Cohen & Steers, Inc.
280 Park Avenue
New York, NY 10017-1216
Tel (212) 832-3232
Contact:
Matthew S. Stadler
Executive Vice President
Chief Financial Officer
Cohen & Steers, Inc.
Tel (212) 446-9168
COHEN & STEERS REPORTS THIRD QUARTER
2014 RESULTS
Record Quarterly Revenue of $80.8 million
NEW YORK, NY, October 15, 2014—Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $18.2 million, or $0.40 per diluted share and $0.41 per basic share, for the quarter ended September 30, 2014, compared with $18.3 million, or $0.41 per share (diluted and basic), for the quarter ended September 30, 2013. Total revenue for the third quarter of 2014 was a record $80.8 million, an increase of 9.2% from $74.0 million for the third quarter of 2013.
For the nine months ended September 30, 2014, the company recorded net income attributable to common stockholders of $59.8 million, or $1.31 per diluted share and $1.34 per basic share, compared with $48.7 million, or $1.08 per diluted share and $1.10 per basic share, for the nine months ended September 30, 2013.
The results for the nine months ended September 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., a closed-end mutual fund. After adjusting for these items, earnings per share would have been $1.18 for the nine months ended September 30, 2013.
Financial Highlights (Unaudited)
September 30, 2014 Compared with June 30, 2014
|
| | | | | | | | | | | | | | |
| (in thousands, except per share data) | Three Months Ended | | | | |
| | September 30, 2014 | | June 30, 2014 | | $ Change | | % Change |
| Revenue | $ | 80,845 |
| | $ | 78,412 |
| | $ | 2,433 |
| | 3.1 | % |
| Expenses | $ | 48,518 |
| | $ | 48,744 |
| | $ | (226 | ) | | (0.5 | %) |
| Operating income | $ | 32,327 |
| | $ | 29,668 |
| | $ | 2,659 |
| | 9.0 | % |
| Operating margin | 40.0 | % | | 37.8 | % | | | | 215 bps |
|
| Total non-operating (loss) income | $ | (3,557 | ) | | $ | 4,990 |
| | $ | (8,547 | ) | | * |
|
| Net income attributable to common stockholders | $ | 18,184 |
| | $ | 22,183 |
| | $ | (3,999 | ) | | (18.0 | %) |
| Diluted earnings per share attributable to common stockholders | $ | 0.40 |
| | $ | 0.49 |
| | $ | (0.09 | ) | | (18.3 | %) |
________________________
* Not meaningful
Revenue
Total revenue for the third quarter of 2014 was a record $80.8 million, an increase of $2.4 million from $78.4 million for the second quarter of 2014. Higher average assets under management in open-end mutual funds and closed-end mutual funds and an additional day in the quarter resulted in the following revenue increases:
| |
• | $1.9 million from open-end mutual funds; and |
| |
| • | $681,000 from closed-end mutual funds. |
Expenses
Expenses for the third quarter of 2014 were $48.5 million, a decrease of $226,000 from $48.7 million for the second quarter of 2014. The change was primarily due to:
| |
| • | Lower general and administrative expenses of $752,000, primarily due to lower recruiting fees, marketing expenses and fund-related expenses; |
| |
| • | Lower distribution and service fees of $208,000, primarily due to a shift toward lower cost share classes in our open-end mutual funds; and |
| |
| • | Higher employee compensation and benefits expenses of $803,000 primarily attributable to higher salaries and incentive compensation. |
Operating Margin
The company's operating margin increased to 40.0% for the third quarter of 2014, compared with 37.8% for the three months ended June 30, 2014.
Non-operating Income
Non-operating loss, excluding net loss attributable to redeemable noncontrolling interest of $147,000, was $3.4 million, a decrease of $7.7 million from non-operating income of $4.2 million for the second quarter of 2014. The decrease was primarily due to lower earnings from the company's seed investments.
Assets Under Management Highlights (Unaudited)
September 30, 2014 Compared with June 30, 2014
|
| | | | | | | | | | | | | | |
| (in millions) | Assets Under Management | | | | |
| | As of | | | | |
| By Investment Vehicle | September 30,
2014 | | June 30,
2014 | | $ Change | | % Change |
| Institutional accounts | $ | 23,941 |
| | $ | 25,728 |
| | $ | (1,787 | ) | | (6.9 | %) |
| Open-end mutual funds | 16,116 |
| | 16,629 |
| | (513 | ) | | (3.1 | %) |
| Closed-end mutual funds | 9,638 |
| | 9,928 |
| | (290 | ) | | (2.9 | %) |
| Total | $ | 49,695 |
| | $ | 52,285 |
| | (2,590 | ) | | (5.0 | %) |
| | | | | | | | |
| By Investment Strategy | | | | | | | |
| U.S. real estate | $ | 26,226 |
| | $ | 27,404 |
| | $ | (1,178 | ) | | (4.3 | %) |
| Global/international real estate | 9,677 |
| | 10,161 |
| | (484 | ) | | (4.8 | %) |
| Preferred securities | 5,766 |
| | 5,672 |
| | 94 |
| | 1.7 | % |
| Global listed infrastructure | 5,611 |
| | 5,616 |
| | (5 | ) | | (0.1 | %) |
| Large cap value | 1,260 |
| | 2,285 |
| | (1,025 | ) | | (44.9 | %) |
| Other | 1,155 |
| | 1,147 |
| | 8 |
| | 0.7 | % |
| Total | $ | 49,695 |
| | $ | 52,285 |
| | (2,590 | ) | | (5.0 | %) |
Assets under management were $49.7 billion as of September 30, 2014, a decrease of $2.6 billion from $52.3 billion at June 30, 2014. The decrease from June 30, 2014 was attributable to market depreciation of $1.6 billion and net outflows of $966 million.
