inflows | 3,297 |
| | 2,759 |
| | |
| Outflows | (2,279 | ) | | (1,528 | ) | | |
| Net inflows | 1,018 |
| | 1,231 |
| | |
| Market appreciation | 462 |
| | 1,264 |
| | |
| Total increase | 1,480 |
| | 2,495 |
| | |
| Assets under management, end of period | $ | 14,442 |
| | $ | 12,114 |
| | 19.2 | % |
| Percentage of total assets under management | 30.2 | % | | 27.3 | % | | |
| Average assets under management for period | $ | 14,404 |
| | $ | 11,055 |
| | 30.3 | % |
| | | | | | |
| Closed-End Mutual Funds | | | | | |
| Assets under management, beginning of period | $ | 7,985 |
| | $ | 6,285 |
| | |
| Inflows | 739 |
| | — |
| | |
| Outflows | — |
| | — |
| | |
| Net inflows | 739 |
| | — |
| | |
| Market appreciation | 119 |
| | 393 |
| | |
| Total increase | 858 |
| | 393 |
| | |
| Assets under management, end of period | $ | 8,843 |
| | $ | 6,678 |
| | 32.4 | % |
| Percentage of total assets under management | 18.5 | % | | 15.0 | % | | |
| Average assets under management for period | $ | 8,652 |
| | $ | 6,583 |
| | 31.4 | % |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 45,797 |
| | $ | 41,284 |
| | |
| Inflows | 4,559 |
| | 4,125 |
| | |
| Outflows | (4,235 | ) | | (5,746 | ) | | |
| Net inflows (outflows) | 324 |
| | (1,621 | ) | | |
| Market appreciation | 1,702 |
| | 4,728 |
| | |
| Total increase | 2,026 |
| | 3,107 |
| | |
| Assets under management, end of period | $ | 47,823 |
| | $ | 44,391 |
| | 7.7 | % |
| Average assets under management for period | $ | 48,783 |
| | $ | 43,328 |
| | 12.6 | % |
|
| | | | | | | | | | | | | | | | | |
| 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 |
| | June 30, 2013 | | March 31, 2013 | | June 30, 2012 | | March 31, 2013 | | June 30, 2012 |
| Subadvisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 18,321 |
| | $ | 17,582 |
| | $ | 19,605 |
| | | | |
| Inflows | 119 |
| | 147 |
| | 191 |
| | | | |
| Outflows | (1,009 | ) | | (504 | ) | | (1,540 | ) | | | | |
| Net outflows | (890 | ) | | (357 | ) | | (1,349 | ) | | | | |
| Market (depreciation) appreciation | (269 | ) | | 1,096 |
| | 383 |
| | | | |
| Total (decrease) increase | (1,159 | ) | | 739 |
| | (966 | ) | | | | |
| Assets under management, end of period | $ | 17,162 |
| | $ | 18,321 |
| | $ | 18,639 |
| | (6.3 | %) | | (7.9 | %) |
| Percentage of total assets under management | 69.9 | % | | 70.2 | % | | 72.8 | % | | | | |
| Average assets under management for period | $ | 18,325 |
| | $ | 17,910 |
| | $ | 18,705 |
| | 2.3 | % | | (2.0 | %) |
| | | | | | | | | | |
| Advisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 7,760 |
| | $ | 7,268 |
| | $ | 7,003 |
| | | | |
| Inflows | 158 |
| | 99 |
| | 105 |
| | | | |
| Outflows | (357 | ) | | (86 | ) | | (245 | ) | | | | |
| Net (outflows) inflows | (199 | ) | | 13 |
| | (140 | ) | | | | |
| Market (depreciation) appreciation | (185 | ) | | 479 |
| | 97 |
| | | | |
| Total (decrease) increase | (384 | ) | | 492 |
| | (43 | ) | | | | |
| Assets under management, end of period | $ | 7,376 |
| | $ | 7,760 |
| | $ | 6,960 |
| | (4.9 | %) | | 6.0 | % |
| Percentage of total assets under management | 30.1 | % | | 29.8 | % | | 27.2 | % | | | | |
| Average assets under management for period | $ | 7,757 |
| | $ | 7,462 |
| | $ | 6,791 |
| | 4.0 | % | | 14.2 | % |
| | | | | | | | | | |
| Total Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 26,081 |
| | $ | 24,850 |
