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 2013 RESULTS
NEW YORK, NY, January 22, 2014—Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common shareholders of $19.4 million, or $0.43 per diluted share and $0.44 per basic share, for the quarter ended December 31, 2013, compared with $21.7 million, or $0.49 per diluted share and $0.50 per basic share, for the quarter ended December 31, 2012. Total revenue for the fourth quarter of 2013 was $73.4 million, an increase of 3.3% from $71.1 million for the fourth quarter of 2012.
For the year ended December 31, 2013, the company recorded net income attributable to common shareholders of $68.1 million, or $1.51 per diluted share and $1.54 per basic share, compared with $66.1 million, or $1.49 per diluted share and $1.51 per basic share, for the year ended December 31, 2012. The 2013 results 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 $1.61 for the year ended December 31, 2013. 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., 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.
Financial Highlights (Unaudited)
|
| | | | | | | | | | |
| | Three Months Ended | | % Change |
| | (in thousands, except per share data or as noted) | | From |
| | December 31, 2013 | | September 30, 2013 | | September 30, 2013 |
| Revenue | $ | 73,432 |
| | $ | 74,026 |
| | (0.8 | %) |
| Expenses | $ | 44,076 |
| | $ | 46,307 |
| | (4.8 | %) |
| Operating income | $ | 29,356 |
| | $ | 27,719 |
| | 5.9 | % |
| Operating margin | 40.0 | % | | 37.4 | % | | 253 bps |
|
| Total non-operating income | $ | 1,971 |
| | $ | 3,303 |
| | (40.3 | %) |
| Net income attributable to common shareholders | $ | 19,413 |
| | $ | 18,283 |
| | 6.2 | % |
| Diluted earnings per share attributable to common shareholders | $ | 0.43 |
| | $ | 0.41 |
| | 5.6 | % |
| Assets under management, end of period (in millions) | $ | 45,907 |
| | $ | 46,336 |
| | (0.9 | %) |
| Average assets under management for period (in millions) | $ | 46,970 |
| | $ | 46,978 |
| | 0.0 | % |
December 31, 2013 Compared with September 30, 2013
Revenue
Total revenue for the fourth quarter of 2013 was $73.4 million, a decrease of 0.8% from $74.0 million for the third quarter of 2013, primarily attributable to:
| |
• | Portfolio consulting and other revenue decreased 17.7% to $2.2 million in the fourth quarter of 2013 from $2.7 million in the three months ended September 30, 2013, primarily due to lower average assets under advisement from model-based strategies; |
| |
| • | Institutional account revenue decreased 0.9% to $19.5 million in the fourth quarter of 2013 from $19.7 million in the three months ended September 30, 2013 primarily due to lower average assets under management; |
| |
• | Open-end mutual fund revenue decreased 0.3% to $28.8 million in the fourth quarter of 2013 from $28.9 million in the three months ended September 30, 2013 primarily due to lower average assets under management; |
| |
• | Closed-end mutual fund revenue increased 1.2% to $19.3 million in the fourth quarter of 2013 from $19.1 million in the three months ended September 30, 2013 primarily due to higher average assets under management. |
Expenses
Expenses for the fourth quarter of 2013 were $44.1 million, a decrease of 4.8% from $46.3 million for the third quarter of 2013, primarily due to the following:
| |
• | Employee compensation and benefits decreased $1.7 million primarily due to a reduction in incentive compensation; |
| |
• | Distribution and service fees decreased $235,000 primarily due to lower average assets under management in open-end mutual funds; |
| |
| • | General and administrative expenses decreased $270,000 primarily due to lower professional fees partially offset by higher marketing expenses. |
Operating Margin
The company's operating margin increased to 40.0% for the fourth quarter of 2013 compared with 37.4% for the three months ended September 30, 2013. The 253bps increase is primarily due to a reduction in the compensation and benefits to revenue ratio.
Non-operating Income
Non-operating income, excluding net income attributable to redeemable noncontrolling interest, increased to $2.0 million for the three months ended December 31, 2013, primarily due to higher earnings from the company's seed investments, compared with non-operating income of $1.8 million for the three months ended September 30, 2013.
Assets Under Management
Assets under management were $45.9 billion as of December 31, 2013, a decrease of 0.9% from $46.3 billion at September 30, 2013 and an increase of 0.2% from $45.8 billion at December 31, 2012. The decrease from September 30, 2013 was due to net outflows of $927 million, primarily from the large cap value strategy, partially offset by market appreciation of $498 million. The increase from December 31, 2012 was due to market appreciation of $2.1 billion, partially offset by net outflows of $2.0 billion, primarily from the global/international real estate and large cap value strategies. Average assets under management was $47.0 billion for both of the quarters ended December 31, 2013 and September 30, 2013. Average assets under management for the quarter ended December 31, 2013 increased 4.7% from $44.9 billion for the quarter ended December 31, 2012.