Institutional Accounts
Assets under management for institutional accounts were $23.9 billion as of September 30, 2014, a decrease of 6.9% from $25.7 billion at June 30, 2014. The change from June 30, 2014 was due to the following:
| |
| • | Market depreciation of $831 million, including $426 million from U.S. real estate, $330 million from global/international real estate and $58 million from global listed infrastructure; |
| |
| • | Net outflows of $845 million from subadvisory relationships, including $959 million from large cap value and $111 million from global/international real estate, partially offset by net inflows of $172 million into global listed infrastructure and $131 million into preferred securities; |
| |
| • | Net outflows of $224 million from advisory relationships, including $137 million from U.S. real estate and $75 million from large cap value; and |
| |
| • | Transfers from open-end mutual funds of $113 million, of which $77 million was into U.S. real estate and $36 million was into global/international real estate to fund two new collective investment trusts. |
Open-end Mutual Funds
Assets under management for open-end mutual funds were $16.1 billion as of September 30, 2014, a decrease of 3.1% from $16.6 billion at June 30, 2014. The change from June 30, 2014 was due to the following:
| |
| • | Market depreciation of $503 million, including $333 million from U.S. real estate and $123 million from global/international real estate; |
| |
| • | Net inflows of $103 million, including net inflows of $63 million into multi-strategy real assets (included in "Other" in the above table), $47 million into global/international real estate, $42 million into global listed infrastructure and $35 million into preferred securities, partially offset by net outflows of $86 million from U.S. real estate; and |
| |
| • | Transfers to institutional accounts of $113 million. |
Closed-end Mutual Funds
Assets under management for closed-end mutual funds were $9.6 billion as of September 30, 2014, a decrease of 2.9% from $9.9 billion at June 30, 2014. The decrease from June 30, 2014 was due to market depreciation of $290 million.
Balance Sheet Information
As of September 30, 2014, cash, cash equivalents and investments were $203 million. As of September 30, 2014, stockholders' equity was $262 million and the company had no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, October 16, 2014 at 11:00 a.m. (ET) to discuss the company's third quarter results. Investors and analysts can access the live conference call by dialing 800-920-4315 (U.S.) or +1-212-231-2934 (international); passcode: 21736177. 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 October 16, 2014 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21736177. 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 one month.
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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's current views with respect to, among other things, the company's 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 forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2013 ("Form 10-K"), 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 are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. 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 |
| | September 30, 2014 | | June 30, 2014 | | September 30, 2013 | | June 30, 2014 | | September 30, 2013 |
| Revenue | | | | | | | | | |
| Investment advisory and administration fees | $ | 75,210 |
| | $ | 72,907 |
| | $ | 67,704 |
| | | | |
| Distribution and service fees | 3,738 |
| | 3,744 |
| | 3,627 |
| | | | |
| Portfolio consulting and other | 1,897 |
| | 1,761 |
| | 2,695 |
| | | | |
| Total revenue | 80,845 |
| | 78,412 |
| | 74,026 |
| | 3.1 | % | | 9.2 | % |
| Expenses | | | | | | | | | |
| Employee compensation and benefits | 26,679 |
| | 25,876 |
| | 24,058 |
| | | | |
| Distribution and service fees | 9,048 |
| | 9,256 |
| | 8,362 |
| | | | |
| General and administrative | 11,313 |
| | 12,065 |
| | 11,688 |
| | | | |
| Depreciation and amortization | 1,090 |
| | 1,103 |
| | 1,423 |
| | | | |
| Amortization, deferred commissions | 388 |
| | 444 |
| | 776 |
| | | | |
| Total expenses | 48,518 |
| | 48,744 |
| | 46,307 |
| | (0.5 | %) | | 4.8 | % |
