NEW YORK, Oct. 16, 2013 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common shareholders of $18.3 million, or $0.41 per share (diluted and basic), for the quarter ended September 30, 2013, compared with $10.3 million, or $0.23 per share (diluted and basic), for the quarter ended September 30, 2012. Total revenue for the third quarter of 2013 was $74.0 million, an increase of 3.8% from $71.3 million for the third quarter of 2012.
The third quarter of 2012 results included after-tax expenses of approximately $0.21 per share associated primarily with the offering of Cohen & Steers Limited Duration Preferred and Income Fund, Inc. ("LDP"), a closed-end mutual fund. After adjusting for these items, earnings per share would have been $0.44.
For the nine months ended September30, 2013, the company recorded net income attributable to common shareholders of $48.7 million, or $1.08 per diluted share and $1.10 per basic share, compared with $44.4 million, or $1.00 per diluted share and $1.01 per basic share, for the nine months ended September30, 2012. The results for the nine months ended September30, 2013 included after-tax expenses of approximately $0.10 per share associated primarily with the offering of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc. ("MIE"), a closed-end mutual fund. After adjusting for these items, earnings per share would have been $1.18. After adjusting for the offering of LDP, earnings per share for the nine months ended September30, 2012 would have been $1.21.
Assets Under Management
Assets under management were $46.3 billion as of September30, 2013, a decrease of 3.1% from $47.8 billion at June 30, 2013 and an increase of 3.1% from $44.9 billion at September30, 2012. The decrease from June 30, 2013 was due to net outflows of $1.4 billion, primarily from global/international real estate, large cap value stocks and U.S. real estate strategies associated with advisory relationships, and market depreciation of $137 million. The increase from September30, 2012 was due to market appreciation of $2.8 billion, partially offset by net outflows of $1.4 billion. Average assets under management were $47.0 billion for the quarter ended September30, 2013, a decrease of 6.3% from $50.2 billion for the quarter ended June 30, 2013 and an increase of 3.9% from $45.2 billion for the quarter ended September30, 2012.
Assets under management for institutional accounts were $23.3 billion as of September30, 2013, a decrease of 5.1% from $24.5 billion at June 30, 2013 and a decrease of 5.5% from $24.6 billion at September30, 2012. The decrease from June 30, 2013 was due to net outflows of $1.3 billion, primarily from global/international real estate, large cap value stocks and U.S. real estate strategies associated with advisory relationships, and market appreciation of $57 million. The decrease from September30, 2012 was due to net outflows of $3.3 billion, primarily from global/international real estate strategies associated with subadvisory relationships, partially offset by market appreciation of $1.9 billion. Average assets under management for institutional accounts were $23.7 billion for the quarter ended September30, 2013, a decrease of 9.0% from $26.1 billion for the quarter ended June 30, 2013 and a decrease of 6.6% from $25.4 billion for the quarter ended September30, 2012.
Assets under management for open-end mutual funds were $14.3 billion as of September30, 2013, a decrease of 1.2% from $14.4 billion at June 30, 2013 and an increase of 13.8% from $12.5 billion at September30, 2012. The decrease from June 30, 2013 was due to market depreciation of $134 million and net outflows of $46 million. The increase from September30, 2012 was due to net inflows of $1.1 billion, primarily from preferred securities and U.S. real estate strategies, and market appreciation of $677 million. Average assets under management for open-end mutual funds were $14.4 billion for the quarter ended September30, 2013, a decrease of 4.2% from $15.0 billion for the quarter ended June 30, 2013 and an increase of 15.2% from $12.5 billion for the quarter ended September30, 2012.
Assets under management for closed-end mutual funds were $8.8 billion at both September30, 2013 and June 30, 2013 and $7.8 billion at September30, 2012. The increase from September30, 2012 was due to net inflows of $854 million, primarily from the launches of LDP and MIE and market appreciation of $156 million. Average assets under management for closed-end mutual funds were $8.9 billion for the quarter ended September30, 2013, a decrease of 2.1% from $9.1 billion for the quarter ended June 30, 2013 and an increase of 21.2% from $7.3 billion for the quarter ended September30, 2012.