Assets under management for institutional accounts were $22.9 billion as of December 31, 2013, a decrease of 1.6% from $23.3 billion at September 30, 2013 and a decrease of 7.7% from $24.9 billion at December 31, 2012. The decrease from September 30, 2013 was due to net outflows of $683 million, primarily from the large cap value strategy partially offset by inflows into commodities, and partially offset by market appreciation of $318 million. The decrease from December 31, 2012 was due to net outflows of $3.4 billion, primarily from the global/international real estate and large cap value strategies, and market appreciation of $1.5 billion. Average assets under management for institutional accounts was $23.6 billion for the quarter ended December 31, 2013, a decrease of 0.4% from $23.7 billion for the quarter ended September 30, 2013 and a decrease of 3.0% from $24.4 billion for the quarter ended December 31, 2012.
Assets under management for open-end mutual funds were $14.0 billion as of December 31, 2013, a decrease of 1.7% from $14.3 billion at September 30, 2013 and an increase of 8.1% from $13.0 billion at December 31, 2012. The decrease from September 30, 2013 was due to net outflows of $270 million, primarily from the preferred securities and U.S. real estate strategies, partially offset by market appreciation of $24 million. The increase from December 31, 2012 was due to net inflows of $702 million, primarily from the U.S. real estate and preferred securities strategies, and market appreciation of $352 million. Average assets under management for open-end mutual funds was $14.3 billion for the quarter ended December 31, 2013, a decrease of 0.3% from $14.4 billion for
the quarter ended September 30, 2013 and an increase of 13.8% from $12.6 billion for the quarter ended December 31, 2012.
Assets under management for closed-end mutual funds were $9.0 billion as of December 31, 2013, an increase of 2.1% from $8.8 billion at September 30, 2013 and an increase of 12.3% from $8.0 billion at December 31, 2012. The increase from September 30, 2013 was primarily due to market appreciation of $156 million. The increase from December 31, 2012 was due to net inflows of $765 million, primarily from the launch of MIE, and market appreciation of $215 million. Average assets under management for closed-end mutual funds was $9.0 billion for the quarter ended December 31, 2013, an increase of 1.4% from $8.9 billion for the quarter ended September 30, 2013 and an increase of 13.7% from $7.9 billion for the quarter ended December 31, 2012.
Balance Sheet Information
As of December 31, 2013, cash, cash equivalents and investments were $182 million. As of December 31, 2013, stockholders' equity was $224 million and the company had no long-term or short-term debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, January 23, 2014 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) 747-9564 (U.S.) or (212) 231-2907 (international); passcode: 21704214. 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 23, 2014 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21704214. 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 |
| | December 31, 2013 | | September 30, 2013 | | December 31, 2012 | | September 30, 2013 | | December 31, 2012 |
| Revenue | | | | | | | | | |
| Investment advisory and administration fees | $ | 67,658 |
| | $ | 67,704 |
| | $ | 63,463 |
| | | | |
| Distribution and service fees | 3,557 |
| | 3,627 |
| | 3,205 |
| | | | |
| Portfolio consulting and other | 2,217 |
| | 2,695 |
| | 4,427 |
| | | | |
| Total revenue | 73,432 |
| | 74,026 |
| | 71,095 |
| | (0.8 | %) | | 3.3 | % |
| Expenses | | | | | | | | | |
| Employee compensation and benefits | 22,377 |
| | 24,058 |
| | 18,821 |
| | | | |
| Distribution and service fees | 8,127 |
| | 8,362 |
| | 7,122 |
| | | | |
| General and administrative | 11,418 |
| | 11,688 |
| | 10,370 |
| | | | |
| Depreciation and amortization | 1,496 |
| | 1,423 |
| | 1,344 |
| | | | |
| Amortization, deferred commissions | 658 |
| | 776 |
| | 705 |
| | | | |
| Total expenses | 44,076 |
| | 46,307 |
| | 38,362 |