| Operating income | 32,327 |
| | 29,668 |
| | 27,719 |
| | 9.0 | % | | 16.6 | % |
| Non-operating income | | | | | | | | | |
| Interest and dividend income—net | 610 |
| | 592 |
| | 218 |
| | | | |
| (Loss) gain from trading securities—net | (2,690 | ) | | 2,762 |
| | 2,383 |
| | | | |
| Gain from available-for-sale securities—net | 760 |
| | 52 |
| | 180 |
| | | | |
| Equity in (losses) earnings of affiliates | (1,571 | ) | | 1,429 |
| | 313 |
| | | | |
| Other (losses) income | (666 | ) | | 155 |
| | 209 |
| | | | |
| Total non-operating (loss) income | (3,557 | ) | | 4,990 |
| | 3,303 |
| | * |
| | * |
|
| Income before provision for income taxes | 28,770 |
| | 34,658 |
| | 31,022 |
| | (17.0 | %) | | (7.3 | %) |
| Provision for income taxes | 10,733 |
| | 11,734 |
| | 11,205 |
| | | | |
| Net income | 18,037 |
| | 22,924 |
| | 19,817 |
| | (21.3 | %) | | (9.0 | %) |
| Less: Net loss (income) attributable to redeemable noncontrolling interest | 147 |
| | (741 | ) | | (1,534 | ) | | | | |
| Net income attributable to common stockholders | $ | 18,184 |
| | $ | 22,183 |
| | $ | 18,283 |
| | (18.0 | %) | | (0.5 | %) |
| | | | | | | | | | |
| Earnings per share attributable to common stockholders | | | | | | | | | |
| Basic | $ | 0.41 |
| | $ | 0.49 |
| | $ | 0.41 |
| | (18.1 | %) | | (1.7 | %) |
| Diluted | $ | 0.40 |
| | $ | 0.49 |
| | $ | 0.41 |
| | (18.3 | %) | | (1.8 | %) |
| | | | | | | | | | |
| Dividends declared per share | | | | | | | | | |
| Quarterly | $ | 0.22 |
| | $ | 0.22 |
| | $ | 0.20 |
| | — | % | | 10.0 | % |
| | | | | | | | | | |
| Weighted average shares outstanding | | | | | | | | | |
| Basic | 44,839 |
| | 44,825 |
| | 44,317 |
| | | | |
| Diluted | 45,689 |
| | 45,530 |
| | 45,106 |
| | | | |
| | | | | | | | | | |
| * Not meaningful | | | | | | | | | |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Condensed Consolidated Statements of Operations (Unaudited) | | |
| For the Periods Ended | | | | | |
| (in thousands, except per share data) | | | | | |
| | | | | | |
| | Nine Months Ended | | |
| | September 30, 2014 | | September 30, 2013 | | % Change |
| Revenue | | | | | |
| Investment advisory and administration fees | $ | 215,681 |
| | $ | 203,451 |
| | |
| Distribution and service fees | 10,952 |
| | 10,802 |
| | |
| Portfolio consulting and other | 5,459 |
| | 10,028 |
| | |
| Total revenue | 232,092 |
| | 224,281 |
| | 3.5 | % |
| Expenses | | | | | |
| Employee compensation and benefits | 76,590 |
| | 72,330 |
| | |
| Distribution and service fees | 26,608 |
| | 33,120 |
| | |
| General and administrative | 34,471 |
| | 35,384 |
| | |
| Depreciation and amortization | 3,455 |
| | 4,110 |
| | |
| Amortization, deferred commissions | 1,377 |
| | 2,351 |
| | |
| Total expenses | 142,501 |
| | 147,295 |
| | (3.3 | %) |
| Operating income | 89,591 |
| | 76,986 |
| | 16.4 | % |
| Non-operating income | | | | | |
| Interest and dividend income—net | 1,441 |
| | 1,507 |
| | |
| Gain (loss) from trading securities—net | 1,055 |
| | (6,956 | ) | | |
| Gain from available-for-sale securities—net | 1,888 |
| | 1,508 |
| | |
| Equity in earnings of affiliates | 793 |
| | 422 |
| | |
| Other losses | (563 | ) | | (430 | ) | | |
| Total non-operating income (loss) | 4,614 |
| | (3,949 | ) | | * |
|
| Income before provision for income taxes | 94,205 |
| | 73,037 |
| | 29.0 | % |
| Provision for income taxes | 33,644 |
| | 29,210 |
| | |
| Net income | 60,561 |
| | 43,827 |
| | 38.2 | % |
| Less: Net (income) loss attributable to redeemable noncontrolling interest | (749 | ) | | 4,879 |
| | |
| Net income attributable to common stockholders | $ | 59,812 |
| | $ | 48,706 |
| | 22.8 | % |
| | | | | | |
| Earnings per share attributable to common stockholders | | | | | |
| Basic | $ | 1.34 |
| | $ | 1.10 |
| | 21.4 | % |
| Diluted | $ | 1.31 |
| | $ | 1.08 |
| | 21.3 | % |
| | | | | | |
| Dividends declared per share | | | | | |
| Quarterly | $ | 0.66 |
| | $ | 0.60 |
| | 10.0 | % |
| | | | | | |
| Weighted average shares outstanding | | | | | |
| Basic | 44,766 |
| | 44,254 |
| | |
| Diluted | 45,568 |
| | 44,997 |
| | |
| | | | | | |
| * 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 |
| | September 30, 2014 | | June 30, 2014 | | September 30, 2013 | | June 30, 2014 | | September 30, 2013 |
| Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 25,728 |
| | $ | 24,479 |
| | $ | 24,538 |
| | | | |
| Inflows | 893 |
| | 375 |
| | 91 |
| | | | |
| Outflows | (1,962 | ) | | (896 | ) | | (1,395 | ) | | | | |
| Net outflows | (1,069 | ) | | (521 | ) | | (1,304 | ) | | | | |
| Market (depreciation) appreciation | (831 | ) | | 1,770 |
| | 57 |
| | | | |
| Transfers * | 113 |
| | — |
| | — |
| | | | |
| Total (decrease) increase | (1,787 | ) | | 1,249 |
| | (1,247 | ) | | | | |
| Assets under management, end of period | $ | 23,941 |
| | $ | 25,728 |
| | $ | 23,291 |
| | (6.9 | %) | | 2.8 | % |
| Percentage of total assets under management | 48.2 | % | | 49.2 | % | | 50.3 | % | | | | |
| Average assets under management for period | $ | 24,944 |
| | $ | 25,010 |
| | $ | 23,729 |
| | (0.3 | %) | | 5.1 | % |
| | | | | | | | | | |
| Open-end Mutual Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 16,629 |
| | $ | 15,148 |
| | $ | 14,442 |
| | | | |
| Inflows | 1,542 |
| | 1,464 |
| | 1,121 |
| | | | |
| Outflows | (1,439 | ) | | (949 | ) | | (1,167 | ) | | | | |
| Net inflows (outflows) | 103 |
| | 515 |
| | (46 | ) | | | | |
| Market (depreciation) appreciation | (503 | ) | | 966 |
| | (134 | ) | | | | |
| Transfers * | (113 | ) | | — |
| | — |
| | | | |
| Total (decrease) increase | (513 | ) | | 1,481 |
| | (180 | ) | | | | |
| Assets under management, end of period | $ | 16,116 |
| | $ | 16,629 |
| | $ | 14,262 |
| | (3.1 | %) | | 13.0 | % |
| Percentage of total assets under management | 32.4 | % | | 31.8 | % | | 30.8 | % | | | | |
| Average assets under management for period | $ | 16,768 |
| | $ | 15,992 |
| | $ | 14,385 |
| | 4.9 | % | | 16.6 | % |
| | | | | | | | | | |
| Closed-end Mutual Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 9,928 |
| | $ | 9,404 |
| | $ | 8,843 |
| | | | |
| Inflows | — |
| | — |
| | — |
| | | | |
| Outflows | — |
| | — |
| | — |
| | | | |
| Net inflows | — |
| | — |
| | — |
| | | | |
| Market (depreciation) appreciation | (290 | ) | | 524 |
| | (60 | ) | | | | |
| Total (decrease) increase | (290 | ) | | 524 |
| | (60 | ) | | | | |
| Assets under management, end of period | $ | 9,638 |
| | $ | 9,928 |
| | $ | 8,783 |
| | (2.9 | %) | | 9.7 | % |
| Percentage of total assets under management | 19.4 | % | | 19.0 | % | | 19.0 | % | | | | |
| Average assets under management for period | $ | 9,922 |
| | $ | 9,719 |
| | $ | 8,864 |
| | 2.1 | % | | 11.9 | % |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 52,285 |
| | $ | 49,031 |
| | $ | 47,823 |
| | | | |
| Inflows | 2,435 |
| | 1,839 |
| | 1,212 |
| | | | |
| Outflows | (3,401 | ) | | (1,845 | ) | | (2,562 | ) | | | | |
| Net outflows | (966 | ) | | (6 | ) | | (1,350 | ) | | | | |
| Market (depreciation) appreciation | (1,624 | ) | | 3,260 |
| | (137 | ) | | | | |
| Total (decrease) increase | (2,590 | ) | | 3,254 |
| | (1,487 | ) | | | | |
| Assets under management, end of period | $ | 49,695 |
| | $ | 52,285 |
| | $ | 46,336 |
| | (5.0 | %) | | 7.2 | % |
| Average assets under management for period | $ | 51,634 |
| | $ | 50,721 |
| | $ | 46,978 |
| | 1.8 | % | | 9.9 | % |
| | | | | | | | | | |
| * Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation). |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Vehicle | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Nine Months Ended | | |
| | September 30, 2014 | | September 30, 2013 | | % Change |
| Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 22,926 |
| | $ | 24,850 |
| | |
| Inflows | 1,700 |
| | 614 |
| | |
| Outflows | (3,510 | ) | | (3,351 | ) | | |
| Net outflows | (1,810 | ) | | (2,737 | ) | | |
| Market appreciation | 2,712 |
| | 1,178 |
| | |
| Transfers * | 113 |
| | — |
| | |
| Total increase (decrease) | 1,015 |
| | (1,559 | ) | | |
| Assets under management, end of period | $ | 23,941 |
| | $ | 23,291 |
| | 2.8 | % |
| Percentage of total assets under management | 48.2 | % | | 50.3 | % | | |
| Average assets under management for period | $ | 24,608 |
| | $ | 25,061 |
| | (1.8 | %) |
| | | | | | |
| Open-end Mutual Funds | | | | | |
| Assets under management, beginning of period | $ | 14,016 |
| | $ | 12,962 |
| | |
| Inflows | 4,529 |
| | 4,418 |
| | |
| Outflows | (3,807 | ) | | (3,446 | ) | | |
| Net inflows | 722 |
| | 972 |
| | |