Financial Highlights (Unaudited) | |||||||||||
Three Months Ended | % Change | ||||||||||
(in thousands, except per share data or as noted) | From | ||||||||||
September30, | June 30, | June 30, | |||||||||
Revenue | $ | 74,026 | $ | 77,796 | (4.8%) | ||||||
Expenses | $ | 46,307 | $ | 49,239 | (6.0%) | ||||||
Operating income | $ | 27,719 | $ | 28,557 | (2.9%) | ||||||
Operating margin | 37.4 | % | 36.7 | % | 74 bps | ||||||
Total non-operating income (loss) | $ | 3,303 | $ | (10,178) | * | ||||||
Net income attributable to common shareholders | $ | 18,283 | $ | 15,282 | 19.6 | % | |||||
Diluted earnings per share attributable to common shareholders | $ | 0.41 | $ | 0.34 | 19.4 | % | |||||
Assets under management, end of period (in millions) | $ | 46,336 | $ | 47,823 | (3.1%) | ||||||
Average assets under management for period (in millions) | $ | 46,978 | $ | 50,154 | (6.3%) | ||||||
* Not meaningful | |||||||||||
September 30, 2013 Compared With June 30, 2013
Revenue
Total revenue for the third quarter of 2013 was $74.0 million, a decrease of 4.8% from $77.8 million for the second quarter of 2013, primarily attributable to lower average assets under management resulting in lower investment advisory and administration fees from the following:
- Institutional account revenue decreased 7.6% to $19.7 million in the third quarter of 2013 from $21.3 million in the three months ended June 30, 2013;
- Open-end mutual fund revenue decreased 3.1% to $28.9 million in the third quarter of 2013 from $29.8 million in the three months ended June 30, 2013;
- Closed-end mutual fund revenue decreased 0.6% to $19.1 million in the third quarter of 2013 from $19.2 million in the three months ended June 30, 2013.
Expenses
Expenses for the third quarter of 2013 were $46.3 million, a decrease of 6.0% from $49.2 million for the second quarter of 2013, primarily due to the following:
- Employee compensation and benefits decreased $837,000, reflecting the decrease in revenue, partially offset by an increase in the compensation to revenue ratio;
- Distribution and service fees decreased $1.3 million primarily due to lower average assets under management in open-end mutual funds. The second quarter of 2013 included additional expenses related to the exercise of underwriters' over-allotment option for MIE;
- General and administrative expenses decreased $829,000 primarily due to lower professional fees and lower information technology costs as a result of the consolidation of IT system applications.
Operating Income
Operating income was $27.7 million for the three months ended September30, 2013, compared with operating income of $28.6 million for the three months ended June30, 2013. The company's operating margin increased to 37.4% for the third quarter of 2013 compared with 36.7% for the three months ended June30, 2013, primarily due to decreases in the distribution and service fee expenses and G&A, partially offset by an increase in the compensation to revenue ratio.
Non-operating Income
Non-operating income, excluding net income attributable to redeemable noncontrolling interest, increased to $1.8 million for the three months ended September30, 2013, primarily due to higher earnings from the company's seed investments compared with a non-operating loss of $3.4 million for the three months ended June30, 2013.
Balance Sheet Information
As of September30, 2013, cash, cash equivalents and investments were $195 million. As of September30, 2013, stockholders' equity was $251 million and the company had no long-term or short-term debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, October 17, 2013 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 (888) 223-4515 (U.S.) or (303) 223-2686 (international); passcode: 21676214. 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 17, 2013 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21676214. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company/Investor Relations." The webcast will be archived on the website for two weeks.
About Cohen & Steers