| | $ | 26,608 |
| | | | |
| Inflows | 277 |
| | 246 |
| | 296 |
| | | | |
| Outflows | (1,366 | ) | | (590 | ) | | (1,785 | ) | | | | |
| Net outflows | (1,089 | ) | | (344 | ) | | (1,489 | ) | | | | |
| Market (depreciation) appreciation | (454 | ) | | 1,575 |
| | 480 |
| | | | |
| Total (decrease) increase | (1,543 | ) | | 1,231 |
| | (1,009 | ) | | | | |
| Assets under management, end of period | $ | 24,538 |
| | $ | 26,081 |
| | $ | 25,599 |
| | (5.9 | %) | | (4.1 | %) |
| Average assets under management for period | $ | 26,082 |
| | $ | 25,372 |
| | $ | 25,496 |
| | 2.8 | % | | 2.3 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management - Institutional Accounts (Unaudited) | | | |
| By Investment Relationship | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Six Months Ended | | |
| | June 30, 2013 | | June 30, 2012 | | % Change |
| Subadvisory | | | | | |
| Assets under management, beginning of period | $ | 17,582 |
| | $ | 19,073 |
| | |
| Inflows | 266 |
| | 556 |
| | |
| Outflows | (1,513 | ) | | (3,275 | ) | | |
| Net outflows | (1,247 | ) | | (2,719 | ) | | |
| Market appreciation | 827 |
| | 2,285 |
| | |
| Total decrease | (420 | ) | | (434 | ) | | |
| Assets under management, end of period | $ | 17,162 |
| | $ | 18,639 |
| | (7.9 | %) |
| Percentage of total assets under management | 69.9 | % | | 72.8 | % | | |
| Average assets under management for period | $ | 18,118 |
| | $ | 19,091 |
| | (5.1 | %) |
| | | | | | |
| Advisory | | | | | |
| Assets under management, beginning of period | $ | 7,268 |
| | $ | 6,307 |
| | |
| Inflows | 257 |
| | 810 |
| | |
| Outflows | (443 | ) | | (943 | ) | | |
| Net outflows | (186 | ) | | (133 | ) | | |
| Market appreciation | 294 |
| | 786 |
| | |
| Total increase | 108 |
| | 653 |
| | |
| Assets under management, end of period | $ | 7,376 |
| | $ | 6,960 |
| | 6.0 | % |
| Percentage of total assets under management | 30.1 | % | | 27.2 | % | | |
| Average assets under management for period | $ | 7,609 |
| | $ | 6,599 |
| | 15.3 | % |
| | | | | | |
| Total Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 24,850 |
| | $ | 25,380 |
| | |
| Inflows | 523 |
| | 1,366 |
| | |
| Outflows | (1,956 | ) | | (4,218 | ) | | |
| Net outflows | (1,433 | ) | | (2,852 | ) | | |
| Market appreciation | 1,121 |
| | 3,071 |
| | |
| Total (decrease) increase | (312 | ) | | 219 |
| | |
| Assets under management, end of period | $ | 24,538 |
| | $ | 25,599 |
| | (4.1 | %) |
| Average assets under management for period | $ | 25,727 |
| | $ | 25,690 |
| | 0.1 | % |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy | | | | | | | | | |
| For the Periods Ended | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | June 30, 2013 | | March 31, 2013 | | June 30, 2012 | | March 31, 2013 | | June 30, 2012 |
| U.S. Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 24,455 |
| | $ | 22,613 |
| | $ | 21,571 |
| | | | |
| Inflows | 793 |
| | 753 |
| | 659 |
| | | | |
| Outflows | (642 | ) | | (450 | ) | | (685 | ) | | | | |
| Net inflows (outflows) | 151 |
| | 303 |
| | (26 | ) | | | | |
| Market (depreciation) appreciation | (433 | ) | | 1,539 |
| | 633 |
| | | | |
| Total (decrease) increase | (282 | ) | | 1,842 |
| | 607 |
| | | | |
| Assets under management, end of period | $ | 24,173 |
| | $ | 24,455 |
| | $ | 22,178 |
| | (1.2 | %) | | 9.0 | % |