| Market appreciation | 1,491 |
| | 328 |
| | |
| Transfers * | (113 | ) | | — |
| | |
| Total increase | 2,100 |
| | 1,300 |
| | |
| Assets under management, end of period | $ | 16,116 |
| | $ | 14,262 |
| | 13.0 | % |
| Percentage of total assets under management | 32.4 | % | | 30.8 | % | | |
| Average assets under management for period | $ | 15,797 |
| | $ | 14,397 |
| | 9.7 | % |
| | | | | | |
| Closed-end Mutual Funds | | | | | |
| Assets under management, beginning of period | $ | 8,965 |
| | $ | 7,985 |
| | |
| Inflows | — |
| | 739 |
| | |
| Outflows | — |
| | — |
| | |
| Net inflows | — |
| | 739 |
| | |
| Market appreciation | 673 |
| | 59 |
| | |
| Total increase | 673 |
| | 798 |
| | |
| Assets under management, end of period | $ | 9,638 |
| | $ | 8,783 |
| | 9.7 | % |
| Percentage of total assets under management | 19.4 | % | | 19.0 | % | | |
| Average assets under management for period | $ | 9,630 |
| | $ | 8,723 |
| | 10.4 | % |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 45,907 |
| | $ | 45,797 |
| | |
| Inflows | 6,229 |
| | 5,771 |
| | |
| Outflows | (7,317 | ) | | (6,797 | ) | | |
| Net outflows | (1,088 | ) | | (1,026 | ) | | |
| Market appreciation | 4,876 |
| | 1,565 |
| | |
| Total increase | 3,788 |
| | 539 |
| | |
| Assets under management, end of period | $ | 49,695 |
| | $ | 46,336 |
| | 7.2 | % |
| Average assets under management for period | $ | 50,035 |
| | $ | 48,181 |
| | 3.8 | % |
| | | | | | |
| * Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation). |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management - Institutional Accounts (Unaudited) | | | | | | |
| By Account Type | | | | | | | | | |
| For the Periods Ended | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | September 30, 2014 | | June 30, 2014 | | September 30, 2013 | | June 30, 2014 | | September 30, 2013 |
| Subadvisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 18,558 |
| | $ | 17,924 |
| | $ | 17,162 |
| | | | |
| Inflows | 529 |
| | 218 |
| | 77 |
| | | | |
| Outflows | (1,374 | ) | | (868 | ) | | (388 | ) | | | | |
| Net outflows | (845 | ) | | (650 | ) | | (311 | ) | | | | |
| Market (depreciation) appreciation | (621 | ) | | 1,284 |
| | (18 | ) | | | | |
| Total (decrease) increase | (1,466 | ) | | 634 |
| | (329 | ) | | | | |
| Assets under management, end of period | $ | 17,092 |
| | $ | 18,558 |
| | $ | 16,833 |
| | (7.9 | %) | | 1.5 | % |
| Percentage of institutional assets under management | 71.4 | % | | 72.1 | % | | 72.3 | % | | | | |
| Average assets under management for period | $ | 17,869 |
| | $ | 18,118 |
| | $ | 17,008 |
| | (1.4 | %) | | 5.1 | % |
| | | | | | | | | | |
| Advisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 7,170 |
| | $ | 6,555 |
| | $ | 7,376 |
| | | | |
| Inflows | 364 |
| | 157 |
| | 14 |
| | | | |
| Outflows | (588 | ) | | (28 | ) | | (1,007 | ) | | | | |
| Net (outflows) inflows | (224 | ) | | 129 |
| | (993 | ) | | | | |
| Market (depreciation) appreciation | (210 | ) | | 486 |
| | 75 |
| | | | |
| Transfers * | 113 |
| | — |
| | — |
| | | | |
| Total (decrease) increase | (321 | ) | | 615 |
| | (918 | ) | | | | |
| Assets under management, end of period | $ | 6,849 |
| | $ | 7,170 |
| | $ | 6,458 |
| | (4.5 | %) | | 6.1 | % |
| Percentage of institutional assets under management | 28.6 | % | | 27.9 | % | | 27.7 | % | | | | |
| Average assets under management for period | $ | 7,075 |
| | $ | 6,892 |
| | $ | 6,721 |
| | 2.7 | % | | 5.3 | % |
| | | | | | | | | | |
| Total Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 25,728 |
| | $ | 24,479 |
| | $ | 24,538 |
| | | | |
| Inflows | 893 |
| | 375 |
| | 91 |
| | | | |
| Outflows | (1,962 | ) | | (896 | ) | | (1,395 | ) | | | | |
| Net outflows | (1,069 | ) | | (521 | ) | | (1,304 | ) | | | | |
| Market (depreciation) appreciation | (831 | ) | | 1,770 |
| | 57 |
| | | | |
| Transfers * | 113 |
| | — |
| | — |
| | | | |
| Total (decrease) increase | (1,787 | ) | | 1,249 |
| | (1,247 | ) | | | | |
| Assets under management, end of period | $ | 23,941 |
| | $ | 25,728 |
| | $ | 23,291 |
| | (6.9 | %) | | 2.8 | % |
| Average assets under management for period | $ | 24,944 |
| | $ | 25,010 |
| | $ | 23,729 |
| | (0.3 | %) | | 5.1 | % |
| | | | | | | | | | |
| * Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation). |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management - Institutional Accounts (Unaudited) | | | |
| By Account Type | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Nine Months Ended | | |
| | September 30, 2014 | | September 30, 2013 | | % Change |
| Subadvisory | | | | | |
| Assets under management, beginning of period | $ | 16,693 |
| | $ | 17,582 |
| | |
| Inflows | 1,058 |
| | 343 |
| | |
| Outflows | (2,729 | ) | | (1,901 | ) | | |
| Net outflows | (1,671 | ) | | (1,558 | ) | | |
| Market appreciation | 2,070 |
| | 809 |
| | |
| Total increase (decrease) | 399 |
| | (749 | ) | | |
| Assets under management, end of period | $ | 17,092 |
| | $ | 16,833 |
| | 1.5 | % |
| Percentage of institutional assets under management | 71.4 | % | | 72.3 | % | | |
| Average assets under management for period | 17,824 |
| | $ | 17,748 |
| | 0.4 | % |
| | | | | | |
| Advisory | | | | | |
| Assets under management, beginning of period | $ | 6,233 |
| | $ | 7,268 |
| | |
| Inflows | 642 |
| | 271 |
| | |
| Outflows | (781 | ) | | (1,450 | ) | | |
| Net outflows | (139 | ) | | (1,179 | ) | | |
| Market appreciation | 642 |
| | 369 |
| | |
| Transfers * | 113 |
| | — |
| | |
| Total increase (decrease) | 616 |
| | (810 | ) | | |
| Assets under management, end of period | $ | 6,849 |
| | $ | 6,458 |
| | 6.1 | % |
| Percentage of institutional assets under management | 28.6 | % | | 27.7 | % | | |
| Average assets under management for period | $ | 6,784 |
| | $ | 7,313 |
| | (7.2 | %) |
| | | | | | |
| Total Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 22,926 |
| | $ | 24,850 |
| | |
| Inflows | 1,700 |
| | 614 |
| | |
| Outflows | (3,510 | ) | | (3,351 | ) | | |
| Net outflows | (1,810 | ) | | (2,737 | ) | | |
| Market appreciation | 2,712 |
| | 1,178 |
| | |
| Transfers * | 113 |
| | — |
| | |
| Total increase (decrease) | 1,015 |
| | (1,559 | ) | | |
| Assets under management, end of period | $ | 23,941 |
| | $ | 23,291 |
| | 2.8 | % |
| Average assets under management for period | $ | 24,608 |
| | $ | 25,061 |
| | (1.8 | %) |
| | | | | | |
| * Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation). |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy | | | | | | | | | |
| For the Periods Ended | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | September 30, 2014 | | June 30, 2014 | | September 30, 2013 | | June 30, 2014 | | September 30, 2013 |
| U.S. Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 27,404 |
| | $ | 25,251 |
| | $ | 24,173 |
| | | | |
| Inflows | 735 |
| | 734 |
| | 693 |
| | | | |
| Outflows | (1,054 | ) | | (583 | ) | | (976 | ) | | | | |
| Net (outflows) inflows | (319 | ) | | 151 |
| | (283 | ) | | | | |
| Market (depreciation) appreciation | (859 | ) | | 1,780 |
| | (653 | ) | | | | |
| Transfers * | — |
| | 222 |
| | — |
| | | | |
| Total (decrease) increase | (1,178 | ) | | 2,153 |
| | (936 | ) | | | | |
| Assets under management, end of period | $ | 26,226 |
| | $ | 27,404 |
| | $ | 23,237 |
| | (4.3 | %) | | 12.9 | % |
| Percentage of total assets under management | 52.8 | % | | 52.4 | % | | 50.1 | % | | | | |
| Average assets under management for period | $ | 27,422 |
| | $ | 26,506 |
| | $ | 23,633 |
| | 3.5 | % | | 16.0 | % |
| | | | | | | | | | |
| Global/International Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 10,161 |
| | $ | 9,721 |
| | $ | 9,923 |
| | | | |
| Inflows | 620 |
| | 233 |
| | 239 |
| | | | |
| Outflows | (651 | ) | | (517 | ) | | (871 | ) | | | | |
| Net outflows | (31 | ) | | (284 | ) | | (632 | ) | | | | |
| Market (depreciation) appreciation | (453 | ) | | 724 |
| | 339 |
| | | | |
| Total (decrease) increase | (484 | ) | | 440 |
| | (293 | ) | | | | |
| Assets under management, end of period | $ | 9,677 |
| | $ | 10,161 |
| | $ | 9,630 |
| | (4.8 | %) | | 0.5 | % |
| Percentage of total assets under management | 19.5 | % | | 19.4 | % | | 20.8 | % | | | | |
| Average assets under management for period | $ | 10,200 |
| | $ | 9,993 |
| | $ | 9,668 |
| | 2.1 | % | | 5.5 | % |
| | | | | | | | | | |
| Preferred Securities | | | | | | | | | |
| Assets under management, beginning of period | $ | 5,672 |
| | $ | 5,126 |
| | $ | 5,068 |
| | | | |
| Inflows | 597 |
| | 520 |
| | 241 |
| | | | |
