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
2015 RESULTS
NEW YORK, NY, October 14, 2015—Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $17.1 million, or $0.37 per diluted share and $0.38 per basic share, for the quarter ended September 30, 2015, compared with $18.2 million, or $0.40 per diluted share and $0.41 per basic share, for the quarter ended September 30, 2014. Total revenue for the third quarter of 2015 was $79.7 million, a decrease of 1.5% from $80.8 million for the third quarter of 2014.
For the nine months ended September 30, 2015, the company recorded net income attributable to common stockholders of $58.7 million, or $1.28 per diluted share and $1.29 per basic share, compared with $59.8 million, or $1.31 per diluted share and $1.34 per basic share, for the nine months ended September 30, 2014.
Financial Highlights (Unaudited)
For the Periods
|
| | | | | | | | | | | | | | | | | | | | | |
| (in thousands, except per share data) | Three Months Ended | | | | Nine Months Ended | | |
| | September 30, 2015 | | June 30, 2015 | | % Change | | September 30, 2015 | | September 30, 2014 | | % Change |
| Revenue | $ | 79,667 |
| | $ | 83,502 |
| | (4.6 | %) | | $ | 246,984 |
| | $ | 232,092 |
| | 6.4 | % |
| Expenses | $ | 48,190 |
| | $ | 52,331 |
| | (7.9 | %) | | $ | 149,787 |
| | $ | 142,501 |
| | 5.1 | % |
| Operating income | $ | 31,477 |
| | $ | 31,171 |
| | 1.0 | % | | $ | 97,197 |
| | $ | 89,591 |
| | 8.5 | % |
| Operating margin | 39.5 | % | | 37.3 | % | | 218 bps |
| | 39.4 | % | | 38.6 | % | | 75 bps |
|
Total non-operating (loss) income (1) | $ | (2,972 | ) | | $ | 1,797 |
| | * |
| | $ | (2,727 | ) | | $ | 4,614 |
| | * |
|
| Net income attributable to common stockholders | $ | 17,093 |
| | $ | 20,763 |
| | (17.7 | %) | | $ | 58,672 |
| | $ | 59,812 |
| | (1.9 | %) |
| Diluted earnings per share attributable to common stockholders | $ | 0.37 |
| | $ | 0.45 |
| | (17.7 | %) | | $ | 1.28 |
| | $ | 1.31 |
| | (2.6 | %) |
________________________
* Not meaningful
(1) Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented.
Revenue
Revenue for the third quarter of 2015 was $79.7 million, a decrease of $3.8 million from $83.5 million for the second quarter of 2015. Lower average assets under management in the quarter resulted in the following decreases in investment advisory and administration fees:
| |
• | Open-end mutual funds decreased $2.0 million to $32.8 million for the third quarter of 2015; |
| |
| • | Institutional accounts decreased $0.9 million to $20.6 million for the third quarter of 2015; and |
| |
| • | Closed-end funds decreased $0.8 million to $20.0 million for the third quarter of 2015. |
Revenue for the nine months ended September 30, 2015 was $247.0 million, an increase of $14.9 million from $232.1 million for the nine months ended September 30, 2014.
Expenses
Expenses for the third quarter of 2015 were $48.2 million, a decrease of $4.1 million from $52.3 million for the second quarter of 2015. The change was primarily due to:
| |
| • | A decrease of $2.5 million in employee compensation and benefits expense when compared with the second quarter of 2015, which included an adjustment that increased the compensation to revenue ratio due to lower than expected revenue growth; |
| |
| • | Lower distribution and service fees of $0.9 million, primarily due to lower average assets under management in our open-end no-load mutual funds; and |
| |
| • | Lower general and administrative expenses of $0.7 million, primarily due to decreased business related travel and hosted events during the third quarter of 2015. |
Expenses for the nine months ended September 30, 2015 were $149.8 million, an increase of $7.3 million from $142.5 million for the nine months ended September 30, 2014.
Operating Margin
The company's operating margin increased to 39.5% for the third quarter of 2015 compared with 37.3% for the three months ended June 30, 2015. The operating margin for the nine months ended September 30, 2015 was 39.4% compared with 38.6% for the nine months ended September 30, 2014.
Non-operating Income
Non-operating loss for the third quarter of 2015 was $3.0 million, compared with non-operating income of $1.8 million for the second quarter of 2015. The change was primarily due to realized and unrealized losses on the company's seed investments. Non-operating loss for the nine months ended September 30, 2015 was $2.7 million, compared with non-operating income of $4.6 million for the nine months ended September 30, 2014.