| | (4.8 | %) | | 14.9 | % |
| Operating income | 29,356 |
| | 27,719 |
| | 32,733 |
| | 5.9 | % | | (10.3 | %) |
| Non-operating income | | | | | | | | | |
| Interest and dividend income—net | 773 |
| | 218 |
| | 762 |
| | | | |
| Gain from trading securities—net | 344 |
| | 2,383 |
| | 831 |
| | | | |
| Gain from available-for-sale securities—net | 751 |
| | 180 |
| | 197 |
| | | | |
| Equity in earnings of affiliates | 418 |
| | 313 |
| | 336 |
| | | | |
| Other (loss) gain | (315 | ) | | 209 |
| | (595 | ) | | | | |
| Total non-operating income | 1,971 |
| | 3,303 |
| | 1,531 |
| | (40.3 | %) | | 28.7 | % |
| Income before provision for income taxes | 31,327 |
| | 31,022 |
| | 34,264 |
| | 1.0 | % | | (8.6 | %) |
| Provision for income taxes | 11,899 |
| | 11,205 |
| | 12,220 |
| | | | |
| Net income | 19,428 |
| | 19,817 |
| | 22,044 |
| | (2.0 | %) | | (11.9 | %) |
| Less: Net income attributable to redeemable noncontrolling interest | (15 | ) | | (1,534 | ) | | (321 | ) | | | | |
| Net income attributable to common shareholders | $ | 19,413 |
| | $ | 18,283 |
| | $ | 21,723 |
| | 6.2 | % | | (10.6 | %) |
| | | | | | | | | | |
| Earnings per share attributable to common shareholders | | | | | | | | | |
| Basic | $ | 0.44 |
| | $ | 0.41 |
| | $ | 0.50 |
| | 6.2 | % | | (11.6 | %) |
| Diluted | $ | 0.43 |
| | $ | 0.41 |
| | $ | 0.49 |
| | 5.6 | % | | (12.1 | %) |
| | | | | | | | | | |
| Dividends declared per share | | | | | | | | | |
| Quarterly | $ | 0.20 |
| | $ | 0.20 |
| | $ | 0.18 |
| | — | % | | 11.1 | % |
| Special | $ | 1.00 |
| | $ | — |
| | $ | 1.50 |
| | * |
| | (33.3 | %) |
| | | | | | | | | | |
| Weighted average shares outstanding | | | | | | | | | |
| Basic | 44,325 |
| | 44,317 |
| | 43,832 |
| | | | |
| Diluted | 45,338 |
| | 45,106 |
| | 44,609 |
| | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| * Not meaningful | | | | | | | | | |
|
| | | | | | | | | | |
| 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, 2013 | | December 31, 2012 | | % Change |
| Revenue | | | | | |
| Investment advisory and administration fees | $ | 271,109 |
| | $ | 244,529 |
| | |
| Distribution and service fees | 14,359 |
| | 11,334 |
| | |
| Portfolio consulting and other | 12,245 |
| | 17,690 |
| | |
| Total revenue | 297,713 |
| | 273,553 |
| | 8.8 | % |
| Expenses | | | | | |
| Employee compensation and benefits | 94,707 |
| | 88,517 |
| | |
| Distribution and service fees | 41,247 |
| | 41,270 |
| | |
| General and administrative | 46,802 |
| | 39,431 |
| | |
| Depreciation and amortization | 5,606 |
| | 5,562 |
| | |
| Amortization, deferred commissions | 3,009 |
| | 2,341 |
| | |
| Total expenses | 191,371 |
| | 177,121 |
| | 8.0 | % |
| Operating income | 106,342 |
| | 96,432 |
| | 10.3 | % |
| Non-operating income | | | | | |
| Interest and dividend income—net | 2,280 |
| | 2,530 |
| | |
| (Loss) gain from trading securities—net | (6,612 | ) | | 4,082 |
| | |
| Gain from available-for-sale securities—net | 2,259 |
| | 1,237 |
| | |
| Equity in earnings of affiliates | 840 |
| | 1,050 |
| | |
| Other loss | (745 | ) | | (1,028 | ) | | |
| Total non-operating (loss) income | (1,978 | ) | | 7,871 |
| | * |
|
| Income before provision for income taxes | 104,364 |
| | 104,303 |
| | 0.1 | % |
| Provision for income taxes | 41,109 |
| | 36,407 |
| | |
| Net income | 63,255 |
| | 67,896 |
| | (6.8 | %) |
| Less: Net loss (income) attributable to redeemable noncontrolling interest | 4,864 |
| | (1,779 | ) | | |
| Net income attributable to common shareholders | $ | 68,119 |
| | $ | 66,117 |
| | 3.0 | % |
| | | | | | |
| Earnings per share attributable to common shareholders | | | | | |
| Basic | $ | 1.54 |
| | $ | 1.51 |
| | 1.9 | % |
| Diluted | $ | 1.51 |
| | $ | 1.49 |
| | 1.7 | % |
| | | | | | |
| Dividends declared per share | | | | | |
| Quarterly | $ | 0.80 |
| | $ | 0.72 |
| | 11.1 | % |
| Special | $ | 1.00 |
| | $ | 1.50 |
| | (33.3 | %) |
| | | | | | |
| Weighted average shares outstanding | | | | | |
| Basic | 44,272 |
| | 43,766 |
| | |
| Diluted | 45,083 |
| | 44,482 |
| | |
| | | | | | |