| Outflows | (445 | ) | | (148 | ) | | (376 | ) | | | | |
| Net inflows (outflows) | 152 |
| | 372 |
| | (135 | ) | | | | |
| Market (depreciation) appreciation | (58 | ) | | 174 |
| | (113 | ) | | | | |
| Total increase (decrease) | 94 |
| | 546 |
| | (248 | ) | | | | |
| Assets under management, end of period | $ | 5,766 |
| | $ | 5,672 |
| | $ | 4,820 |
| | 1.7 | % | | 19.6 | % |
| Percentage of total assets under management | 11.6 | % | | 10.8 | % | | 10.4 | % | | | | |
| Average assets under management for period | $ | 5,675 |
| | $ | 5,415 |
| | $ | 4,984 |
| | 4.8 | % | | 13.9 | % |
| | | | | | | | | | |
| Global Listed Infrastructure | | | | | | | | | |
| Assets under management, beginning of period | $ | 5,616 |
| | $ | 5,072 |
| | $ | 4,324 |
| | | | |
| Inflows | 326 |
| | 169 |
| | 14 |
| | | | |
| Outflows | (144 | ) | | (48 | ) | | (20 | ) | | | | |
| Net inflows (outflows) | 182 |
| | 121 |
| | (6 | ) | | | | |
| Market (depreciation) appreciation | (187 | ) | | 423 |
| | 151 |
| | | | |
| Total (decrease) increase | (5 | ) | | 544 |
| | 145 |
| | | | |
| Assets under management, end of period | $ | 5,611 |
| | $ | 5,616 |
| | $ | 4,469 |
| | (0.1 | %) | | 25.6 | % |
| Percentage of total assets under management | 11.3 | % | | 10.7 | % | | 9.6 | % | | | | |
| Average assets under management for period | $ | 5,703 |
| | $ | 5,333 |
| | $ | 4,400 |
| | 6.9 | % | | 29.6 | % |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy - continued | | | | | | | | | |
| For the Periods Ended | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | September 30, 2014 | | June 30, 2014 | | September 30, 2013 | | June 30, 2014 | | September 30, 2013 |
| Large Cap Value | | | | | | | | | |
| Assets under management, beginning of period | $ | 2,285 |
| | $ | 2,857 |
| | $ | 3,653 |
| | | | |
| Inflows | 30 |
| | 66 |
| | 8 |
| | | | |
| Outflows | (1,064 | ) | | (534 | ) | | (308 | ) | | | | |
| Net outflows | (1,034 | ) | | (468 | ) | | (300 | ) | | | | |
| Market appreciation | 9 |
| | 118 |
| | 139 |
| | | | |
| Transfers * | — |
| | (222 | ) | | — |
| | | | |
| Total decrease | (1,025 | ) | | (572 | ) | | (161 | ) | | | | |
| Assets under management, end of period | $ | 1,260 |
| | $ | 2,285 |
| | $ | 3,492 |
| | (44.9 | %) | | (63.9 | %) |
| Percentage of total assets under management | 2.5 | % | | 4.4 | % | | 7.5 | % | | | | |
| Average assets under management for period | $ | 1,484 |
| | $ | 2,400 |
| | $ | 3,601 |
| | (38.2 | %) | | (58.8 | %) |
| | | | | | | | | | |
| Other | | | | | | | | | |
| Assets under management, beginning of period | $ | 1,147 |
| | $ | 1,004 |
| | $ | 682 |
| | | | |
| Inflows | 127 |
| | 117 |
| | 17 |
| | | | |
| Outflows | (43 | ) | | (15 | ) | | (11 | ) | | | | |
| Net inflows | 84 |
| | 102 |
| | 6 |
| | | | |
| Market (depreciation) appreciation | (76 | ) | | 41 |
| | — |
| | | | |
| Total increase | 8 |
| | 143 |
| | 6 |
| | | | |
| Assets under management, end of period | $ | 1,155 |
| | $ | 1,147 |
| | $ | 688 |
| | 0.7 | % | | 67.9 | % |
| Percentage of total assets under management | 2.3 | % | | 2.2 | % | | 1.5 | % | | | | |
| Average assets under management for period | $ | 1,150 |
| | $ | 1,074 |
| | $ | 692 |
| | 7.1 | % | | 66.2 | % |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 52,285 |
| | $ | 49,031 |
| | $ | 47,823 |
| | | | |
| Inflows | 2,435 |
| | 1,839 |
| | 1,212 |
| | | | |
| Outflows | (3,401 | ) | | (1,845 | ) | | (2,562 | ) | | | | |
| Net outflows | (966 | ) | | (6 | ) | | (1,350 | ) | | | | |
| Market (depreciation) appreciation | (1,624 | ) | | 3,260 |
| | (137 | ) | | | | |
| Total (decrease) increase | (2,590 | ) | | 3,254 |
| | (1,487 | ) | | | | |
| Assets under management, end of period | $ | 49,695 |
| | $ | 52,285 |
| | $ | 46,336 |
| | (5.0 | %) | | 7.2 | % |
| Average assets under management for period | $ | 51,634 |
| | $ | 50,721 |
| | $ | 46,978 |
| | 1.8 | % | | 9.9 | % |
| | | | | | | | | | |
| * Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation). |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Nine Months Ended | | |
| | September 30, 2014 | | September 30, 2013 | | % Change |
| U.S. Real Estate | | | | | |
| Assets under management, beginning of period | $ | 23,116 |
| | $ | 22,613 |
| | |
| Inflows | 2,225 |
| | 2,239 |
| | |