Assets Under Management Highlights (Unaudited)
September 30, 2015 Compared with June 30, 2015
|
| | | | | | | | | | |
| (in millions) | Assets Under Management | | |
| | As of | | |
| By Investment Vehicle | September 30,
2015 | | June 30,
2015 | | % Change |
| Institutional accounts | $ | 24,645 |
| | $ | 24,545 |
| | 0.4 | % |
| Open-end mutual funds | 16,141 |
| | 16,236 |
| | (0.6 | %) |
| Closed-end funds | 8,958 |
| | 9,367 |
| | (4.4 | %) |
| Total | $ | 49,744 |
| | $ | 50,148 |
| | (0.8 | %) |
| | | | | | |
| By Investment Strategy | | | | | |
| U.S. real estate | $ | 25,812 |
| | $ | 25,604 |
| | 0.8 | % |
| Global/international real estate | 9,379 |
| | 9,654 |
| | (2.8 | %) |
| Preferred securities | 6,877 |
| | 6,742 |
| | 2.0 | % |
| Global listed infrastructure | 5,212 |
| | 5,422 |
| | (3.9 | %) |
| Other | 2,464 |
| | 2,726 |
| | (9.6 | %) |
| Total | $ | 49,744 |
| | $ | 50,148 |
| | (0.8 | %) |
Assets under management were $49.7 billion as of September 30, 2015, a decrease of $404 million from $50.1 billion at June 30, 2015. The decrease from June 30, 2015 was attributable to net outflows of $239 million and market depreciation of $165 million.
Institutional Accounts
Assets under management in institutional accounts were $24.6 billion as of September 30, 2015, an increase of 0.4% from $24.5 billion at June 30, 2015. The change from June 30, 2015 was due to the following:
| |
| • | Market appreciation of $137 million, including $451 million from U.S. real estate, partially offset by market depreciation of $130 million from global listed infrastructure, $82 million from commodities (included in "Other" in the table above) and $71 million from large cap value (included in "Other" in the table above); |
| |
| • | Net outflows of $187 million from subadvisory relationships, including $245 million from U.S. real estate and $119 million from global/international real estate, partially offset by net inflows of $172 million into global listed infrastructure; and |
| |
| • | Net inflows of $150 million into advisory relationships, including $148 million into global listed infrastructure. |
Open-end Mutual Funds
Assets under management for open-end mutual funds were $16.1 billion as of September 30, 2015, a decrease of 0.6% from $16.2 billion at June 30, 2015. The change from June 30, 2015 was due to the following:
| |
| • | Net outflows of $202 million, including net outflows of $277 million from U.S. real estate and $90 million from global/international real estate, partially offset by net inflows of $212 million into preferred securities; and |
| |
| • | Market appreciation of $107 million, including $251 million from U.S. real estate, partially offset by market depreciation of $46 million from global/international real estate and $43 million from global listed infrastructure. |
Closed-end Funds
Assets under management for closed-end funds were $9.0 billion as of September 30, 2015, a decrease of 4.4% from $9.4 billion at June 30, 2015. The decrease from June 30, 2015 was due to market depreciation of $409 million.
Balance Sheet Information
As of September 30, 2015, cash, cash equivalents and seed investments were $197 million. As of September 30, 2015, stockholders' equity was $246 million and the company had no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, October 15, 2015 at 10:00 a.m. (ET) to discuss the company's third quarter results. Investors and analysts can access the live conference call by dialing 800-707-9231 (U.S.) or +1-303-223-4375 (international); passcode: 21779705. Participants should plan to register at least 10 minutes before the conference call begins. The presentation that will be reviewed as part of the conference call will be available on the company's website at www.cohenandsteers.com under "Company - Investor Relations."
A replay of the call will be available for two weeks starting at approximately 12:00 p.m. (ET) on October 15, 2015 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21779705. 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
Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle.