| * 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, 2013 | | September 30, 2013 | | December 31, 2012 | | September 30, 2013 | | December 31, 2012 |
| Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 23,291 |
| | $ | 24,538 |
| | $ | 24,644 |
| | | | |
| Inflows | 549 |
| | 91 |
| | 385 |
| | | | |
| Outflows | (1,232 | ) | | (1,395 | ) | | (924 | ) | | | | |
| Net outflows | (683 | ) | | (1,304 | ) | | (539 | ) | | | | |
| Market appreciation | 318 |
| | 57 |
| | 745 |
| | | | |
| Total (decrease) increase | (365 | ) | | (1,247 | ) | | 206 |
| | | | |
| Assets under management, end of period | $ | 22,926 |
| | $ | 23,291 |
| | $ | 24,850 |
| | (1.6 | %) | | (7.7 | %) |
| Percentage of total assets under management | 49.9 | % | | 50.3 | % | | 54.3 | % | | | | |
| Average assets under management for period | $ | 23,643 |
| | $ | 23,729 |
| | $ | 24,362 |
| | (0.4 | %) | | (3.0 | %) |
| | | | | | | | | | |
| Open-End Mutual Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 14,262 |
| | $ | 14,442 |
| | $ | 12,528 |
| | | | |
| Inflows | 1,103 |
| | 1,121 |
| | 1,165 |
| | | | |
| Outflows | (1,373 | ) | | (1,167 | ) | | (1,080 | ) | | | | |
| Net (outflows) inflows | (270 | ) | | (46 | ) | | 85 |
| | | | |
| Market appreciation (depreciation) | 24 |
| | (134 | ) | | 349 |
| | | | |
| Total (decrease) increase | (246 | ) | | (180 | ) | | 434 |
| | | | |
| Assets under management, end of period | $ | 14,016 |
| | $ | 14,262 |
| | $ | 12,962 |
| | (1.7 | %) | | 8.1 | % |
| Percentage of total assets under management | 30.5 | % | | 30.8 | % | | 28.3 | % | | | | |
| Average assets under management for period | $ | 14,336 |
| | $ | 14,385 |
| | $ | 12,594 |
| | (0.3 | %) | | 13.8 | % |
| | | | | | | | | | |
| Closed-End Mutual Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 8,783 |
| | $ | 8,843 |
| | $ | 7,773 |
| | | | |
| Inflows | 50 |
| | — |
| | 115 |
| | | | |
| Outflows | (24 | ) | | — |
| | — |
| | | | |
| Net inflows | 26 |
| | — |
| | 115 |
| | | | |
| Market appreciation (depreciation) | 156 |
| | (60 | ) | | 97 |
| | | | |
| Total increase (decrease) | 182 |
| | (60 | ) | | 212 |
| | | | |
| Assets under management, end of period | $ | 8,965 |
| | $ | 8,783 |
| | $ | 7,985 |
| | 2.1 | % | | 12.3 | % |
| Percentage of total assets under management | 19.5 | % | | 19.0 | % | | 17.4 | % | | | | |
| Average assets under management for period | $ | 8,991 |
| | $ | 8,864 |
| | $ | 7,907 |
| | 1.4 | % | | 13.7 | % |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 46,336 |
| | $ | 47,823 |
| | $ | 44,945 |
| | | | |
| Inflows | 1,702 |
| | 1,212 |
| | 1,665 |
| | | | |
| Outflows | (2,629 | ) | | (2,562 | ) | | (2,004 | ) | | | | |
| Net outflows | (927 | ) | | (1,350 | ) | | (339 | ) | | | | |
| Market appreciation (depreciation) | 498 |
| | (137 | ) | | 1,191 |
| | | | |
| Total (decrease) increase | (429 | ) | | (1,487 | ) | | 852 |
| | | | |
| Assets under management, end of period | $ | 45,907 |
| | $ | 46,336 |
| | $ | 45,797 |
| | (0.9 | %) | | 0.2 | % |
| Average assets under management for period | $ | 46,970 |
| | $ | 46,978 |
| | $ | 44,863 |
| | 0.0 | % | | 4.7 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Vehicle | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Year Ended | | |
| | December 31, 2013 | | December 31, 2012 | | % Change |
| Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 24,850 |
| | $ | 25,380 |
| | |
| Inflows | 1,163 |
| | 2,113 |
| | |
| Outflows | (4,583 | ) | | (7,186 | ) | | |
| Net outflows | (3,420 | ) | | (5,073 | ) | | |
| Market appreciation | 1,496 |
| | 4,543 |
| | |
| Total decrease | (1,924 | ) | | (530 | ) | | |
| Assets under management, end of period | $ | 22,926 |
| | $ | 24,850 |
| | (7.7 | %) |
| Percentage of total assets under management | 49.9 | % | | 54.3 | % | | |
| Average assets under management for period | $ | 24,706 |
| | $ | 25,284 |
| | (2.3 | %) |
| | | | | | |
| Open-End Mutual Funds | | | | | |
| Assets under management, beginning of period | $ | 12,962 |
| | $ | 9,619 |
| | |
| Inflows | 5,521 |
| | 5,149 |
| | |
| Outflows | (4,819 | ) | | (3,669 | ) | | |
| Net inflows | 702 |
| | 1,480 |
| | |
