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 FIRST QUARTER
2016 RESULTS
NEW YORK, NY, April 20, 2016—Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $18.1 million, or $0.39 per share (diluted and basic), for the quarter ended March 31, 2016, compared with $20.8 million, or $0.45 per diluted share and $0.46 per basic share, for the quarter ended March 31, 2015. Total revenue for the first quarter of 2016 was $79.7 million, a decrease of 4.9% from $83.8 million for the first quarter of 2015.
The first quarter 2016 results included a non-cash after-tax expense of approximately $0.03 per share associated with the accelerated vesting of certain restricted stock units. After adjusting for this item, diluted earnings per share would have been $0.42 for the quarter ended March 31, 2016.
Financial Highlights (Unaudited)
For the Periods
|
| | | | | | | | | | | | | | | | | |
| (in thousands, except per share data) | Three Months Ended | | % Change From |
| | March 31, 2016 | | December 31, 2015 | | March 31, 2015 | | December 31, 2015 | | March 31, 2015 |
| Revenue | $ | 79,681 |
| | $ | 81,671 |
| | $ | 83,815 |
| | (2.4 | %) | | (4.9 | %) |
| Expenses | $ | 51,374 |
| | $ | 51,319 |
| | $ | 49,266 |
| | 0.1 | % | | 4.3 | % |
| Operating income | $ | 28,307 |
| | $ | 30,352 |
| | $ | 34,549 |
| | (6.7 | %) | | (18.1 | %) |
| Operating margin | 35.5 | % | | 37.2 | % | | 41.2 | % | | (164) bps |
| | (570) bps |
|
Total non-operating income (loss) (1) | $ | 643 |
| | $ | (12,078 | ) | | $ | (1,552 | ) | | * |
| | * |
|
| Net income attributable to common stockholders | $ | 18,083 |
| | $ | 5,879 |
| | $ | 20,816 |
| | 207.6 | % | | (13.1 | %) |
| Diluted earnings per share attributable to common stockholders | $ | 0.39 |
| | $ | 0.13 |
| | $ | 0.45 |
| | 206.1 | % | | (13.5 | %) |
________________________
* Not meaningful
(1) Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented.
Revenue
Revenue for the first quarter of 2016 was $79.7 million, a decrease of $2.0 million from $81.7 million for the fourth quarter of 2015. Lower average assets under management in closed-end funds and one less day in the quarter resulted in the following decreases in investment advisory and administration fees:
| |
| • | Institutional account revenue decreased $0.2 million to $21.3 million for the first quarter of 2016; |
| |
| • | Open-end fund revenue decreased $0.7 million to $33.5 million for the first quarter of 2016; and |
| |
| • | Closed-end fund revenue decreased $1.3 million to $18.3 million for the first quarter of 2016. |
Expenses
Expenses for the first quarter of 2016 were $51.4 million, an increase of $0.1 million from $51.3 million for the fourth quarter of 2015. Changes in expenses were primarily:
| |
| • | Higher employee compensation and benefits expenses of $0.6 million, primarily attributable to the accelerated vesting of certain restricted stock units partially offset by lower incentive compensation when compared with the fourth quarter of 2015; |
| |
| • | Lower general and administrative expenses of $0.7 million, primarily due to lower costs associated with hosted and sponsored events and lower fund organizational expenses, partially offset by an increase in recruiting fees; and |
| |
| • | Higher depreciation and amortization of $0.4 million, primarily due to the obsolescence of certain fixed assets. |
Operating Margin
The company's operating margin decreased to 35.5% for the first quarter of 2016 from 37.2% for the fourth quarter of 2015.
Non-operating Income
Non-operating income for the first quarter of 2016 was $0.6 million, compared with non-operating loss of $12.1 million for the fourth quarter of 2015. The change was primarily due to net unrealized gains on the company's seed investments in the first quarter of 2016 compared with net unrealized losses during the fourth quarter of 2015. The fourth quarter of 2015 included unrealized losses that were primarily due to a change in accounting classification and an other-than-temporary impairment on certain seed investments.