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, 2014 (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 | | | | | | | | | |
| (in thousands, except per share data) | | | | | | | | | |
| | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | September 30, 2015 | | June 30, 2015 | | September 30, 2014 | | June 30, 2015 | | September 30, 2014 |
| Revenue | | | | | | | | | |
| Investment advisory and administration fees | $ | 73,487 |
| | $ | 77,221 |
| | $ | 75,210 |
| | | | |
| Distribution and service fees | 3,961 |
| | 4,014 |
| | 3,738 |
| | | | |
| Portfolio consulting and other | 2,219 |
| | 2,267 |
| | 1,897 |
| | | | |
| Total revenue | 79,667 |
| | 83,502 |
| | 80,845 |
| | (4.6 | %) | | (1.5 | %) |
| Expenses | | | | | | | | | |
| Employee compensation and benefits | 25,892 |
| | 28,395 |
| | 26,679 |
| | | | |
| Distribution and service fees | 8,578 |
| | 9,525 |
| | 9,048 |
| | | | |
| General and administrative | 12,175 |
| | 12,825 |
| | 11,313 |
| | | | |
| Depreciation and amortization | 1,545 |
| | 1,586 |
| | 1,478 |
| | | | |
| Total expenses | 48,190 |
| | 52,331 |
| | 48,518 |
| | (7.9 | %) | | (0.7 | %) |
| Operating income | 31,477 |
| | 31,171 |
| | 32,327 |
| | 1.0 | % | | (2.6 | %) |
| Non-operating income | | | | | | | | | |
| Interest and dividend income—net | 291 |
| | 450 |
| | 610 |
| | | | |
| (Loss) gain from seed investments—net | (2,993 | ) | | 1,610 |
| | (3,501 | ) | | | | |
| Other losses | (270 | ) | | (263 | ) | | (666 | ) | | | | |
| Total non-operating (loss) income | (2,972 | ) | | 1,797 |
| | (3,557 | ) | | * |
| | (16.4 | %) |
| Income before provision for income taxes | 28,505 |
| | 32,968 |
| | 28,770 |
| | (13.5 | %) | | (0.9 | %) |
| Provision for income taxes | 11,541 |
| | 12,194 |
| | 10,733 |
| | | | |
| Net income | 16,964 |
| | 20,774 |
| | 18,037 |
| | (18.3 | %) | | (5.9 | %) |
| Less: Net loss (income) attributable to redeemable noncontrolling interest | 129 |
| | (11 | ) | | 147 |
| | | | |
| Net income attributable to common stockholders | $ | 17,093 |
| | $ | 20,763 |
| | $ | 18,184 |
| | (17.7 | %) | | (6.0 | %) |
| | | | | | | | | | |
| Earnings per share attributable to common stockholders | | | | | | | | | |
| Basic | $ | 0.38 |
| | $ | 0.46 |
| | $ | 0.41 |
| | (17.7 | %) | | (7.4 | %) |
| Diluted | $ | 0.37 |
| | $ | 0.45 |
| | $ | 0.40 |
| | (17.7 | %) | | (6.3 | %) |
| | | | | | | | | | |
| Dividends declared per share | | | | | | | | | |
| Quarterly | $ | 0.25 |
| | $ | 0.25 |
| | $ | 0.22 |
| | — |
| | 13.6 | % |
| | | | | | | | | | |
| Weighted average shares outstanding | | | | | | | | | |
| Basic | 45,500 |
| | 45,462 |
| | 44,839 |
| | | | |
| Diluted | 45,830 |
| | 45,805 |
| | 45,689 |
| | | | |
| | | | | | | | | | |
| * Not meaningful | | | | | | | | | |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Condensed Consolidated Statements of Operations (Unaudited) | | |
| For the Periods | | | | | |
| (in thousands, except per share data) | | | | | |
| | | | | | |
| | Nine Months Ended | | |
| | September 30, 2015 | | September 30, 2014 | | % Change |
| Revenue | | | | | |
| Investment advisory and administration fees | $ | 228,460 |
| | $ | 215,681 |
| | |
| Distribution and service fees | 11,881 |
| | 10,952 |
| | |
| Portfolio consulting and other | 6,643 |
| | 5,459 |
| | |
| Total revenue | 246,984 |
| | 232,092 |
| | 6.4 | % |
| Expenses | | | | | |
| Employee compensation and benefits | 80,270 |
| | 76,590 |
| | |
| Distribution and service fees | 27,354 |
| | 26,608 |
| | |
| General and administrative | 37,463 |
| | 34,471 |
| | |
| Depreciation and amortization | 4,700 |
| | 4,832 |
| | |
| Total expenses | 149,787 |
| | 142,501 |
| | 5.1 | % |
| Operating income | 97,197 |
| | 89,591 |
| | 8.5 | % |
| Non-operating income | | | | | |
| Interest and dividend income—net | 1,040 |
| | 1,441 |
| | |
| (Loss) gain from seed investments—net | (2,815 | ) | | 3,736 |
| | |
| Other losses | (952 | ) | | (563 | ) | | |
| Total non-operating (loss) income | (2,727 | ) | | 4,614 |
| | * |
|
| Income before provision for income taxes | 94,470 |