Founded in 1986, Cohen & Steers is a leading global investment manager with a long history of innovation and a focus on real assets, including real estate, infrastructure and commodities. Headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle, Cohen & Steers serves institutional and individual investors around the world.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company believes that these factors include, but are not limited to, those described in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2012, which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||||||||||||||||||||
For the Periods Ended | ||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | % Change From | |||||||||||||||||||||||||||||||||||||
September30, 2013 | June 30, 2013 | September30, 2012 | June 30, 2013 | September30, 2012 | ||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||
Investment advisory and administration fees | $ | 67,704 | $ | 70,353 | $ | 63,224 | ||||||||||||||||||||||||||||||||
Distribution and service fees | 3,627 | 3,741 | 2,881 | |||||||||||||||||||||||||||||||||||
Portfolio consulting and other | 2,695 | 3,702 | 5,191 | |||||||||||||||||||||||||||||||||||
Total revenue | 74,026 | 77,796 | 71,296 | (4.8%) | 3.8 | % | ||||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||
Employee compensation and benefits | 24,058 | 24,895 | 25,101 | |||||||||||||||||||||||||||||||||||
Distribution and service fees | 8,362 | 9,677 | 21,376 | |||||||||||||||||||||||||||||||||||
General and administrative | 11,688 | 12,517 | 10,601 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 1,423 | 1,340 | 1,384 | |||||||||||||||||||||||||||||||||||
Amortization, deferred commissions | 776 | 810 | 595 | |||||||||||||||||||||||||||||||||||
Total expenses | 46,307 | 49,239 | 59,057 | (6.0%) | (21.6%) | |||||||||||||||||||||||||||||||||
Operating income | 27,719 | 28,557 | 12,239 | (2.9%) | 126.5 | % | ||||||||||||||||||||||||||||||||
Non-operating income | ||||||||||||||||||||||||||||||||||||||
Interest and dividend income - net | 218 | 743 | 478 | |||||||||||||||||||||||||||||||||||
Gain (loss) from trading securities - net | 2,383 | (10,963) | 3,999 | |||||||||||||||||||||||||||||||||||
Gain from available-for-sale securities - net | 180 | 837 | 437 | |||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of affiliates | 313 | (427) | 71 | |||||||||||||||||||||||||||||||||||
Other | 209 | (368) | 330 | |||||||||||||||||||||||||||||||||||
Total non-operating income (loss) | 3,303 | (10,178) | 5,315 | * | (37.9%) | |||||||||||||||||||||||||||||||||
Income before provision for income taxes | 31,022 | 18,379 | 17,554 | 68.8 | % | 76.7 | % | |||||||||||||||||||||||||||||||
Provision for income taxes | 11,205 | 9,870 | 4,987 | |||||||||||||||||||||||||||||||||||
Net income | 19,817 | 8,509 | 12,567 | 132.9 | % | 57.7 | % | |||||||||||||||||||||||||||||||
Less: Net (income) loss attributable to redeemable noncontrolling interest | (1,534) | 6,773 | (2,306) | |||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 18,283 | $ | 15,282 | $ | 10,261 | 19.6 | % | 78.2 | % | ||||||||||||||||||||||||||||
Earnings per share attributable to common shareholders | ||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.41 | $ | 0.34 | $ | 0.23 | 19.6 | % | 76.2 | % | ||||||||||||||||||||||||||||
Diluted | $ | 0.41 | $ | 0.34 | $ | 0.23 | 19.4 | % | 75.9 | % | ||||||||||||||||||||||||||||
Cash dividends per share | $ | 0.20 | $ | 0.20 | $ | 0.18 | - | % | 11.1 | % | ||||||||||||||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||||||||||||||||
Basic | 44,317 | 44,306 | 43,822 | |||||||||||||||||||||||||||||||||||
Diluted | 45,106 | 45,002 | 44,537 | |||||||||||||||||||||||||||||||||||
* 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 | ||||||||||||||||||||||
September30, 2013 | September30, 2012 | % Change | ||||||||||||||||||||
Revenue | ||||||||||||||||||||||
Investment advisory and administration fees | $ | 203,451 | $ | 181,066 | ||||||||||||||||||
Distribution and service fees | 10,802 | 8,129 | ||||||||||||||||||||
Portfolio consulting and other | 10,028 | 13,263 | ||||||||||||||||||||
Total revenue | 224,281 | 202,458 | 10.8 | % | ||||||||||||||||||
Expenses | ||||||||||||||||||||||
Employee compensation and benefits | 72,330 | 69,696 | ||||||||||||||||||||
Distribution and service fees | 33,120 | 34,148 | ||||||||||||||||||||
General and administrative | 35,384 | 29,061 | ||||||||||||||||||||
Depreciation and amortization | 4,110 | 4,218 | ||||||||||||||||||||
Amortization, deferred commissions | 2,351 | 1,636 | ||||||||||||||||||||