Assets Under Management Highlights (Unaudited)
March 31, 2016 Compared with December 31, 2015
|
| | | | | | | | | | |
| (in millions) | Assets Under Management | | |
| | As of | | |
| By Investment Vehicle | March 31,
2016 | | December 31,
2015 | | % Change |
| Institutional accounts | $ | 27,857 |
| | $ | 26,105 |
| | 6.7 | % |
| Open-end funds | 18,146 |
| | 17,460 |
| | 3.9 | % |
| Closed-end funds | 9,056 |
| | 9,029 |
| | 0.3 | % |
| Total | $ | 55,059 |
| | $ | 52,594 |
| | 4.7 | % |
| | | | | | |
| By Investment Strategy | | | | | |
| U.S. real estate | $ | 29,069 |
| | $ | 27,814 |
| | 4.5 | % |
| Global/international real estate | 10,152 |
| | 9,476 |
| | 7.1 | % |
| Preferred securities | 8,099 |
| | 7,705 |
| | 5.1 | % |
| Global listed infrastructure | 5,272 |
| | 5,147 |
| | 2.4 | % |
| Other | 2,467 |
| | 2,452 |
| | 0.6 | % |
| Total | $ | 55,059 |
| | $ | 52,594 |
| | 4.7 | % |
Assets under management were $55.1 billion as of March 31, 2016, an increase of $2.5 billion from $52.6 billion at December 31, 2015. The increase from December 31, 2015 was attributable to net inflows of $1.4 billion and market appreciation of $1.9 billion, partially offset by distributions of $0.9 billion.
Institutional Accounts
Assets under management in institutional accounts were $27.9 billion as of March 31, 2016, an increase of 6.7% from $26.1 billion at December 31, 2015. The change from December 31, 2015 was due to the following:
| |
| • | Market appreciation of $1.2 billion, including $699 million from U.S. real estate and $341 million from global/international real estate; |
| |
| • | Net inflows of $813 million into subadvisory accounts, including $768 million into U.S. real estate, $53 million into preferred securities and $28 million into global listed infrastructure, partially offset by net outflows of $53 million from global/international real estate; |
| |
| • | Net inflows of $377 million into advisory accounts, including $510 million into global/international real estate, partially offset by net outflows of $95 million from U.S. real estate; and |
| |
| • | Distributions out of subadvisory accounts in Japan of $653 million including $606 million from U.S. real estate and $42 million from global/international real estate. |
Open-end Funds
Assets under management for open-end funds were $18.1 billion as of March 31, 2016, an increase of 3.9% from $17.5 billion at December 31, 2015. The change from December 31, 2015 was due to the following:
| |
| • | Market appreciation of $495 million, including $402 million from U.S. real estate and $67 million from global/international real estate; |
| |
| • | Net inflows of $324 million, including net inflows of $417 million into preferred securities, partially offset by net outflows of $149 million from global/international real estate; and |
| |
| • | Distributions of $133 million, including $71 million from preferred securities and $60 million from U.S. real estate. |
Closed-end Funds
Assets under management for closed-end funds were $9.1 billion as of March 31, 2016, an increase of 0.3% from $9.0 billion at December 31, 2015. The increase from December 31, 2015 was due to market appreciation of $235 million, partially offset by distributions of $122 million and outflows of $86 million related to a decrease in a fund's outstanding leverage.
Balance Sheet Information
As of March 31, 2016, cash, cash equivalents and seed investments were $186 million. As of March 31, 2016, stockholders' equity was $238 million and the company had no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, April 21, 2016 at 10:00 a.m. (ET) to discuss the company's first quarter results. Investors and analysts can access the live conference call by dialing 800-616-4707 (U.S.) or +1-303-223-2691 (international); passcode: 21809164. 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 - Press Releases."