| | 94,205 |
| | 0.3 | % |
| Provision for income taxes | 35,961 |
| | 33,644 |
| | |
| Net income | 58,509 |
| | 60,561 |
| | (3.4 | %) |
| Less: Net loss (income) attributable to redeemable noncontrolling interest | 163 |
| | (749 | ) | | |
| Net income attributable to common stockholders | $ | 58,672 |
| | $ | 59,812 |
| | (1.9 | %) |
| | | | | | |
| Earnings per share attributable to common stockholders | | | | | |
| Basic | $ | 1.29 |
| | $ | 1.34 |
| | (3.3 | %) |
| Diluted | $ | 1.28 |
| | $ | 1.31 |
| | (2.6 | %) |
| | | | | | |
| Dividends declared per share | | | | | |
| Quarterly | $ | 0.75 |
| | $ | 0.66 |
| | 13.6 | % |
| | | | | | |
| Weighted average shares outstanding | | | | | |
| Basic | 45,402 |
| | 44,766 |
| | |
| Diluted | 45,873 |
| | 45,568 |
| | |
| | | | | | |
| * Not meaningful | | | | | |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Vehicle | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | September 30, 2015 | | June 30, 2015 | | September 30, 2014 | | June 30, 2015 | | September 30, 2014 |
| Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 24,545 |
| | $ | 26,704 |
| | $ | 25,728 |
| | | | |
| Inflows | 652 |
| | 481 |
| | 893 |
| | | | |
| Outflows | (689 | ) | | (749 | ) | | (1,962 | ) | | | | |
| Net outflows | (37 | ) | | (268 | ) | | (1,069 | ) | | | | |
| Market appreciation (depreciation) | 137 |
| | (1,891 | ) | | (831 | ) | | | | |
| Transfers * | — |
| | — |
| | 113 |
| | | | |
| Total increase (decrease) | 100 |
| | (2,159 | ) | | (1,787 | ) | | | | |
| Assets under management, end of period | $ | 24,645 |
| | $ | 24,545 |
| | $ | 23,941 |
| | 0.4 | % | | 2.9 | % |
| Percentage of total assets under management | 49.5 | % | | 48.9 | % | | 48.2 | % | | | | |
| Average assets under management for period | $ | 24,885 |
| | $ | 25,942 |
| | $ | 24,944 |
| | (4.1 | %) | | (0.2 | %) |
| | | | | | | | | | |
| Open-end Mutual Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 16,236 |
| | $ | 18,062 |
| | $ | 16,629 |
| | | | |
| Inflows | 1,145 |
| | 1,307 |
| | 1,542 |
| | | | |
| Outflows | (1,347 | ) | | (1,761 | ) | | (1,439 | ) | | | | |
| Net (outflows) inflows | (202 | ) | | (454 | ) | | 103 |
| | | | |
| Market appreciation (depreciation) | 107 |
| | (1,372 | ) | | (503 | ) | | | | |
| Transfers * | — |
| | — |
| | (113 | ) | | | | |
| Total decrease | (95 | ) | | (1,826 | ) | | (513 | ) | | | | |
| Assets under management, end of period | $ | 16,141 |
| | $ | 16,236 |
| | $ | 16,116 |
| | (0.6 | %) | | 0.2 | % |
| Percentage of total assets under management | 32.5 | % | | 32.4 | % | | 32.4 | % | | | | |
| Average assets under management for period | $ | 16,433 |
| | $ | 17,514 |
| | $ | 16,768 |
| | (6.2 | %) | | (2.0 | %) |
| | | | | | | | | | |
| Closed-end Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 9,367 |
| | $ | 9,900 |
| | $ | 9,928 |
| | | | |
| Inflows | — |
| | — |
| | — |
| | | | |
| Outflows | — |
| | (19 | ) | | — |
| | | | |
| Net outflows | — |
| | (19 | ) | | — |
| | | | |
| Market depreciation | (409 | ) | | (514 | ) | | (290 | ) | | | | |
| Total decrease | (409 | ) | | (533 | ) | | (290 | ) | | | | |
| Assets under management, end of period | $ | 8,958 |
| | $ | 9,367 |
| | $ | 9,638 |
| | (4.4 | %) | | (7.1 | %) |
| Percentage of total assets under management | 18.0 | % | | 18.7 | % | | 19.4 | % | | | | |
| Average assets under management for period | $ | 9,349 |
| | $ | 9,832 |
| | $ | 9,922 |
| | (4.9 | %) | | (5.8 | %) |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 50,148 |
| | $ | 54,666 |
| | $ | 52,285 |
| | | | |
| Inflows | 1,797 |
| | 1,788 |
| | 2,435 |
| | | | |
| Outflows | (2,036 | ) | | (2,529 | ) | | (3,401 | ) | | | | |
| Net outflows | (239 | ) | | (741 | ) | | (966 | ) | | | | |
| Market depreciation | (165 | ) | | (3,777 | ) | | (1,624 | ) | | | | |
| Total decrease | (404 | ) | | (4,518 | ) | | (2,590 | ) | | | | |
| Assets under management, end of period | $ | 49,744 |
| | $ | 50,148 |
| | $ | 49,695 |
| | (0.8 | %) | | 0.1 | % |
| Average assets under management for period | $ | 50,667 |
| | $ | 53,288 |
| | $ | 51,634 |