| Market appreciation | 352 |
| | 1,863 |
| | |
| Total increase | 1,054 |
| | 3,343 |
| | |
| Assets under management, end of period | $ | 14,016 |
| | $ | 12,962 |
| | 8.1 | % |
| Percentage of total assets under management | 30.5 | % | | 28.3 | % | | |
| Average assets under management for period | $ | 14,382 |
| | $ | 11,798 |
| | 21.9 | % |
| | | | | | |
| Closed-End Mutual Funds | | | | | |
| Assets under management, beginning of period | $ | 7,985 |
| | $ | 6,285 |
| | |
| Inflows | 789 |
| | 1,004 |
| | |
| Outflows | (24 | ) | | — |
| | |
| Net inflows | 765 |
| | 1,004 |
| | |
| Market appreciation | 215 |
| | 696 |
| | |
| Total increase | 980 |
| | 1,700 |
| | |
| Assets under management, end of period | $ | 8,965 |
| | $ | 7,985 |
| | 12.3 | % |
| Percentage of total assets under management | 19.5 | % | | 17.4 | % | | |
| Average assets under management for period | $ | 8,790 |
| | $ | 7,096 |
| | 23.9 | % |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 45,797 |
| | $ | 41,284 |
| | |
| Inflows | 7,473 |
| | 8,266 |
| | |
| Outflows | (9,426 | ) | | (10,855 | ) | | |
| Net outflows | (1,953 | ) | | (2,589 | ) | | |
| Market appreciation | 2,063 |
| | 7,102 |
| | |
| Total increase | 110 |
| | 4,513 |
| | |
| Assets under management, end of period | $ | 45,907 |
| | $ | 45,797 |
| | 0.2 | % |
| Average assets under management for period | $ | 47,878 |
| | $ | 44,178 |
| | 8.4 | % |
|
| | | | | | | | | | | | | | | | | |
| 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, 2013 | | September 30, 2013 | | December 31, 2012 | | September 30, 2013 | | December 31, 2012 |
| Subadvisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 16,833 |
| | $ | 17,162 |
| | $ | 17,712 |
| | | | |
| Inflows | 385 |
| | 77 |
| | 145 |
| | | | |
| Outflows | (745 | ) | | (388 | ) | | (735 | ) | | | | |
| Net outflows | (360 | ) | | (311 | ) | | (590 | ) | | | | |
| Market appreciation (depreciation) | 220 |
| | (18 | ) | | 460 |
| | | | |
| Total decrease | (140 | ) | | (329 | ) | | (130 | ) | | | | |
| Assets under management, end of period | $ | 16,693 |
| | $ | 16,833 |
| | $ | 17,582 |
| | (0.8 | %) | | (5.1 | %) |
| Percentage of total assets under management | 72.8 | % | | 72.3 | % | | 70.8 | % | | | | |
| Average assets under management for period | $ | 17,077 |
| | $ | 17,008 |
| | $ | 17,273 |
| | 0.4 | % | | (1.1 | %) |
| | | | | | | | | | |
| Advisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 6,458 |
| | $ | 7,376 |
| | $ | 6,932 |
| | | | |
| Inflows | 164 |
| | 14 |
| | 240 |
| | | | |
| Outflows | (487 | ) | | (1,007 | ) | | (189 | ) | | | | |
| Net (outflows) inflows | (323 | ) | | (993 | ) | | 51 |
| | | | |
| Market appreciation | 98 |
| | 75 |
| | 285 |
| | | | |
| Total (decrease) increase | (225 | ) | | (918 | ) | | 336 |
| | | | |
| Assets under management, end of period | $ | 6,233 |
| | $ | 6,458 |
| | $ | 7,268 |
| | (3.5 | %) | | (14.2 | %) |
| Percentage of total assets under management | 27.2 | % | | 27.7 | % | | 29.2 | % | | | | |
| Average assets under management for period | $ | 6,566 |
| | $ | 6,721 |
| | $ | 7,089 |
| | (2.3 | %) | | (7.4 | %) |
| | | | | | | | | | |
| Total Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 23,291 |
| | $ | 24,538 |
| | $ | 24,644 |
| | | | |
| Inflows | 549 |
| | 91 |
| | 385 |
| | | | |
| Outflows | (1,232 | ) | | (1,395 | ) | | (924 | ) | | | | |
| Net outflows | (683 | ) | | (1,304 | ) | | (539 | ) | | | | |
| Market appreciation | 318 |
| | 57 |
| | 745 |
| | | | |
| Total (decrease) increase | (365 | ) | | (1,247 | ) | | 206 |
| | | | |
| Assets under management, end of period | $ | 22,926 |
| | $ | 23,291 |
| | $ | 24,850 |
| | (1.6 | %) | | (7.7 | %) |
| Average assets under management for period | $ | 23,643 |
| | $ | 23,729 |
| | $ | 24,362 |
| | (0.4 | %) | | (3.0 | %) |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management - Institutional Accounts (Unaudited) | | |
| By Investment Relationship | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Year Ended | | |
| | December 31, 2013 | | December 31, 2012 | | % Change |
| Subadvisory | | | | | |