A replay of the call will be available for two weeks starting at approximately 12:00 p.m. (ET) on April 21, 2016 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21809164. 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, 2015 (the 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 |
| | March 31, 2016 | | December 31, 2015 | | March 31, 2015 | | December 31, 2015 | | March 31, 2015 |
| Revenue | | | | | | | | | |
| Investment advisory and administration fees | $ | 73,088 |
| | $ | 75,269 |
| | $ | 77,752 |
| | | | |
| Distribution and service fees | 4,233 |
| | 4,120 |
| | 3,906 |
| | | | |
| Portfolio consulting and other | 2,360 |
| | 2,282 |
| | 2,157 |
| | | | |
| Total revenue | 79,681 |
| | 81,671 |
| | 83,815 |
| | (2.4 | %) | | (4.9 | %) |
| Expenses | | | | | | | | | |
| Employee compensation and benefits | 28,040 |
| | 27,440 |
| | 25,983 |
| | | | |
| Distribution and service fees | 8,702 |
| | 8,976 |
| | 9,251 |
| | | | |
| General and administrative | 12,735 |
| | 13,390 |
| | 12,463 |
| | | | |
| Depreciation and amortization | 1,897 |
| | 1,513 |
| | 1,569 |
| | | | |
| Total expenses | 51,374 |
| | 51,319 |
| | 49,266 |
| | 0.1 | % | | 4.3 | % |
| Operating income | 28,307 |
| | 30,352 |
| | 34,549 |
| | (6.7 | %) | | (18.1 | %) |
| Non-operating income | | | | | | | | | |
| Interest and dividend income—net | 542 |
| | 560 |
| | 299 |
| | | | |
| Gain (loss) from seed investments—net | 190 |
| | (12,587 | ) | | (1,432 | ) | | | | |
| Other losses | (89 | ) | | (51 | ) | | (419 | ) | | | | |
| Total non-operating income (loss) | 643 |
| | (12,078 | ) | | (1,552 | ) | | * |
| | * |
|
| Income before provision for income taxes | 28,950 |
| | 18,274 |
| | 32,997 |
| | 58.4 | % | | (12.3 | %) |
| Provision for income taxes | 11,083 |
| | 12,446 |
| | 12,226 |
| | | | |
| Net income | 17,867 |
| | 5,828 |
| | 20,771 |
| | 206.6 | % | | (14.0 | %) |
| Less: Net loss attributable to redeemable noncontrolling interest | 216 |
| | 51 |
| | 45 |
| | | | |
| Net income attributable to common stockholders | $ | 18,083 |
| | $ | 5,879 |
| | $ | 20,816 |
| | 207.6 | % | | (13.1 | %) |
| | | | | | | | | | |
| Earnings per share attributable to common stockholders | | | | | | | | | |
| Basic | $ | 0.39 |
| | $ | 0.13 |
| | $ | 0.46 |
| | 205.7 | % | | (14.2 | %) |
| Diluted | $ | 0.39 |
| | $ | 0.13 |
| | $ | 0.45 |
| | 206.1 | % | | (13.5 | %) |
| | | | | | | | | | |
| Dividends declared per share | | | | | | | | | |
| Quarterly | $ | 0.26 |
| | $ | 0.25 |
| | $ | 0.25 |
| | 4.0 | % | | 4.0 | % |
| Special | $ | — |
| | $ | 0.50 |
| | $ | — |
| | * |
| | * |
|
| | | | | | | | | | |
| Weighted average shares outstanding | | | | | | | | | |
| Basic | 45,808 |
| | 45,524 |
| | 45,241 |
| | | | |
| Diluted | 46,195 |
| | 45,969 |
| | 45,980 |
| | | | |
| | | | | | | | | | |
| * Not meaningful | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Vehicle | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | March 31, 2016 | | December 31, 2015 | | March 31, 2015 | | December 31, 2015 | | March 31, 2015 |
| Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 26,105 |
| | $ | 24,645 |
| | $ | 26,201 |
| | | | |
| Inflows | 1,772 |
| | 1,023 |
| | 925 |
| | | | |
| Outflows | (582 | ) | | (475 | ) | | (1,004 | ) | | | | |
| Net inflows (outflows) | 1,190 |
| | 548 |
| | (79 | ) | | | | |
| Market appreciation | 1,215 |
| | 1,495 |
| | 1,121 |
| | | | |
| Distributions | (653 | ) | | (583 | ) | | (539 | ) | | | | |
| Total increase | 1,752 |
| | 1,460 |
| | 503 |
| | | | |
| Assets under management, end of period | $ | 27,857 |
| | $ | 26,105 |
| | $ | 26,704 |
| | 6.7 | % | | 4.3 | % |
| Percentage of total assets under management | 50.6 | % | | 49.6 | % | | 48.8 | % | | | | |