| | (4.9 | %) | | (1.9 | %) |
| | | | | | | | | | |
* 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 | | | | | |
| (in millions) | | | | | |
| | Nine Months Ended | | |
| | September 30, 2015 | | September 30, 2014 | | % Change |
| Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 26,201 |
| | $ | 22,926 |
| | |
| Inflows | 1,750 |
| | 1,700 |
| | |
| Outflows | (2,673 | ) | | (3,510 | ) | | |
| Net outflows | (923 | ) | | (1,810 | ) | | |
| Market (depreciation) appreciation | (633 | ) | | 2,712 |
| | |
| Transfers * | — |
| | 113 |
| | |
| Total (decrease) increase | (1,556 | ) | | 1,015 |
| | |
| Assets under management, end of period | $ | 24,645 |
| | $ | 23,941 |
| | 2.9 | % |
| Percentage of total assets under management | 49.5 | % | | 48.2 | % | | |
| Average assets under management for period | $ | 25,961 |
| | $ | 24,608 |
| | 5.5 | % |
| | | | | | |
| Open-end Mutual Funds | | | | | |
| Assets under management, beginning of period | $ | 17,131 |
| | $ | 14,016 |
| | |
| Inflows | 4,094 |
| | 4,529 |
| | |
| Outflows | (4,583 | ) | | (3,807 | ) | | |
| Net (outflows) inflows | (489 | ) | | 722 |
| | |
| Market (depreciation) appreciation | (501 | ) | | 1,491 |
| | |
| Transfers * | — |
| | (113 | ) | | |
| Total (decrease) increase | (990 | ) | | 2,100 |
| | |
| Assets under management, end of period | $ | 16,141 |
| | $ | 16,116 |
| | 0.2 | % |
| Percentage of total assets under management | 32.5 | % | | 32.4 | % | | |
| Average assets under management for period | $ | 17,298 |
| | $ | 15,797 |
| | 9.5 | % |
| | | | | | |
| Closed-end Funds | | | | | |
| Assets under management, beginning of period | $ | 9,805 |
| | $ | 8,965 |
| | |
| Inflows | — |
| | — |
| | |
| Outflows | (19 | ) | | — |
| | |
| Net outflows | (19 | ) | | — |
| | |
| Market (depreciation) appreciation | (828 | ) | | 673 |
| | |
| Total (decrease) increase | (847 | ) | | 673 |
| | |
| Assets under management, end of period | $ | 8,958 |
| | $ | 9,638 |
| | (7.1 | %) |
| Percentage of total assets under management | 18.0 | % | | 19.4 | % | | |
| Average assets under management for period | $ | 9,717 |
| | $ | 9,630 |
| | 0.9 | % |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 53,137 |
| | $ | 45,907 |
| | |
| Inflows | 5,844 |
| | 6,229 |
| | |
| Outflows | (7,275 | ) | | (7,317 | ) | | |
| Net outflows | (1,431 | ) | | (1,088 | ) | | |
| Market (depreciation) appreciation | (1,962 | ) | | 4,876 |
| | |
| Total (decrease) increase | (3,393 | ) | | 3,788 |
| | |
| Assets under management, end of period | $ | 49,744 |
| | $ | 49,695 |
| | 0.1 | % |
| Average assets under management for period | $ | 52,976 |
| | $ | 50,035 |
| | 5.9 | % |
| | | | | | |
* 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 | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | September 30, 2015 | | June 30, 2015 | | September 30, 2014 | | June 30, 2015 | | September 30, 2014 |
| Subadvisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 17,523 |
| | $ | 19,242 |
| | $ | 18,558 |
| | | | |
| Inflows | 481 |
| | 279 |
| | 529 |
| | | | |
| Outflows | (668 | ) | | (520 | ) | | (1,374 | ) | | | | |
| Net outflows | (187 | ) | | (241 | ) | | (845 | ) | | | | |
| Market appreciation (depreciation) | 164 |
| | (1,478 | ) | | (621 | ) | | | | |
| Total decrease | (23 | ) | | (1,719 | ) | | (1,466 | ) | | | | |
| Assets under management, end of period | $ | 17,500 |
| | $ | 17,523 |
| | $ | 17,092 |
| | (0.1 | %) | | 2.4 | % |
| Percentage of institutional assets under management | 71.0 | % | | 71.4 | % | | 71.4 | % | | | | |
| Average assets under management for period | $ | 17,774 |
| | $ | 18,582 |
| | $ | 17,869 |
| | (4.3 | %) | | (0.5 | %) |
| | | | | | | | | | |
| Advisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 7,022 |
| | $ | 7,462 |
| | $ | 7,170 |
| | | | |
| Inflows | 171 |
| | 202 |
| | 364 |
| | | | |
| Outflows | (21 | ) | | (229 | ) | | (588 | ) | | | | |
| Net inflows (outflows) | 150 |
| | (27 | ) | | (224 | ) | | | | |
| Market depreciation | (27 | ) | | (413 | ) | | (210 | ) | | | | |
| Transfers * | — |
| | — |
| | 113 |
| | | | |