| Assets under management, beginning of period | $ | 17,582 |
| | $ | 19,073 |
| | |
| Inflows | 728 |
| | 850 |
| | |
| Outflows | (2,646 | ) | | (5,559 | ) | | |
| Net outflows | (1,918 | ) | | (4,709 | ) | | |
| Market appreciation | 1,029 |
| | 3,218 |
| | |
| Total decrease | (889 | ) | | (1,491 | ) | | |
| Assets under management, end of period | $ | 16,693 |
| | $ | 17,582 |
| | (5.1 | %) |
| Percentage of total assets under management | 72.8 | % | | 70.8 | % | | |
| Average assets under management for period | $ | 17,580 |
| | $ | 18,437 |
| | (4.6 | %) |
| | | | | | |
| Advisory | | | | | |
| Assets under management, beginning of period | $ | 7,268 |
| | $ | 6,307 |
| | |
| Inflows | 435 |
| | 1,263 |
| | |
| Outflows | (1,937 | ) | | (1,627 | ) | | |
| Net outflows | (1,502 | ) | | (364 | ) | | |
| Market appreciation | 467 |
| | 1,325 |
| | |
| Total (decrease) increase | (1,035 | ) | | 961 |
| | |
| Assets under management, end of period | $ | 6,233 |
| | $ | 7,268 |
| | (14.2 | %) |
| Percentage of total assets under management | 27.2 | % | | 29.2 | % | | |
| Average assets under management for period | $ | 7,126 |
| | $ | 6,847 |
| | 4.1 | % |
| | | | | | |
| Total Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 24,850 |
| | $ | 25,380 |
| | |
| Inflows | 1,163 |
| | 2,113 |
| | |
| Outflows | (4,583 | ) | | (7,186 | ) | | |
| Net outflows | (3,420 | ) | | (5,073 | ) | | |
| Market appreciation | 1,496 |
| | 4,543 |
| | |
| Total decrease | (1,924 | ) | | (530 | ) | | |
| Assets under management, end of period | $ | 22,926 |
| | $ | 24,850 |
| | (7.7 | %) |
| Average assets under management for period | $ | 24,706 |
| | $ | 25,284 |
| | (2.3 | %) |
|
| | | | | | | | | | | | | | | | | |
| 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, 2013 | | September 30, 2013 | | December 31, 2012 | | September 30, 2013 | | December 31, 2012 |
| U.S. Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 23,237 |
| | $ | 24,173 |
| | $ | 22,430 |
| | | | |
| Inflows | 766 |
| | 693 |
| | 600 |
| | | | |
| Outflows | (813 | ) | | (976 | ) | | (733 | ) | | | | |
| Net outflows | (47 | ) | | (283 | ) | | (133 | ) | | | | |
| Market (depreciation) appreciation | (74 | ) | | (653 | ) | | 316 |
| | | | |
| Total (decrease) increase | (121 | ) | | (936 | ) | | 183 |
| | | | |
| Assets under management, end of period | $ | 23,116 |
| | $ | 23,237 |
| | $ | 22,613 |
| | (0.5 | %) | | 2.2 | % |
| Percentage of total assets under management | 50.4 | % | | 50.1 | % | | 49.4 | % | | | | |
| Average assets under management for period | $ | 23,614 |
| | $ | 23,633 |
| | $ | 22,088 |
| | (0.1 | %) | | 6.9 | % |
| | | | | | | | | | |
| Global/International Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 9,630 |
| | $ | 9,923 |
| | $ | 11,114 |
| | | | |
| Inflows | 345 |
| | 239 |
| | 288 |
| | | | |
| Outflows | (510 | ) | | (871 | ) | | (964 | ) | | | | |
| Net outflows | (165 | ) | | (632 | ) | | (676 | ) | | | | |
| Market appreciation | 33 |
| | 339 |
| | 717 |
| | | | |
| Total (decrease) increase | (132 | ) | | (293 | ) | | 41 |
| | | | |
| Assets under management, end of period | $ | 9,498 |
| | $ | 9,630 |
| | $ | 11,155 |
| | (1.4 | %) | | (14.9 | %) |
| Percentage of total assets under management | 20.7 | % | | 20.8 | % | | 24.4 | % | | | | |
| Average assets under management for period | $ | 9,694 |
| | $ | 9,668 |
| | $ | 10,978 |
| | 0.3 | % | | (11.7 | %) |
| | | | | | | | | | |
| Preferred Securities | | | | | | | | | |
| Assets under management, beginning of period | $ | 4,820 |
| | $ | 5,068 |
| | $ | 3,843 |
| | | | |
| Inflows | 194 |
| | 241 |
| | 569 |
| | | | |
| Outflows | (340 | ) | | (376 | ) | | (138 | ) | | | | |
| Net (outflows) inflows | (146 | ) | | (135 | ) | | 431 |
| | | | |
| Market appreciation (depreciation) | 48 |
| | (113 | ) | | 90 |
| | | | |
| Total (decrease) increase | (98 | ) | | (248 | ) | | 521 |
| | | | |
| Assets under management, end of period | $ | 4,722 |
| | $ | 4,820 |
| | $ | 4,364 |
| | (2.0 | %) | | 8.2 | % |
| Percentage of total assets under management | 10.3 | % | | 10.4 | % | | 9.5 | % | | | | |