| Average assets under management for period | $ | 25,775 |
| | $ | 25,655 |
| | $ | 27,080 |
| | 0.5 | % | | (4.8 | %) |
| | | | | | | | | | |
| Open-end Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 17,460 |
| | $ | 16,141 |
| | $ | 17,131 |
| | | | |
| Inflows | 2,022 |
| | 2,263 |
| | 1,726 |
| | | | |
| Outflows | (1,698 | ) | | (1,319 | ) | | (1,475 | ) | | | | |
| Net inflows | 324 |
| | 944 |
| | 251 |
| | | | |
| Market appreciation | 495 |
| | 871 |
| | 796 |
| | | | |
| Distributions | (133 | ) | | (496 | ) | | (116 | ) | | | | |
| Total increase | 686 |
| | 1,319 |
| | 931 |
| | | | |
| Assets under management, end of period | $ | 18,146 |
| | $ | 17,460 |
| | $ | 18,062 |
| | 3.9 | % | | 0.5 | % |
| Percentage of total assets under management | 33.0 | % | | 33.2 | % | | 33.0 | % | | | | |
| Average assets under management for period | $ | 17,099 |
| | $ | 17,114 |
| | $ | 17,963 |
| | (0.1 | %) | | (4.8 | %) |
| | | | | | | | | | |
| Closed-end Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 9,029 |
| | $ | 8,958 |
| | $ | 9,805 |
| | | | |
| Inflows | — |
| | — |
| | — |
| | | | |
| Outflows | (86 | ) | | (34 | ) | | — |
| | | | |
| Net outflows | (86 | ) | | (34 | ) | | — |
| | | | |
| Market appreciation | 235 |
| | 237 |
| | 222 |
| | | | |
| Distributions | (122 | ) | | (132 | ) | | (127 | ) | | | | |
| Total increase | 27 |
| | 71 |
| | 95 |
| | | | |
| Assets under management, end of period | $ | 9,056 |
| | $ | 9,029 |
| | $ | 9,900 |
| | 0.3 | % | | (8.5 | %) |
| Percentage of total assets under management | 16.4 | % | | 17.2 | % | | 18.1 | % | | | | |
| Average assets under management for period | $ | 8,743 |
| | $ | 9,198 |
| | $ | 9,978 |
| | (4.9 | %) | | (12.4 | %) |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 52,594 |
| | $ | 49,744 |
| | $ | 53,137 |
| | | | |
| Inflows | 3,794 |
| | 3,286 |
| | 2,651 |
| | | | |
| Outflows | (2,366 | ) | | (1,828 | ) | | (2,479 | ) | | | | |
| Net inflows | 1,428 |
| | 1,458 |
| | 172 |
| | | | |
| Market appreciation | 1,945 |
| | 2,603 |
| | 2,139 |
| | | | |
| Distributions | (908 | ) | | (1,211 | ) | | (782 | ) | | | | |
| Total increase | 2,465 |
| | 2,850 |
| | 1,529 |
| | | | |
| Assets under management, end of period | $ | 55,059 |
| | $ | 52,594 |
| | $ | 54,666 |
| | 4.7 | % | | 0.7 | % |
| Average assets under management for period | $ | 51,617 |
| | $ | 51,967 |
| | $ | 55,021 |
| | (0.7 | %) | | (6.2 | %) |
| | | | | | | | | | |
| Current period amounts have been revised to reflect distributions separately and dividend reinvestments as inflows. Prior period amounts have been reclassified to conform with the current period presentation. |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management - Institutional Accounts (Unaudited) | | | | | | |
| By Account Type | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | March 31, 2016 | | December 31, 2015 | | March 31, 2015 | | December 31, 2015 | | March 31, 2015 |
| Subadvisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 18,540 |
| | $ | 17,500 |
| | $ | 18,857 |
| | | | |
| Inflows | 1,073 |
| | 841 |
| | 727 |
| | | | |
| Outflows | (260 | ) | | (353 | ) | | (617 | ) | | | | |
| Net inflows | 813 |
| | 488 |
| | 110 |
| | | | |
| Market appreciation | 882 |
| | 1,135 |
| | 814 |
| | | | |
| Distributions | (653 | ) | | (583 | ) | | (539 | ) | | | | |
| Total increase | 1,042 |
| | 1,040 |
| | 385 |
| | | | |
| Assets under management, end of period | $ | 19,582 |
| | $ | 18,540 |
| | $ | 19,242 |
| | 5.6 | % | | 1.8 | % |
| Percentage of institutional assets under management | 70.3 | % | | 71.0 | % | | 72.1 | % | | | | |
| Average assets under management for period | $ | 18,057 |
| | $ | 18,180 |
| | $ | 19,526 |