Total expenses | 147,295 | 138,759 | 6.2 | % | ||||||||||||||||||
Operating income | 76,986 | 63,699 | 20.9 | % | ||||||||||||||||||
Non-operating income | ||||||||||||||||||||||
Interest and dividend income - net | 1,507 | 1,768 | ||||||||||||||||||||
(Loss) gain from trading securities - net | (6,956) | 3,251 | ||||||||||||||||||||
Gain from available-for-sale securities - net | 1,508 | 1,040 | ||||||||||||||||||||
Equity in earnings of affiliates | 422 | 714 | ||||||||||||||||||||
Other | (430) | (433) | ||||||||||||||||||||
Total non-operating (loss) income | (3,949) | 6,340 | * | |||||||||||||||||||
Income before provision for income taxes | 73,037 | 70,039 | 4.3 | % | ||||||||||||||||||
Provision for income taxes | 29,210 | 24,187 | ||||||||||||||||||||
Net income | 43,827 | 45,852 | (4.4%) | |||||||||||||||||||
Less: Net loss (income) attributable to redeemable noncontrolling interest | 4,879 | (1,458) | ||||||||||||||||||||
Net income attributable to common shareholders | $ | 48,706 | $ | 44,394 | 9.7 | % | ||||||||||||||||
Earnings per share attributable to common shareholders | ||||||||||||||||||||||
Basic | $ | 1.10 | $ | 1.01 | 8.4 | % | ||||||||||||||||
Diluted | $ | 1.08 | $ | 1.00 | 8.4 | % | ||||||||||||||||
Cash dividends per share | $ | 0.60 | $ | 0.54 | 11.1 | % | ||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||
Basic | 44,254 | 43,744 | ||||||||||||||||||||
Diluted | 44,997 | 44,439 | ||||||||||||||||||||
* 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 | ||||||||||||||||||||||||||||||
September30, 2013 | June 30, 2013 | September30, 2012 | June 30, 2013 | September30, 2012 | |||||||||||||||||||||||||||
Institutional Accounts | |||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 24,538 | $ | 26,081 | $ | 25,599 | |||||||||||||||||||||||||
Inflows | 91 | 277 | 362 | ||||||||||||||||||||||||||||
Outflows | (1,395) | (1,366) | (2,044) | ||||||||||||||||||||||||||||
Net outflows | (1,304) | (1,089) | (1,682) | ||||||||||||||||||||||||||||
Market appreciation (depreciation) | 57 | (454) | 727 | ||||||||||||||||||||||||||||
Total decrease | (1,247) | (1,543) | (955) | ||||||||||||||||||||||||||||
Assets under management, end of period | $ | 23,291 | $ | 24,538 | $ | 24,644 | (5.1%) | (5.5%) | |||||||||||||||||||||||
Percentage of total assets under management | 50.3 | % | 51.3 | % | 54.8 | % | |||||||||||||||||||||||||
Average assets under management for period | $ | 23,729 | $ | 26,082 | $ | 25,393 | (9.0%) | (6.6%) | |||||||||||||||||||||||
Open-End Mutual Funds | |||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 14,442 | $ | 14,447 | $ | 12,114 | |||||||||||||||||||||||||
Inflows | 1,121 | 1,789 | 1,225 | ||||||||||||||||||||||||||||
Outflows | (1,167) | (1,430) | (1,061) | ||||||||||||||||||||||||||||
Net (outflows) inflows | (46) | 359 | 164 | ||||||||||||||||||||||||||||
Market (depreciation) appreciation | (134) | (364) | 250 | ||||||||||||||||||||||||||||
Total (decrease) increase | (180) | (5) | 414 | ||||||||||||||||||||||||||||
Assets under management, end of period | $ | 14,262 | $ | 14,442 | $ | 12,528 | (1.2%) | 13.8 | % | ||||||||||||||||||||||
Percentage of total assets under management | 30.8 | % | 30.2 | % | 27.9 | % | |||||||||||||||||||||||||
Average assets under management for period | $ | 14,385 | $ | 15,019 | $ | 12,490 | (4.2%) | 15.2 | % | ||||||||||||||||||||||
Closed-End Mutual Funds | |||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 8,843 | $ | 8,793 | $ | 6,678 | |||||||||||||||||||||||||
Inflows | - | 281 | 889 | ||||||||||||||||||||||||||||
Outflows | - | - | - | ||||||||||||||||||||||||||||
Net inflows | - | 281 | 889 | ||||||||||||||||||||||||||||
Market (depreciation) appreciation | (60) | (231) | 206 | ||||||||||||||||||||||||||||
Total (decrease) increase | (60) | 50 | 1,095 | ||||||||||||||||||||||||||||
Assets under management, end of period | $ | 8,783 | $ | 8,843 | $ | 7,773 | (0.7%) | 13.0 | % | ||||||||||||||||||||||
Percentage of total assets under management | 19.0 | % | 18.5 | % | 17.3 | % | |||||||||||||||||||||||||
Average assets under management for period | $ | 8,864 | $ | 9,053 | $ | 7,312 | (2.1%) | 21.2 | % | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 47,823 | $ | 49,321 | $ | 44,391 | |||||||||||||||||||||||||
Inflows | 1,212 | 2,347 | 2,476 | ||||||||||||||||||||||||||||