| Average assets under management for period | $ | 4,820 |
| | $ | 4,984 |
| | $ | 4,139 |
| | (3.3 | %) | | 16.5 | % |
| | | | | | | | | | |
| Global Infrastructure | | | | | | | | | |
| Assets under management, beginning of period | $ | 4,469 |
| | $ | 4,324 |
| | $ | 3,258 |
| | | | |
| Inflows | 134 |
| | 14 |
| | 184 |
| | | | |
| Outflows | (57 | ) | | (20 | ) | | (22 | ) | | | | |
| Net inflows (outflows) | 77 |
| | (6 | ) | | 162 |
| | | | |
| Market appreciation | 168 |
| | 151 |
| | 89 |
| | | | |
| Total increase | 245 |
| | 145 |
| | 251 |
| | | | |
| Assets under management, end of period | $ | 4,714 |
| | $ | 4,469 |
| | $ | 3,509 |
| | 5.5 | % | | 34.3 | % |
| Percentage of total assets under management | 10.3 | % | | 9.6 | % | | 7.7 | % | | | | |
| Average assets under management for period | $ | 4,661 |
| | $ | 4,400 |
| | $ | 3,422 |
| | 5.9 | % | | 36.2 | % |
|
| | | | | | | | | | | | | | | | | |
| 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, 2013 | | September 30, 2013 | | December 31, 2012 | | September 30, 2013 | | December 31, 2012 |
| Large Cap Value Stocks | | | | | | | | | |
| Assets under management, beginning of period | $ | 3,492 |
| | $ | 3,653 |
| | $ | 3,602 |
| | | | |
| Inflows | 8 |
| | 8 |
| | 12 |
| | | | |
| Outflows | (902 | ) | | (308 | ) | | (142 | ) | | | | |
| Net outflows | (894 | ) | | (300 | ) | | (130 | ) | | | | |
| Market appreciation (depreciation) | 309 |
| | 139 |
| | (7 | ) | | | | |
| Total decrease | (585 | ) | | (161 | ) | | (137 | ) | | | | |
| Assets under management, end of period | $ | 2,907 |
| | $ | 3,492 |
| | $ | 3,465 |
| | (16.8 | %) | | (16.1 | %) |
| Percentage of total assets under management | 6.3 | % | | 7.5 | % | | 7.6 | % | | | | |
| Average assets under management for period | $ | 3,279 |
| | $ | 3,601 |
| | $ | 3,539 |
| | (8.9 | %) | | (7.3 | %) |
| | | | | | | | | | |
| Other | | | | | | | | | |
| Assets under management, beginning of period | $ | 688 |
| | $ | 682 |
| | $ | 698 |
| | | | |
| Inflows | 255 |
| | 17 |
| | 12 |
| | | | |
| Outflows | (7 | ) | | (11 | ) | | (5 | ) | | | | |
| Net inflows | 248 |
| | 6 |
| | 7 |
| | | | |
| Market appreciation (depreciation) | 14 |
| | — |
| | (14 | ) | | | | |
| Total increase (decrease) | 262 |
| | 6 |
| | (7 | ) | | | | |
| Assets under management, end of period | $ | 950 |
| | $ | 688 |
| | $ | 691 |
| | 38.1 | % | | 37.5 | % |
| Percentage of total assets under management | 2.1 | % | | 1.5 | % | | 1.5 | % | | | | |
| Average assets under management for period | $ | 902 |
| | $ | 692 |
| | $ | 697 |
| | 30.3 | % | | 29.4 | % |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 46,336 |
| | $ | 47,823 |
| | $ | 44,945 |
| | | | |
| Inflows | 1,702 |
| | 1,212 |
| | 1,665 |
| | | | |
| Outflows | (2,629 | ) | | (2,562 | ) | | (2,004 | ) | | | | |
| Net outflows | (927 | ) | | (1,350 | ) | | (339 | ) | | | | |
| Market appreciation (depreciation) | 498 |
| | (137 | ) | | 1,191 |
| | | | |
| Total (decrease) increase | (429 | ) | | (1,487 | ) | | 852 |
| | | | |
| Assets under management, end of period | $ | 45,907 |
| | $ | 46,336 |
| | $ | 45,797 |
| | (0.9 | %) | | 0.2 | % |
| Average assets under management for period | $ | 46,970 |
| | $ | 46,978 |
| | $ | 44,863 |
| | 0.0 | % | | 4.7 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Year Ended | | |
| | December 31, 2013 | | December 31, 2012 | | % Change |
| U.S. Real Estate | | | | | |
| Assets under management, beginning of period | $ | 22,613 |
| | $ | 18,505 |
| | |
| Inflows | 3,005 |
| | 3,723 |
| | |
| Outflows | (2,881 | ) | | (2,458 | ) | | |
| Net inflows | 124 |
| | 1,265 |
| | |
| Market appreciation | 379 |
| | 2,843 |
| | |
| Total increase | 503 |
| | 4,108 |
| | |
| Assets under management, end of period | $ | 23,116 |
| | $ | 22,613 |
| | 2.2 | % |
| Percentage of total assets under management | 50.4 | % | | 49.4 | % | | |
| Average assets under management for period | $ | 23,977 |
| | $ | 21,453 |
| | 11.8 | % |
| | | | | | |
| Global/International Real Estate | | | | | |
| Assets under management, beginning of period | $ | 11,155 |
| | $ | 13,409 |