| Total increase (decrease) | 123 |
| | (440 | ) | | (321 | ) | | | | |
| Assets under management, end of period | $ | 7,145 |
| | $ | 7,022 |
| | $ | 6,849 |
| | 1.8 | % | | 4.3 | % |
| Percentage of institutional assets under management | 29.0 | % | | 28.6 | % | | 28.6 | % | | | | |
| Average assets under management for period | $ | 7,111 |
| | $ | 7,360 |
| | $ | 7,075 |
| | (3.4 | %) | | 0.5 | % |
| | | | | | | | | | |
| Total Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 24,545 |
| | $ | 26,704 |
| | $ | 25,728 |
| | | | |
| Inflows | 652 |
| | 481 |
| | 893 |
| | | | |
| Outflows | (689 | ) | | (749 | ) | | (1,962 | ) | | | | |
| Net outflows | (37 | ) | | (268 | ) | | (1,069 | ) | | | | |
| Market appreciation (depreciation) | 137 |
| | (1,891 | ) | | (831 | ) | | | | |
| Transfers * | — |
| | — |
| | 113 |
| | | | |
| Total increase (decrease) | 100 |
| | (2,159 | ) | | (1,787 | ) | | | | |
| Assets under management, end of period | $ | 24,645 |
| | $ | 24,545 |
| | $ | 23,941 |
| | 0.4 | % | | 2.9 | % |
| Average assets under management for period | $ | 24,885 |
| | $ | 25,942 |
| | $ | 24,944 |
| | (4.1 | %) | | (0.2 | %) |
| | | | | | | | | | |
| * 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 | | | | | |
| (in millions) | | | | | |
| | Nine Months Ended | | |
| | September 30, 2015 | | September 30, 2014 | | % Change |
| Subadvisory | | | | | |
| Assets under management, beginning of period | $ | 18,857 |
| | $ | 16,693 |
| | |
| Inflows | 1,179 |
| | 1,058 |
| | |
| Outflows | (2,036 | ) | | (2,729 | ) | | |
| Net outflows | (857 | ) | | (1,671 | ) | | |
| Market (depreciation) appreciation | (500 | ) | | 2,070 |
| | |
| Total (decrease) increase | (1,357 | ) | | 399 |
| | |
| Assets under management, end of period | $ | 17,500 |
| | $ | 17,092 |
| | 2.4 | % |
| Percentage of institutional assets under management | 71.0 | % | | 71.4 | % | | |
| Average assets under management for period | $ | 18,621 |
| | $ | 17,824 |
| | 4.5 | % |
| | | | | | |
| Advisory | | | | | |
| Assets under management, beginning of period | $ | 7,344 |
| | $ | 6,233 |
| | |
| Inflows | 571 |
| | 642 |
| | |
| Outflows | (637 | ) | | (781 | ) | | |
| Net outflows | (66 | ) | | (139 | ) | | |
| Market (depreciation) appreciation | (133 | ) | | 642 |
| | |
| Transfers * | — |
| | 113 |
| | |
| Total (decrease) increase | (199 | ) | | 616 |
| | |
| Assets under management, end of period | $ | 7,145 |
| | $ | 6,849 |
| | 4.3 | % |
| Percentage of institutional assets under management | 29.0 | % | | 28.6 | % | | |
| Average assets under management for period | $ | 7,340 |
| | $ | 6,784 |
| | 8.2 | % |
| | | | | | |
| Total Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 26,201 |
| | $ | 22,926 |
| | |
| Inflows | 1,750 |
| | 1,700 |
| | |
| Outflows | (2,673 | ) | | (3,510 | ) | | |
| Net outflows | (923 | ) | | (1,810 | ) | | |
| Market (depreciation) appreciation | (633 | ) | | 2,712 |
| | |
| Transfers * | — |
| | 113 |
| | |
| Total (decrease) increase | (1,556 | ) | | 1,015 |
| | |
| Assets under management, end of period | $ | 24,645 |
| | $ | 23,941 |
| | 2.9 | % |
| Average assets under management for period | $ | 25,961 |
| | $ | 24,608 |
| | 5.5 | % |
| | | | | | |
| * 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 | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | September 30, 2015 | | June 30, 2015 | | September 30, 2014 | | June 30, 2015 | | September 30, 2014 |
| U.S. Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 25,604 |
| | $ | 29,289 |
| | $ | 27,404 |
| | | | |
| Inflows | 618 |
| | 568 |
| | 735 |
| | | | |
| Outflows | (1,135 | ) | | (1,293 | ) | | (1,054 | ) | | | | |
| Net outflows | (517 | ) | | (725 | ) | | (319 | ) | | | | |
| Market appreciation (depreciation) | 725 |
| | (2,960 | ) | | (859 | ) | | | | |
| Total increase (decrease) | 208 |
| | (3,685 | ) | | (1,178 | ) | | | | |
| Assets under management, end of period | $ | 25,812 |
| | $ | 25,604 |
| | $ | 26,226 |
| | 0.8 | % | | (1.6 | %) |
| Percentage of total assets under management | 51.9 | % | | 51.1 | % | | 52.8 | % | | | | |