Outflows | (2,562) | (2,796) | (3,105) | ||||||||||||||||||||||||||||
Net outflows | (1,350) | (449) | (629) | ||||||||||||||||||||||||||||
Market (depreciation) appreciation | (137) | (1,049) | 1,183 | ||||||||||||||||||||||||||||
Total (decrease) increase | (1,487) | (1,498) | 554 | ||||||||||||||||||||||||||||
Assets under management, end of period | $ | 46,336 | $ | 47,823 | $ | 44,945 | (3.1%) | 3.1 | % | ||||||||||||||||||||||
Average assets under management for period | $ | 46,978 | $ | 50,154 | $ | 45,195 | (6.3%) | 3.9 | % | ||||||||||||||||||||||
Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||
Assets Under Management (Unaudited) | ||||||||||||||||||
By Investment Vehicle | ||||||||||||||||||
For the Periods Ended | ||||||||||||||||||
(in millions) | ||||||||||||||||||
Nine Months Ended | ||||||||||||||||||
September30, 2013 | September30, 2012 | % Change | ||||||||||||||||
Institutional Accounts | ||||||||||||||||||
Assets under management, beginning of period | $ | 24,850 | $ | 25,380 | ||||||||||||||
Inflows | 614 | 1,728 | ||||||||||||||||
Outflows | (3,351) | (6,262) | ||||||||||||||||
Net outflows | (2,737) | (4,534) | ||||||||||||||||
Market appreciation | 1,178 | 3,798 | ||||||||||||||||
Total decrease | (1,559) | (736) | ||||||||||||||||
Assets under management, end of period | $ | 23,291 | $ | 24,644 | (5.5%) | |||||||||||||
Percentage of total assets under management | 50.3 | % | 54.8 | % | ||||||||||||||
Average assets under management for period | $ | 25,061 | $ | 25,591 | (2.1%) | |||||||||||||
Open-End Mutual Funds | ||||||||||||||||||
Assets under management, beginning of period | $ | 12,962 | $ | 9,619 | ||||||||||||||
Inflows | 4,418 | 3,984 | ||||||||||||||||
Outflows | (3,446) | (2,589) | ||||||||||||||||
Net inflows | 972 | 1,395 | ||||||||||||||||
Market appreciation | 328 | 1,514 | ||||||||||||||||
Total increase | 1,300 | 2,909 | ||||||||||||||||
Assets under management, end of period | $ | 14,262 | $ | 12,528 | 13.8 | % | ||||||||||||
Percentage of total assets under management | 30.8 | % | 27.9 | % | ||||||||||||||
Average assets under management for period | $ | 14,397 | $ | 11,533 | 24.8 | % | ||||||||||||
Closed-End Mutual Funds | ||||||||||||||||||
Assets under management, beginning of period | $ | 7,985 | $ | 6,285 | ||||||||||||||
Inflows | 739 | 889 | ||||||||||||||||
Outflows | - | - | ||||||||||||||||
Net inflows | 739 | 889 | ||||||||||||||||
Market appreciation | 59 | 599 | ||||||||||||||||
Total increase | 798 | 1,488 | ||||||||||||||||
Assets under management, end of period | $ | 8,783 | $ | 7,773 | 13.0 | % | ||||||||||||
Percentage of total assets under management | 19.0 | % | 17.3 | % | ||||||||||||||
Average assets under management for period | $ | 8,723 | $ | 6,826 | 27.8 | % | ||||||||||||
Total | ||||||||||||||||||
Assets under management, beginning of period | $ | 45,797 | $ | 41,284 | ||||||||||||||
Inflows | 5,771 | 6,601 | ||||||||||||||||
Outflows | (6,797) | (8,851) | ||||||||||||||||
Net outflows | (1,026) | (2,250) | ||||||||||||||||
Market appreciation | 1,565 | 5,911 | ||||||||||||||||
Total increase | 539 | 3,661 | ||||||||||||||||
Assets under management, end of period | $ | 46,336 | $ | 44,945 | 3.1 | % | ||||||||||||
Average assets under management for period | $ | 48,181 | $ | 43,950 | 9.6 | % | ||||||||||||
Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||||||||
Assets Under Management - Institutional Accounts (Unaudited) | ||||||||||||||||||||||||||||||||||||||
By Investment Relationship | ||||||||||||||||||||||||||||||||||||||
For the Periods Ended | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | % Change From | |||||||||||||||||||||||||||||||||||||
September30, 2013 | June 30, 2013 | September30, 2012 | June 30, 2013 | September30, 2012 | ||||||||||||||||||||||||||||||||||
Subadvisory | ||||||||||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 17,162 | $ | 18,321 | $ | 18,639 | ||||||||||||||||||||||||||||||||
Inflows | 77 | 119 | 149 | |||||||||||||||||||||||||||||||||||
Outflows | (388) | (1,009) | (1,549) | |||||||||||||||||||||||||||||||||||
Net outflows | (311) | (890) | (1,400) | |||||||||||||||||||||||||||||||||||
Market (depreciation) appreciation | (18) | (269) | 473 | |||||||||||||||||||||||||||||||||||
Total decrease | (329) | (1,159) | (927) | |||||||||||||||||||||||||||||||||||