| | (0.7 | %) | | (7.5 | %) |
| | | | | | | | | | |
| Advisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 7,565 |
| | $ | 7,145 |
| | $ | 7,344 |
| | | | |
| Inflows | 699 |
| | 182 |
| | 198 |
| | | | |
| Outflows | (322 | ) | | (122 | ) | | (387 | ) | | | | |
| Net inflows (outflows) | 377 |
| | 60 |
| | (189 | ) | | | | |
| Market appreciation | 333 |
| | 360 |
| | 307 |
| | | | |
| Total increase | 710 |
| | 420 |
| | 118 |
| | | | |
| Assets under management, end of period | $ | 8,275 |
| | $ | 7,565 |
| | $ | 7,462 |
| | 9.4 | % | | 10.9 | % |
| Percentage of institutional assets under management | 29.7 | % | | 29.0 | % | | 27.9 | % | | | | |
| Average assets under management for period | $ | 7,718 |
| | $ | 7,475 |
| | $ | 7,554 |
| | 3.3 | % | | 2.2 | % |
| | | | | | | | | | |
| Total Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 26,105 |
| | $ | 24,645 |
| | $ | 26,201 |
| | | | |
| Inflows | 1,772 |
| | 1,023 |
| | 925 |
| | | | |
| Outflows | (582 | ) | | (475 | ) | | (1,004 | ) | | | | |
| Net inflows (outflows) | 1,190 |
| | 548 |
| | (79 | ) | | | | |
| Market appreciation | 1,215 |
| | 1,495 |
| | 1,121 |
| | | | |
| Distributions | (653 | ) | | (583 | ) | | (539 | ) | | | | |
| Total increase | 1,752 |
| | 1,460 |
| | 503 |
| | | | |
| Assets under management, end of period | $ | 27,857 |
| | $ | 26,105 |
| | $ | 26,704 |
| | 6.7 | % | | 4.3 | % |
| Average assets under management for period | $ | 25,775 |
| | $ | 25,655 |
| | $ | 27,080 |
| | 0.5 | % | | (4.8 | %) |
| | | | | | | | | | |
| Current period amounts have been revised to reflect distributions separately and dividend reinvestments as inflows. Prior period amounts have been reclassified to conform with the current period presentation. |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | March 31, 2016 | | December 31, 2015 | | March 31, 2015 | | December 31, 2015 | | March 31, 2015 |
| U.S. Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 27,814 |
| | $ | 25,812 |
| | $ | 28,357 |
| | | | |
| Inflows | 1,739 |
| | 1,679 |
| | 1,168 |
| | | | |
| Outflows | (1,004 | ) | | (673 | ) | | (1,078 | ) | | | | |
| Net inflows | 735 |
| | 1,006 |
| | 90 |
| | | | |
| Market appreciation | 1,227 |
| | 1,976 |
| | 1,430 |
| | | | |
| Distributions | (707 | ) | | (980 | ) | | (588 | ) | | | | |
| Total increase | 1,255 |
| | 2,002 |
| | 932 |
| | | | |
| Assets under management, end of period | $ | 29,069 |
| | $ | 27,814 |
| | $ | 29,289 |
| | 4.5 | % | | (0.8 | %) |
| Percentage of total assets under management | 52.8 | % | | 52.9 | % | | 53.6 | % | | | | |
| Average assets under management for period | $ | 26,990 |
| | $ | 27,195 |
| | $ | 29,627 |
| | (0.8 | %) | | (8.9 | %) |
| | | | | | | | | | |
| Global/International Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 9,476 |
| | $ | 9,379 |
| | $ | 10,184 |
| | | | |
| Inflows | 777 |
| | 155 |
| | 275 |
| | | | |
| Outflows | (468 | ) | | (449 | ) | | (702 | ) | | | | |
| Net inflows (outflows) | 309 |
| | (294 | ) | | (427 | ) | | | | |
| Market appreciation | 409 |
| | 448 |
| | 488 |
| | | | |
| Distributions | (42 | ) | | (57 | ) | | (56 | ) | | | | |
| Total increase | 676 |
| | 97 |
| | 5 |
| | | | |
| Assets under management, end of period | $ | 10,152 |
| | $ | 9,476 |
| | $ | 10,189 |
| | 7.1 | % | | (0.4 | %) |
| Percentage of total assets under management | 18.4 | % | | 18.0 | % | | 18.6 | % | | | | |
| Average assets under management for period | $ | 9,444 |
| | $ | 9,605 |
| | $ | 10,429 |
| | (1.7 | %) | | (9.4 | %) |
| | | | | | | | | | |
| Preferred Securities | | | | | | | | | |
| Assets under management, beginning of period | $ | 7,705 |
| | $ | 6,877 |
| | $ | 6,342 |
| | | | |
| Inflows | 1,135 |