| Average assets under management for period | $ | 26,130 |
| | $ | 27,748 |
| | $ | 27,422 |
| | (5.8 | %) | | (4.7 | %) |
| | | | | | | | | | |
| Global/International Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 9,654 |
| | $ | 10,189 |
| | $ | 10,161 |
| | | | |
| Inflows | 170 |
| | 401 |
| | 620 |
| | | | |
| Outflows | (378 | ) | | (453 | ) | | (651 | ) | | | | |
| Net outflows | (208 | ) | | (52 | ) | | (31 | ) | | | | |
| Market depreciation | (67 | ) | | (483 | ) | | (453 | ) | | | | |
| Total decrease | (275 | ) | | (535 | ) | | (484 | ) | | | | |
| Assets under management, end of period | $ | 9,379 |
| | $ | 9,654 |
| | $ | 9,677 |
| | (2.8 | %) | | (3.1 | %) |
| Percentage of total assets under management | 18.9 | % | | 19.3 | % | | 19.5 | % | | | | |
| Average assets under management for period | $ | 9,633 |
| | $ | 10,097 |
| | $ | 10,200 |
| | (4.6 | %) | | (5.6 | %) |
| | | | | | | | | | |
| Preferred Securities | | | | | | | | | |
| Assets under management, beginning of period | $ | 6,742 |
| | $ | 6,732 |
| | $ | 5,672 |
| | | | |
| Inflows | 476 |
| | 660 |
| | 597 |
| | | | |
| Outflows | (309 | ) | | (505 | ) | | (445 | ) | | | | |
| Net inflows | 167 |
| | 155 |
| | 152 |
| | | | |
| Market depreciation | (32 | ) | | (145 | ) | | (58 | ) | | | | |
| Total increase | 135 |
| | 10 |
| | 94 |
| | | | |
| Assets under management, end of period | $ | 6,877 |
| | $ | 6,742 |
| | $ | 5,766 |
| | 2.0 | % | | 19.3 | % |
| Percentage of total assets under management | 13.8 | % | | 13.4 | % | | 11.6 | % | | | | |
| Average assets under management for period | $ | 6,843 |
| | $ | 6,869 |
| | $ | 5,675 |
| | (0.4 | %) | | 20.6 | % |
| | | | | | | | | | |
| Global Listed Infrastructure | | | | | | | | | |
| Assets under management, beginning of period | $ | 5,422 |
| | $ | 5,701 |
| | $ | 5,616 |
| | | | |
| Inflows | 418 |
| | 86 |
| | 326 |
| | | | |
| Outflows | (116 | ) | | (200 | ) | | (144 | ) | | | | |
| Net inflows (outflows) | 302 |
| | (114 | ) | | 182 |
| | | | |
| Market depreciation | (512 | ) | | (165 | ) | | (187 | ) | | | | |
| Total decrease | (210 | ) | | (279 | ) | | (5 | ) | | | | |
| Assets under management, end of period | $ | 5,212 |
| | $ | 5,422 |
| | $ | 5,611 |
| | (3.9 | %) | | (7.1 | %) |
| Percentage of total assets under management | 10.5 | % | | 10.8 | % | | 11.3 | % | | | | |
| Average assets under management for period | $ | 5,464 |
| | $ | 5,766 |
| | $ | 5,703 |
| | (5.2 | %) | | (4.2 | %) |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy - continued | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | September 30, 2015 | | June 30, 2015 | | September 30, 2014 | | June 30, 2015 | | September 30, 2014 |
| Other | | | | | | | | | |
| Assets under management, beginning of period | $ | 2,726 |
| | $ | 2,755 |
| | $ | 3,432 |
| | | | |
| Inflows | 115 |
| | 73 |
| | 157 |
| | | | |
| Outflows | (98 | ) | | (78 | ) | | (1,107 | ) | | | | |
| Net inflows (outflows) | 17 |
| | (5 | ) | | (950 | ) | | | | |
| Market depreciation | (279 | ) | | (24 | ) | | (67 | ) | | | | |
| Total decrease | (262 | ) | | (29 | ) | | (1,017 | ) | | | | |
| Assets under management, end of period | $ | 2,464 |
| | $ | 2,726 |
| | $ | 2,415 |
| | (9.6 | %) | | 2.0 | % |
| Percentage of total assets under management | 4.9 | % | | 5.4 | % | | 4.8 | % | | | | |
| Average assets under management for period | $ | 2,597 |
| | $ | 2,808 |
| | $ | 2,634 |
| | (7.5 | %) | | (1.4 | %) |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 50,148 |
| | $ | 54,666 |
| | $ | 52,285 |
| | | | |
| Inflows | 1,797 |
| | 1,788 |
| | 2,435 |
| | | | |
| Outflows | (2,036 | ) | | (2,529 | ) | | (3,401 | ) | | | | |
| Net outflows | (239 | ) | | (741 | ) | | (966 | ) | | | | |
| Market depreciation | (165 | ) | | (3,777 | ) | | (1,624 | ) | | | | |
| Total decrease | (404 | ) | | (4,518 | ) | | (2,590 | ) | | | | |
| Assets under management, end of period | $ | 49,744 |
| | $ | 50,148 |
| | $ | 49,695 |
| | (0.8 | %) | | 0.1 | % |
| Average assets under management for period | $ | 50,667 |
| | $ | 53,288 |
| | $ | 51,634 |