Assets under management, end of period | $ | 16,833 | $ | 17,162 | $ | 17,712 | (1.9%) | (5.0%) | ||||||||||||||||||||||||||||||
Percentage of total assets under management | 72.3 | % | 69.9 | % | 71.9 | % | ||||||||||||||||||||||||||||||||
Average assets under management for period | $ | 17,008 | $ | 18,325 | $ | 18,492 | (7.2%) | (8.0%) | ||||||||||||||||||||||||||||||
Advisory | ||||||||||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 7,376 | $ | 7,760 | $ | 6,960 | ||||||||||||||||||||||||||||||||
Inflows | 14 | 158 | 213 | |||||||||||||||||||||||||||||||||||
Outflows | (1,007) | (357) | (495) | |||||||||||||||||||||||||||||||||||
Net outflows | (993) | (199) | (282) | |||||||||||||||||||||||||||||||||||
Market appreciation (depreciation) | 75 | (185) | 254 | |||||||||||||||||||||||||||||||||||
Total decrease | (918) | (384) | (28) | |||||||||||||||||||||||||||||||||||
Assets under management, end of period | $ | 6,458 | $ | 7,376 | $ | 6,932 | (12.4%) | (6.8%) | ||||||||||||||||||||||||||||||
Percentage of total assets under management | 27.7 | % | 30.1 | % | 28.1 | % | ||||||||||||||||||||||||||||||||
Average assets under management for period | $ | 6,721 | $ | 7,757 | $ | 6,901 | (13.4%) | (2.6%) | ||||||||||||||||||||||||||||||
Total Institutional Accounts | ||||||||||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 24,538 | $ | 26,081 | $ | 25,599 | ||||||||||||||||||||||||||||||||
Inflows | 91 | 277 | 362 | |||||||||||||||||||||||||||||||||||
Outflows | (1,395) | (1,366) | (2,044) | |||||||||||||||||||||||||||||||||||
Net outflows | (1,304) | (1,089) | (1,682) | |||||||||||||||||||||||||||||||||||
Market appreciation (depreciation) | 57 | (454) | 727 | |||||||||||||||||||||||||||||||||||
Total decrease | (1,247) | (1,543) | (955) | |||||||||||||||||||||||||||||||||||
Assets under management, end of period | $ | 23,291 | $ | 24,538 | $ | 24,644 | (5.1%) | (5.5%) | ||||||||||||||||||||||||||||||
Average assets under management for period | $ | 23,729 | $ | 26,082 | $ | 25,393 | (9.0%) | (6.6%) | ||||||||||||||||||||||||||||||
Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||||||
Assets Under Management - Institutional Accounts (Unaudited) | ||||||||||||||||||||||
By Investment Relationship | ||||||||||||||||||||||
For the Periods Ended | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||
September30, 2013 | September30, 2012 | % Change | ||||||||||||||||||||
Subadvisory | ||||||||||||||||||||||
Assets under management, beginning of period | $ | 17,582 | $ | 19,073 | ||||||||||||||||||
Inflows | 343 | 705 | ||||||||||||||||||||
Outflows | (1,901) | (4,824) | ||||||||||||||||||||
Net outflows | (1,558) | (4,119) | ||||||||||||||||||||
Market appreciation | 809 | 2,758 | ||||||||||||||||||||
Total decrease | (749) | (1,361) | ||||||||||||||||||||
Assets under management, end of period | $ | 16,833 | $ | 17,712 | (5.0%) | |||||||||||||||||
Percentage of total assets under management | 72.3 | % | 71.9 | % | ||||||||||||||||||
Average assets under management for period | $ | 17,748 | $ | 18,824 | (5.7%) | |||||||||||||||||
Advisory | ||||||||||||||||||||||
Assets under management, beginning of period | $ | 7,268 | $ | 6,307 | ||||||||||||||||||
Inflows | 271 | 1,023 | ||||||||||||||||||||
Outflows | (1,450) | (1,438) | ||||||||||||||||||||
Net outflows | (1,179) | (415) | ||||||||||||||||||||
Market appreciation | 369 | 1,040 | ||||||||||||||||||||
Total (decrease) increase | (810) | 625 | ||||||||||||||||||||
Assets under management, end of period | $ | 6,458 | $ | 6,932 | (6.8%) | |||||||||||||||||
Percentage of total assets under management | 27.7 | % | 28.1 | % | ||||||||||||||||||
Average assets under management for period | $ | 7,313 | $ | 6,767 | 8.1 | % | ||||||||||||||||
Total Institutional Accounts | ||||||||||||||||||||||
Assets under management, beginning of period | $ | 24,850 | $ | 25,380 | ||||||||||||||||||
Inflows | 614 | 1,728 | ||||||||||||||||||||
Outflows | (3,351) | (6,262) | ||||||||||||||||||||
Net outflows | (2,737) | (4,534) | ||||||||||||||||||||
Market appreciation | 1,178 | 3,798 | ||||||||||||||||||||
Total decrease | (1,559) | (736) | ||||||||||||||||||||
Assets under management, end of period | $ | 23,291 | $ | 24,644 | (5.5%) | |||||||||||||||||