| | 1,145 |
| | 709 |
| | | | |
| Outflows | (661 | ) | | (427 | ) | | (467 | ) | | | | |
| Net inflows | 474 |
| | 718 |
| | 242 |
| | | | |
| Market appreciation | 25 |
| | 209 |
| | 228 |
| | | | |
| Distributions | (105 | ) | | (99 | ) | | (80 | ) | | | | |
| Total increase | 394 |
| | 828 |
| | 390 |
| | | | |
| Assets under management, end of period | $ | 8,099 |
| | $ | 7,705 |
| | $ | 6,732 |
| | 5.1 | % | | 20.3 | % |
| Percentage of total assets under management | 14.7 | % | | 14.6 | % | | 12.3 | % | | | | |
| Average assets under management for period | $ | 7,799 |
| | $ | 7,343 |
| | $ | 6,597 |
| | 6.2 | % | | 18.2 | % |
| | | | | | | | | | |
| Current period amounts have been revised to reflect distributions separately and dividend reinvestments as inflows. Prior period amounts have been reclassified to conform with the current period presentation. |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy - continued | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | March 31, 2016 | | December 31, 2015 | | March 31, 2015 | | December 31, 2015 | | March 31, 2015 |
| Global Listed Infrastructure | | | | | | | | | |
| Assets under management, beginning of period | $ | 5,147 |
| | $ | 5,212 |
| | $ | 5,697 |
| | | | |
| Inflows | 91 |
| | 201 |
| | 209 |
| | | | |
| Outflows | (178 | ) | | (136 | ) | | (157 | ) | | | | |
| Net (outflows) inflows | (87 | ) | | 65 |
| | 52 |
| | | | |
| Market appreciation (depreciation) | 253 |
| | (75 | ) | | (4 | ) | | | | |
| Distributions | (41 | ) | | (55 | ) | | (44 | ) | | | | |
| Total increase (decrease) | 125 |
| | (65 | ) | | 4 |
| | | | |
| Assets under management, end of period | $ | 5,272 |
| | $ | 5,147 |
| | $ | 5,701 |
| | 2.4 | % | | (7.5 | %) |
| Percentage of total assets under management | 9.6 | % | | 9.8 | % | | 10.4 | % | | | | |
| Average assets under management for period | $ | 5,002 |
| | $ | 5,324 |
| | $ | 5,685 |
| | (6.0 | %) | | (12.0 | %) |
| | | | | | | | | | |
| Other | | | | | | | | | |
| Assets under management, beginning of period | $ | 2,452 |
| | $ | 2,464 |
| | $ | 2,557 |
| | | | |
| Inflows | 52 |
| | 106 |
| | 290 |
| | | | |
| Outflows | (55 | ) | | (143 | ) | | (75 | ) | | | | |
| Net (outflows) inflows | (3 | ) | | (37 | ) | | 215 |
| | | | |
| Market appreciation (depreciation) | 31 |
| | 45 |
| | (3 | ) | | | | |
| Distributions | (13 | ) |
| (20 | ) |
| (14 | ) | | | | |
| Total increase (decrease) | 15 |
| | (12 | ) | | 198 |
| | | | |
| Assets under management, end of period | $ | 2,467 |
| | $ | 2,452 |
| | $ | 2,755 |
| | 0.6 | % | | (10.5 | %) |
| Percentage of total assets under management | 4.5 | % | | 4.7 | % | | 5.0 | % | | | | |
| Average assets under management for period | $ | 2,382 |
| | $ | 2,500 |
| | $ | 2,683 |
| | (4.7 | %) | | (11.2 | %) |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 52,594 |
| | $ | 49,744 |
| | $ | 53,137 |
| | | | |
| Inflows | 3,794 |
| | 3,286 |
| | 2,651 |
| | | | |
| Outflows | (2,366 | ) | | (1,828 | ) | | (2,479 | ) | | | | |
| Net inflows | 1,428 |
| | 1,458 |
| | 172 |
| | | | |
| Market appreciation | 1,945 |
| | 2,603 |
| | 2,139 |
| | | | |
| Distributions | (908 | ) | | (1,211 | ) | | (782 | ) | | | | |
| Total increase | 2,465 |
| | 2,850 |
| | 1,529 |
| | | | |
| Assets under management, end of period | $ | 55,059 |
| | $ | 52,594 |
| | $ | 54,666 |
| | 4.7 | % | | 0.7 | % |
| Average assets under management for period | $ | 51,617 |
| | $ | 51,967 |
| | $ | 55,021 |
| | (0.7 | %) | | (6.2 | %) |
| | | | | | | | | | |
| Current period amounts have been revised to reflect distributions separately and dividend reinvestments as inflows. Prior period amounts have been reclassified to conform with the current period presentation. |