| | (4.9 | %) | | (1.9 | %) |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Nine Months Ended | | |
| | September 30, 2015 | | September 30, 2014 | | % Change |
| U.S. Real Estate | | | | | |
| Assets under management, beginning of period | $ | 28,357 |
| | $ | 23,116 |
| | |
| Inflows | 1,999 |
| | 2,225 |
| | |
| Outflows | (3,693 | ) | | (2,466 | ) | | |
| Net outflows | (1,694 | ) | | (241 | ) | | |
| Market (depreciation) appreciation | (851 | ) | | 3,129 |
| | |
| Transfers * | — |
| | 222 |
| | |
| Total (decrease) increase | (2,545 | ) | | 3,110 |
| | |
| Assets under management, end of period | $ | 25,812 |
| | $ | 26,226 |
| | (1.6 | %) |
| Percentage of total assets under management | 51.9 | % | | 52.8 | % | | |
| Average assets under management for period | $ | 27,822 |
| | $ | 26,108 |
| | 6.6 | % |
| | | | | | |
| Global/International Real Estate | | | | | |
| Assets under management, beginning of period | $ | 10,184 |
| | $ | 9,498 |
| | |
| Inflows | 835 |
| | 1,338 |
| | |
| Outflows | (1,575 | ) | | (1,832 | ) | | |
| Net outflows | (740 | ) | | (494 | ) | | |
| Market (depreciation) appreciation | (65 | ) | | 673 |
| | |
| Total (decrease) increase | (805 | ) | | 179 |
| | |
| Assets under management, end of period | $ | 9,379 |
| | $ | 9,677 |
| | (3.1 | %) |
| Percentage of total assets under management | 18.9 | % | | 19.5 | % | | |
| Average assets under management for period | $ | 10,050 |
| | $ | 9,931 |
| | 1.2 | % |
| | | | | | |
| Preferred Securities | | | | | |
| Assets under management, beginning of period | $ | 6,342 |
| | $ | 4,722 |
| | |
| Inflows | 1,820 |
| | 1,475 |
| | |
| Outflows | (1,283 | ) | | (773 | ) | | |
| Net inflows | 537 |
| | 702 |
| | |
| Market (depreciation) appreciation | (2 | ) | | 342 |
| | |
| Total increase | 535 |
| | 1,044 |
| | |
| Assets under management, end of period | $ | 6,877 |
| | $ | 5,766 |
| | 19.3 | % |
| Percentage of total assets under management | 13.8 | % | | 11.6 | % | | |
| Average assets under management for period | $ | 6,771 |
| | $ | 5,348 |
| | 26.6 | % |
| | | | | | |
| Global Listed Infrastructure | | | | | |
| Assets under management, beginning of period | $ | 5,697 |
| | $ | 4,714 |
| | |
| Inflows | 712 |
| | 797 |
| | |
| Outflows | (473 | ) | | (416 | ) | | |
| Net inflows | 239 |
| | 381 |
| | |
| Market (depreciation) appreciation | (724 | ) | | 516 |
| | |
| Total (decrease) increase | (485 | ) | | 897 |
| | |
| Assets under management, end of period | $ | 5,212 |
| | $ | 5,611 |
| | (7.1 | %) |
| Percentage of total assets under management | 10.5 | % | | 11.3 | % | | |
| Average assets under management for period | $ | 5,638 |
| | $ | 5,352 |
| | 5.3 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy - continued | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Nine Months Ended | | |
| | September 30, 2015 | | September 30, 2014 | | % Change |
| Other | | | | | |
| Assets under management, beginning of period | $ | 2,557 |
| | $ | 3,857 |
| | |
| Inflows | 478 |
| | 394 |
| | |
| Outflows | (251 | ) | | (1,830 | ) | | |
| Net inflows (outflows) | 227 |
| | (1,436 | ) | | |
| Market (depreciation) appreciation | (320 | ) | | 216 |
| | |
| Transfers * | — |
| | (222 | ) | | |
| Total decrease | (93 | ) | | (1,442 | ) | | |
| Assets under management, end of period | $ | 2,464 |
| | $ | 2,415 |
| | 2.0 | % |
| Percentage of total assets under management | 4.9 | % | | 4.8 | % | | |
| Average assets under management for period | $ | 2,695 |
| | $ | 3,296 |
| | (18.2 | %) |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 53,137 |
| | $ | 45,907 |
| | |
| Inflows | 5,844 |
| | 6,229 |
| | |
| Outflows | (7,275 | ) | | (7,317 | ) | | |
| Net outflows | (1,431 | ) | | (1,088 | ) | | |
| Market (depreciation) appreciation | (1,962 | ) | | 4,876 |
| | |
| Total (decrease) increase | (3,393 | ) | | 3,788 |
| | |
| Assets under management, end of period | $ | 49,744 |
| | $ | 49,695 |
| | 0.1 | % |
| Average assets under management for period | $ | 52,976 |
| | $ | 50,035 |
| | 5.9 | % |
| | | | | | |
| * Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation). |