| Percentage of total assets under management | 50.5 | % | | 49.6 | % | | 50.0 | % | | | | |
| Average assets under management for period | $ | 25,118 |
| | $ | 23,541 |
| | $ | 21,701 |
| | 6.7 | % | | 15.7 | % |
| | | | | | | | | | |
| Global/International Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 11,277 |
| | $ | 11,155 |
| | $ | 13,239 |
| | | | |
| Inflows | 555 |
| | 317 |
| | 290 |
| | | | |
| Outflows | (1,493 | ) | | (748 | ) | | (1,207 | ) | | | | |
| Net outflows | (938 | ) | | (431 | ) | | (917 | ) | | | | |
| Market (depreciation) appreciation | (416 | ) | | 553 |
| | 210 |
| | | | |
| Total (decrease) increase | (1,354 | ) | | 122 |
| | (707 | ) | | | | |
| Assets under management, end of period | $ | 9,923 |
| | $ | 11,277 |
| | $ | 12,532 |
| | (12.0 | %) | | (20.8 | %) |
| Percentage of total assets under management | 20.7 | % | | 22.9 | % | | 28.2 | % | | | | |
| Average assets under management for period | $ | 11,116 |
| | $ | 11,239 |
| | $ | 12,326 |
| | (1.1 | %) | | (9.8 | %) |
| | | | | | | | | | |
| Preferred Securities | | | | | | | | | |
| Assets under management, beginning of period | $ | 4,929 |
| | $ | 4,364 |
| | $ | 2,344 |
| | | | |
| Inflows | 655 |
| | 594 |
| | 237 |
| | | | |
| Outflows | (388 | ) | | (147 | ) | | (67 | ) | | | | |
| Net inflows | 267 |
| | 447 |
| | 170 |
| | | | |
| Market (depreciation) appreciation | (128 | ) | | 118 |
| | 34 |
| | | | |
| Total increase | 139 |
| | 565 |
| | 204 |
| | | | |
| Assets under management, end of period | $ | 5,068 |
| | $ | 4,929 |
| | $ | 2,548 |
| | 2.8 | % | | 98.9 | % |
| Percentage of total assets under management | 10.6 | % | | 10.0 | % | | 5.7 | % | | | | |
| Average assets under management for period | $ | 5,131 |
| | $ | 4,626 |
| | $ | 2,396 |
| | 10.9 | % | | 114.1 | % |
| | | | | | | | | | |
| Global Infrastructure | | | | | | | | | |
| Assets under management, beginning of period | $ | 4,176 |
| | $ | 3,509 |
| | $ | 3,160 |
| | | | |
| Inflows | 321 |
| | 488 |
| | 22 |
| | | | |
| Outflows | (41 | ) | | (18 | ) | | (30 | ) | | | | |
| Net inflows (outflows) | 280 |
| | 470 |
| | (8 | ) | | | | |
| Market (depreciation) appreciation | (132 | ) | | 197 |
| | (30 | ) | | | | |
| Total increase (decrease) | 148 |
| | 667 |
| | (38 | ) | | | | |
| Assets under management, end of period | $ | 4,324 |
| | $ | 4,176 |
| | $ | 3,122 |
| | 3.5 | % | | 38.5 | % |
| Percentage of total assets under management | 9.0 | % | | 8.5 | % | | 7.0 | % | | | | |
| Average assets under management for period | $ | 4,337 |
| | $ | 3,630 |
| | $ | 3,141 |
| | 19.5 | % | | 38.1 | % |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy - continued | | | | | | | | | |
| For the Periods Ended | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | June 30, 2013 | | March 31, 2013 | | June 30, 2012 | | March 31, 2013 | | June 30, 2012 |
| Large Cap Value Stocks | | | | | | | | | |
| Assets under management, beginning of period | $ | 3,746 |
| | $ | 3,465 |
| | $ | 3,983 |
| | | | |
| Inflows | 5 |
| | 30 |
| | 110 |
| | | | |
| Outflows | (192 | ) | | (64 | ) | | (580 | ) | | | | |
| Net outflows | (187 | ) | | (34 | ) | | (470 | ) | | | | |
| Market appreciation (depreciation) | 94 |
| | 315 |
| | (124 | ) | | | | |
| Total (decrease) increase | (93 | ) | | 281 |
| | (594 | ) | | | | |
| Assets under management, end of period | $ | 3,653 |
| | $ | 3,746 |
| | $ | 3,389 |
| | (2.5 | %) | | 7.8 | % |