Average assets under management for period | $ | 25,061 | $ | 25,591 | (2.1%) | |||||||||||||||||
Cohen & Steers, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||
Assets Under Management (Unaudited) | |||||||||||||||||||||||||||||||
By Investment Strategy | |||||||||||||||||||||||||||||||
For the Periods Ended | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||||||||||||||||
September30, 2013 | June 30, 2013 | September30, 2012 | June 30, 2013 | September30, 2012 | |||||||||||||||||||||||||||
U.S. Real Estate | |||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 24,173 | $ | 24,455 | $ | 22,178 | |||||||||||||||||||||||||
Inflows | 693 | 793 | 774 | ||||||||||||||||||||||||||||
Outflows | (976) | (642) | (552) | ||||||||||||||||||||||||||||
Net (outflows) inflows | (283) | 151 | 222 | ||||||||||||||||||||||||||||
Market (depreciation) appreciation | (653) | (433) | 30 | ||||||||||||||||||||||||||||
Total (decrease) increase | (936) | (282) | 252 | ||||||||||||||||||||||||||||
Assets under management, end of period | $ | 23,237 | $ | 24,173 | $ | 22,430 | (3.9%) | 3.6 | % | ||||||||||||||||||||||
Percentage of total assets under management | 50.1 | % | 50.5 | % | 49.9 | % | |||||||||||||||||||||||||
Average assets under management for period | $ | 23,633 | $ | 25,118 | $ | 22,527 | (5.9%) | 4.9 | % | ||||||||||||||||||||||
Global/International Real Estate | |||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 9,923 | $ | 11,277 | $ | 12,532 | |||||||||||||||||||||||||
Inflows | 239 | 555 | 249 | ||||||||||||||||||||||||||||
Outflows | (871) | (1,493) | (2,301) | ||||||||||||||||||||||||||||
Net outflows | (632) | (938) | (2,052) | ||||||||||||||||||||||||||||
Market appreciation (depreciation) | 339 | (416) | 634 | ||||||||||||||||||||||||||||
Total decrease | (293) | (1,354) | (1,418) | ||||||||||||||||||||||||||||
Assets under management, end of period | $ | 9,630 | $ | 9,923 | $ | 11,114 | (3.0%) | (13.4%) | |||||||||||||||||||||||
Percentage of total assets under management | 20.8 | % | 20.7 | % | 24.7 | % | |||||||||||||||||||||||||
Average assets under management for period | $ | 9,668 | $ | 11,116 | $ | 12,097 | (13.0%) | (20.1%) | |||||||||||||||||||||||
Preferred Securities | |||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 5,068 | $ | 4,929 | $ | 2,548 | |||||||||||||||||||||||||
Inflows | 241 | 655 | 1,331 | ||||||||||||||||||||||||||||
Outflows | (376) | (388) | (183) | ||||||||||||||||||||||||||||
Net (outflows) inflows | (135) | 267 | 1,148 | ||||||||||||||||||||||||||||
Market (depreciation) appreciation | (113) | (128) | 147 | ||||||||||||||||||||||||||||
Total (decrease) increase | (248) | 139 | 1,295 | ||||||||||||||||||||||||||||
Assets under management, end of period | $ | 4,820 | $ | 5,068 | $ | 3,843 | (4.9%) | 25.4 | % | ||||||||||||||||||||||
Percentage of total assets under management | 10.4 | % | 10.6 | % | 8.6 | % | |||||||||||||||||||||||||
Average assets under management for period | $ | 4,984 | $ | 5,131 | $ | 3,236 | (2.9%) | 54.0 | % | ||||||||||||||||||||||
Global Infrastructure | |||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 4,324 | $ | 4,176 | $ | 3,122 | |||||||||||||||||||||||||
Inflows | 14 | 321 | 27 | ||||||||||||||||||||||||||||
Outflows | (20) | (41) | (35) | ||||||||||||||||||||||||||||
Net (outflows) inflows | (6) | 280 | (8) | ||||||||||||||||||||||||||||
Market appreciation (depreciation) | 151 | (132) | 144 | ||||||||||||||||||||||||||||
Total increase | 145 | 148 | 136 | ||||||||||||||||||||||||||||
Assets under management, end of period | $ | 4,469 | $ | 4,324 | $ | 3,258 | 3.4 | % | 37.2 | % | |||||||||||||||||||||
Percentage of total assets under management | 9.6 | % | 9.0 | % | 7.2 | % | |||||||||||||||||||||||||
Average assets under management for period | $ | 4,400 | $ | 4,337 | $ | 3,210 | 1.5 | % | 37.1 | % | |||||||||||||||||||||
Large Cap Value Stocks | |||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 3,653 | $ | 3,746 | $ | 3,389 | |||||||||||||||||||||||||
Inflows | 8 | 5 | 50 | ||||||||||||||||||||||||||||
Outflows | (308) | (192) | (31) | ||||||||||||||||||||||||||||
Net (outflows) inflows | (300) | (187) | 19 | ||||||||||||||||||||||||||||
Market appreciation | 139 | 94 | 194 | ||||||||||||||||||||||||||||
Total (decrease) increase | (161) | (93) | 213 | ||||||||||||||||||||||||||||