| Outflows | (2,466 | ) | | (2,068 | ) | | |
| Net (outflows) inflows | (241 | ) | | 171 |
| | |
| Market appreciation | 3,129 |
| | 453 |
| | |
| Transfers * | 222 |
| | — |
| | |
| Total increase | 3,110 |
| | 624 |
| | |
| Assets under management, end of period | $ | 26,226 |
| | $ | 23,237 |
| | 12.9 | % |
| Percentage of total assets under management | 52.8 | % | | 50.1 | % | | |
| Average assets under management for period | $ | 26,108 |
| | $ | 24,097 |
| | 8.3 | % |
| | | | | | |
| Global/International Real Estate | | | | | |
| Assets under management, beginning of period | $ | 9,498 |
| | $ | 11,155 |
| | |
| Inflows | 1,338 |
| | 1,111 |
| | |
| Outflows | (1,832 | ) | | (3,112 | ) | | |
| Net outflows | (494 | ) | | (2,001 | ) | | |
| Market appreciation | 673 |
| | 476 |
| | |
| Total increase (decrease) | 179 |
| | (1,525 | ) | | |
| Assets under management, end of period | $ | 9,677 |
| | $ | 9,630 |
| | 0.5 | % |
| Percentage of total assets under management | 19.5 | % | | 20.8 | % | | |
| Average assets under management for period | $ | 9,931 |
| | $ | 10,674 |
| | (7.0 | %) |
| | | | | | |
| Preferred Securities | | | | | |
| Assets under management, beginning of period | $ | 4,722 |
| | $ | 4,364 |
| | |
| Inflows | 1,475 |
| | 1,490 |
| | |
| Outflows | (773 | ) | | (911 | ) | | |
| Net inflows | 702 |
| | 579 |
| | |
| Market appreciation (depreciation) | 342 |
| | (123 | ) | | |
| Total increase | 1,044 |
| | 456 |
| | |
| Assets under management, end of period | $ | 5,766 |
| | $ | 4,820 |
| | 19.6 | % |
| Percentage of total assets under management | 11.6 | % | | 10.4 | % | | |
| Average assets under management for period | $ | 5,348 |
| | $ | 4,914 |
| | 8.8 | % |
| | | | | | |
| Global Listed Infrastructure | | | | | |
| Assets under management, beginning of period | $ | 4,714 |
| | $ | 3,509 |
| | |
| Inflows | 797 |
| | 823 |
| | |
| Outflows | (416 | ) | | (79 | ) | | |
| Net inflows | 381 |
| | 744 |
| | |
| Market appreciation | 516 |
| | 216 |
| | |
| Total increase | 897 |
| | 960 |
| | |
| Assets under management, end of period | $ | 5,611 |
| | $ | 4,469 |
| | 25.6 | % |
| Percentage of total assets under management | 11.3 | % | | 9.6 | % | | |
| Average assets under management for period | $ | 5,352 |
| | $ | 4,122 |
| | 29.8 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy - continued | | | | | |
| For the Periods Ended | | | | | |
| (in millions) | | | | | |
| | Nine Months Ended | | |
| | September 30, 2014 | | September 30, 2013 | | % Change |
| Large Cap Value | | | | | |
| Assets under management, beginning of period | $ | 2,907 |
| | $ | 3,465 |
| | |
| Inflows | 105 |
| | 43 |
| | |
| Outflows | (1,753 | ) | | (564 | ) | | |
| Net outflows | (1,648 | ) | | (521 | ) | | |
| Market appreciation | 223 |
| | 548 |
| | |
| Transfers * | (222 | ) | | — |
| | |
| Total (decrease) increase | (1,647 | ) | | 27 |
| | |
| Assets under management, end of period | $ | 1,260 |
| | $ | 3,492 |
| | (63.9 | %) |
| Percentage of total assets under management | 2.5 | % | | 7.5 | % | | |
| Average assets under management for period | $ | 2,231 |
| | $ | 3,659 |
| | (39.0 | %) |
| | | | | | |
| Other | | | | | |
| Assets under management, beginning of period | $ | 950 |
| | $ | 691 |
| | |
| Inflows | 289 |
| | 65 |
| | |
| Outflows | (77 | ) | | (63 | ) | | |
| Net inflows | 212 |
| | 2 |
| | |
| Market depreciation | (7 | ) | | (5 | ) | | |
| Total increase (decrease) | 205 |
| | (3 | ) | | |
| Assets under management, end of period | $ | 1,155 |
| | $ | 688 |
| | 67.9 | % |
| Percentage of total assets under management | 2.3 | % | | 1.5 | % | | |
| Average assets under management for period | $ | 1,065 |
| | $ | 715 |
| | 49.0 | % |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 45,907 |
| | $ | 45,797 |
| | |
| Inflows | 6,229 |
| | 5,771 |
| | |
| Outflows | (7,317 | ) | | (6,797 | ) | | |
| Net outflows | (1,088 | ) | | (1,026 | ) | | |
| Market appreciation | 4,876 |
| | 1,565 |
| | |
| Total increase | 3,788 |
| | 539 |
| | |
| Assets under management, end of period | $ | 49,695 |
| | $ | 46,336 |
| | 7.2 | % |
| Average assets under management for period | $ | 50,035 |
| | $ | 48,181 |
| | 3.8 | % |
| | | | | | |
| * Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation). |