| Percentage of total assets under management | 7.6 | % | | 7.6 | % | | 7.6 | % | | | | |
| Average assets under management for period | $ | 3,720 |
| | $ | 3,654 |
| | $ | 3,486 |
| | 1.8 | % | | 6.7 | % |
| | | | | | | | | | |
| Other | | | | | | | | | |
| Assets under management, beginning of period | $ | 738 |
| | $ | 691 |
| | $ | 593 |
| | | | |
| Inflows | 18 |
| | 30 |
| | 55 |
| | | | |
| Outflows | (40 | ) | | (12 | ) | | — |
| | | | |
| Net (outflows) inflows | (22 | ) | | 18 |
| | 55 |
| | | | |
| Market (depreciation) appreciation | (34 | ) | | 29 |
| | (26 | ) | | | | |
| Total (decrease) increase | (56 | ) | | 47 |
| | 29 |
| | | | |
| Assets under management, end of period | $ | 682 |
| | $ | 738 |
| | $ | 622 |
| | (7.6 | %) | | 9.6 | % |
| Percentage of total assets under management | 1.4 | % | | 1.5 | % | | 1.4 | % | | | | |
| Average assets under management for period | $ | 732 |
| | $ | 721 |
| | $ | 597 |
| | 1.5 | % | | 22.6 | % |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 49,321 |
| | $ | 45,797 |
| | $ | 44,890 |
| | | | |
| Inflows | 2,347 |
| | 2,212 |
| | 1,373 |
| | | | |
| Outflows | (2,796 | ) | | (1,439 | ) | | (2,569 | ) | | | | |
| Net (outflows) inflows | (449 | ) | | 773 |
| | (1,196 | ) | | | | |
| Market (depreciation) appreciation | (1,049 | ) | | 2,751 |
| | 697 |
| | | | |
| Total (decrease) increase | (1,498 | ) | | 3,524 |
| | (499 | ) | | | | |
| Assets under management, end of period | $ | 47,823 |
| | $ | 49,321 |
| | $ | 44,391 |
| | (3.0 | %) | | 7.7 | % |
| Average assets under management for period | $ | 50,154 |
| | $ | 47,411 |
| | $ | 43,647 |
| | 5.8 | % | | 14.9 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Six Months Ended | | |
| | June 30, 2013 | | June 30, 2012 | | % Change |
| U.S. Real Estate | | | | | |
| Assets under management, beginning of period | $ | 22,613 |
| | $ | 18,505 |
| | |
| Inflows | 1,546 |
| | 2,349 |
| | |
| Outflows | (1,092 | ) | | (1,173 | ) | | |
| Net inflows | 454 |
| | 1,176 |
| | |
| Market appreciation | 1,106 |
| | 2,497 |
| | |
| Total increase | 1,560 |
| | 3,673 |
| | |
| Assets under management, end of period | $ | 24,173 |
| | $ | 22,178 |
| | 9.0 | % |
| Percentage of total assets under management | 50.5 | % | | 50.0 | % | | |
| Average assets under management for period | $ | 24,330 |
| | $ | 20,777 |
| | 17.1 | % |
| | | | | | |
| Global/International Real Estate | | | | | |
| Assets under management, beginning of period | $ | 11,155 |
| | $ | 13,409 |
| | |
| Inflows | 872 |
| | 991 |
| | |
| Outflows | (2,241 | ) | | (3,473 | ) | | |
| Net outflows | (1,369 | ) | | (2,482 | ) | | |
| Market appreciation | 137 |
| | 1,605 |
| | |
| Total decrease | (1,232 | ) | | (877 | ) | | |
| Assets under management, end of period | $ | 9,923 |
| | $ | 12,532 |
| | (20.8 | %) |
| Percentage of total assets under management | 20.7 | % | | 28.2 | % | | |
| Average assets under management for period | $ | 11,177 |
| | $ | 12,847 |
| | (13.0 | %) |
| | | | | | |
| Preferred Securities | | | | | |
| Assets under management, beginning of period | $ | 4,364 |
| | $ | 1,964 |
| | |
| Inflows | 1,249 |
| | 530 |
| | |
| Outflows | (535 | ) | | (118 | ) | | |
| Net inflows | 714 |
| | 412 |
| | |
| Market (depreciation) appreciation | (10 | ) | | 172 |
| | |
| Total increase | 704 |
| | 584 |
| | |
| Assets under management, end of period | $ | 5,068 |