| | |
| Inflows | 1,456 |
| | 1,528 |
| | |
| Outflows | (3,622 | ) | | (6,738 | ) | | |
| Net outflows | (2,166 | ) | | (5,210 | ) | | |
| Market appreciation | 509 |
| | 2,956 |
| | |
| Total decrease | (1,657 | ) | | (2,254 | ) | | |
| Assets under management, end of period | $ | 9,498 |
| | $ | 11,155 |
| | (14.9 | %) |
| Percentage of total assets under management | 20.7 | % | | 24.4 | % | | |
| Average assets under management for period | $ | 10,429 |
| | $ | 12,277 |
| | (15.1 | %) |
| | | | | | |
| Preferred Securities | | | | | |
| Assets under management, beginning of period | $ | 4,364 |
| | $ | 1,964 |
| | |
| Inflows | 1,684 |
| | 2,430 |
| | |
| Outflows | (1,251 | ) | | (439 | ) | | |
| Net inflows | 433 |
| | 1,991 |
| | |
| Market (depreciation) appreciation | (75 | ) | | 409 |
| | |
| Total increase | 358 |
| | 2,400 |
| | |
| Assets under management, end of period | $ | 4,722 |
| | $ | 4,364 |
| | 8.2 | % |
| Percentage of total assets under management | 10.3 | % | | 9.5 | % | | |
| Average assets under management for period | $ | 4,890 |
| | $ | 2,988 |
| | 63.7 | % |
| | | | | | |
| Global Infrastructure | | | | | |
| Assets under management, beginning of period | $ | 3,509 |
| | $ | 3,010 |
| | |
| Inflows | 957 |
| | 255 |
| | |
| Outflows | (136 | ) | | (104 | ) | | |
| Net inflows | 821 |
| | 151 |
| | |
| Market appreciation | 384 |
| | 348 |
| | |
| Total increase | 1,205 |
| | 499 |
| | |
| Assets under management, end of period | $ | 4,714 |
| | $ | 3,509 |
| | 34.3 | % |
| Percentage of total assets under management | 10.3 | % | | 7.7 | % | | |
| Average assets under management for period | $ | 4,257 |
| | $ | 3,206 |
| | 32.8 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy - continued | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Year Ended | | |
| | December 31, 2013 | | December 31, 2012 | | % Change |
| Large Cap Value Stocks | | | | | |
| Assets under management, beginning of period | $ | 3,465 |
| | $ | 3,876 |
| | |
| Inflows | 51 |
| | 182 |
| | |
| Outflows | (1,466 | ) | | (1,108 | ) | | |
| Net outflows | (1,415 | ) | | (926 | ) | | |
| Market appreciation | 857 |
| | 515 |
| | |
| Total decrease | (558 | ) | | (411 | ) | | |
| Assets under management, end of period | $ | 2,907 |
| | $ | 3,465 |
| | (16.1 | %) |
| Percentage of total assets under management | 6.3 | % | | 7.6 | % | | |
| Average assets under management for period | $ | 3,563 |
| | $ | 3,625 |
| | (1.7 | %) |
| | | | | | |
| Other | | | | | |
| Assets under management, beginning of period | $ | 691 |
| | $ | 520 |
| | |
| Inflows | 320 |
| | 148 |
| | |
| Outflows | (70 | ) | | (8 | ) | | |
| Net inflows | 250 |
| | 140 |
| | |
| Market appreciation | 9 |
| | 31 |
| | |
| Total increase | 259 |
| | 171 |
| | |
| Assets under management, end of period | $ | 950 |
| | $ | 691 |
| | 37.5 | % |
| Percentage of total assets under management | 2.1 | % | | 1.5 | % | | |
| Average assets under management for period | $ | 762 |
| | $ | 629 |
| | 21.1 | % |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 45,797 |
| | $ | 41,284 |
| | |
| Inflows | 7,473 |
| | 8,266 |
| | |
| Outflows | (9,426 | ) | | (10,855 | ) | | |
| Net outflows | (1,953 | ) | | (2,589 | ) | | |
| Market appreciation | 2,063 |
| | 7,102 |
| | |
| Total increase | 110 |
| | 4,513 |
| | |
| Assets under management, end of period | $ | 45,907 |
| | $ | 45,797 |
| | 0.2 | % |
| Average assets under management for period | $ | 47,878 |
| | $ | 44,178 |
| | 8.4 | % |
|
| | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Advisement (Unaudited) | | | | | |
| (in millions) | | | | | |
| | As of |
| | December 31, 2013 | | September 30, 2013 | | December 31, 2012 |
| | | | | | |
| Exchange Traded Funds | $ | 2,506 |
| | $ | 2,732 |
| | $ | 2,804 |
|
| | | | | | |
| Model-Based Strategies | $ | 1,661 |
| | $ | 2,425 |
| | $ | 4,536 |
|
| | | | | | |
| Unit Investment Trusts | $ | 994 |
| | $ | 1,126 |
| | $ | 1,324 |
|
| | | | | | |
| Total | $ | 5,161 |
| | $ | 6,283 |
| | $ | 8,664 |
|
| | | | | | |
| | | | | | |
| 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. |