| | $ | 2,548 |
| | 98.9 | % |
| Percentage of total assets under management | 10.6 | % | | 5.7 | % | | |
| Average assets under management for period | $ | 4,879 |
| | $ | 2,285 |
| | 113.5 | % |
| | | | | | |
| Global Infrastructure | | | | | |
| Assets under management, beginning of period | $ | 3,509 |
| | $ | 3,010 |
| | |
| Inflows | 809 |
| | 44 |
| | |
| Outflows | (59 | ) | | (47 | ) | | |
| Net inflows (outflows) | 750 |
| | (3 | ) | | |
| Market appreciation | 65 |
| | 115 |
| | |
| Total increase | 815 |
| | 112 |
| | |
| Assets under management, end of period | $ | 4,324 |
| | $ | 3,122 |
| | 38.5 | % |
| Percentage of total assets under management | 9.0 | % | | 7.0 | % | | |
| Average assets under management for period | $ | 3,984 |
| | $ | 3,131 |
| | 27.2 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy - continued | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Six Months Ended | | |
| | June 30, 2013 | | June 30, 2012 | | % Change |
| Large Cap Value Stocks | | | | | |
| Assets under management, beginning of period | $ | 3,465 |
| | $ | 3,876 |
| | |
| Inflows | 35 |
| | 120 |
| | |
| Outflows | (256 | ) | | (935 | ) | | |
| Net outflows | (221 | ) | | (815 | ) | | |
| Market appreciation | 409 |
| | 328 |
| | |
| Total increase (decrease) | 188 |
| | (487 | ) | | |
| Assets under management, end of period | $ | 3,653 |
| | $ | 3,389 |
| | 7.8 | % |
| Percentage of total assets under management | 7.6 | % | | 7.6 | % | | |
| Average assets under management for period | $ | 3,687 |
| | $ | 3,703 |
| | (0.4 | %) |
| | | | | | |
| Other | | | | | |
| Assets under management, beginning of period | $ | 691 |
| | $ | 520 |
| | |
| Inflows | 48 |
| | 91 |
| | |
| Outflows | (52 | ) | | — |
| | |
| Net (outflows) inflows | (4 | ) | | 91 |
| | |
| Market (depreciation) appreciation | (5 | ) | | 11 |
| | |
| Total (decrease) increase | (9 | ) | | 102 |
| | |
| Assets under management, end of period | $ | 682 |
| | $ | 622 |
| | 9.6 | % |
| Percentage of total assets under management | 1.4 | % | | 1.4 | % | | |
| Average assets under management for period | $ | 726 |
| | $ | 585 |
| | 24.1 | % |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 45,797 |
| | $ | 41,284 |
| | |
| Inflows | 4,559 |
| | 4,125 |
| | |
| Outflows | (4,235 | ) | | (5,746 | ) | | |
| Net inflows (outflows) | 324 |
| | (1,621 | ) | | |
| Market appreciation | 1,702 |
| | 4,728 |
| | |
| Total increase | 2,026 |
| | 3,107 |
| | |
| Assets under management, end of period | $ | 47,823 |
| | $ | 44,391 |
| | 7.7 | % |
| Average assets under management for period | $ | 48,783 |
| | $ | 43,328 |
| | 12.6 | % |
|
| | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Advisement (Unaudited) | | | | | |
| (in millions) | | | | | |
| | As of |
| | June 30, 2013 | | March 31, 2013 | | June 30, 2012 |
| | | | | | |
| Model-Based Strategies | $ | 3,013 |
| | $ | 3,531 |
| | $ | 7,290 |
|
| | | | | | |
| Exchange Traded Funds | $ | 3,037 |
| | $ | 3,047 |
| | $ | 3,001 |
|
| | | | | | |
| Unit Investment Trusts | $ | 1,296 |
| | $ | 1,402 |
| | $ | 1,203 |
|
| | | | | | |
| Total | $ | 7,346 |
| | $ | 7,980 |
| | $ | 11,494 |
|
| | | | | | |
| | | | | | |
| Note: Assets under advisement are defined as assets for which the company does not provide active management and are not included in the company's reported assets under management. |