Assets under management, end of period | $ | 3,492 | $ | 3,653 | $ | 3,602 | (4.4%) | (3.1%) | |||||||||||||||||||||||
Percentage of total assets under management | 7.5 | % | 7.6 | % | 8.0 | % | |||||||||||||||||||||||||
Average assets under management for period | $ | 3,601 | $ | 3,720 | $ | 3,473 | (3.2%) | 3.7 | % | ||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 682 | $ | 738 | $ | 622 | |||||||||||||||||||||||||
Inflows | 17 | 18 | 45 | ||||||||||||||||||||||||||||
Outflows | (11) | (40) | (3) | ||||||||||||||||||||||||||||
Net inflows (outflows) | 6 | (22) | 42 | ||||||||||||||||||||||||||||
Market (depreciation) appreciation | - | (34) | 34 | ||||||||||||||||||||||||||||
Total increase (decrease) | 6 | (56) | 76 | ||||||||||||||||||||||||||||
Assets under management, end of period | $ | 688 | $ | 682 | $ | 698 | 0.9 | % | (1.4%) | ||||||||||||||||||||||
Percentage of total assets under management | 1.5 | % | 1.4 | % | 1.6 | % | |||||||||||||||||||||||||
Average assets under management for period | $ | 692 | $ | 732 | $ | 652 | (5.5%) | 6.1 | % | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||
Assets under management, beginning of period | $ | 47,823 | $ | 49,321 | $ | 44,391 | |||||||||||||||||||||||||
Inflows | 1,212 | 2,347 | 2,476 | ||||||||||||||||||||||||||||
Outflows | (2,562) | (2,796) | (3,105) | ||||||||||||||||||||||||||||
Net outflows | (1,350) | (449) | (629) | ||||||||||||||||||||||||||||
Market (depreciation) appreciation | (137) | (1,049) | 1,183 | ||||||||||||||||||||||||||||
Total (decrease) increase | (1,487) | (1,498) | 554 | ||||||||||||||||||||||||||||
Assets under management, end of period | $ | 46,336 | $ | 47,823 | $ | 44,945 | (3.1%) | 3.1 | % | ||||||||||||||||||||||
Average assets under management for period | $ | 46,978 | $ | 50,154 | $ | 45,195 | (6.3%) | 3.9 | % | ||||||||||||||||||||||
Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||
Assets Under Management (Unaudited) | ||||||||||||||||||
By Investment Strategy | ||||||||||||||||||
For the Periods Ended | ||||||||||||||||||
(in millions) | ||||||||||||||||||
Nine Months Ended | ||||||||||||||||||
September30, 2013 | September30, 2012 | % Change | ||||||||||||||||
U.S. Real Estate | ||||||||||||||||||
Assets under management, beginning of period | $ | 22,613 | $ | 18,505 | ||||||||||||||
Inflows | 2,239 | 3,123 | ||||||||||||||||
Outflows | (2,068) | (1,725) | ||||||||||||||||
Net inflows | 171 | 1,398 | ||||||||||||||||
Market appreciation | 453 | 2,527 | ||||||||||||||||
Total increase | 624 | 3,925 | ||||||||||||||||
Assets under management, end of period | $ | 23,237 | $ | 22,430 | 3.6 | % | ||||||||||||
Percentage of total assets under management | 50.1 | % | 49.9 | % | ||||||||||||||
Average assets under management for period | $ | 24,097 | $ | 21,361 | 12.8 | % | ||||||||||||
Global/International Real Estate | ||||||||||||||||||
Assets under management, beginning of period | $ | 11,155 | $ | 13,409 | ||||||||||||||
Inflows | 1,111 | 1,240 | ||||||||||||||||
Outflows | (3,112) | (5,774) | ||||||||||||||||
Net outflows | (2,001) | (4,534) | ||||||||||||||||
Market appreciation | 476 | 2,239 | ||||||||||||||||
Total decrease | (1,525) | (2,295) | ||||||||||||||||
Assets under management, end of period | $ | 9,630 | $ | 11,114 | (13.4%) | |||||||||||||
Percentage of total assets under management | 20.8 | % | 24.7 | % | ||||||||||||||
Average assets under management for period | $ | 10,674 | $ | 12,597 | (15.3%) | |||||||||||||
Preferred Securities | ||||||||||||||||||
Assets under management, beginning of period | $ | 4,364 | $ | 1,964 | ||||||||||||||
Inflows | 1,490 | 1,861 | ||||||||||||||||
Outflows | (911) | (301) | ||||||||||||||||
Net inflows | 579 | 1,560 | ||||||||||||||||
Market (depreciation) appreciation | (123) | 319 | ||||||||||||||||
Total increase | 456 | 1,879 | ||||||||||||||||
Assets under management, end of period | $ | 4,820 | $ | 3,843 | 25.4 | % | ||||||||||||
Percentage of total assets under management | 10.4 | % | 8.6 | % | ||||||||||||||
Average assets under management for period | $ | 4,914 | $ | 2,602 | 88.9 | % | ||||||||||||
Global Infrastructure | ||||||||||||||||||
Assets under management, beginning of period | $ | 3,509 | $ | 3,010 | ||||||||||||||
Inflows | 823 | 71 | ||||||||||||||||
Outflows | (79) | (82) | ||||||||||||||||
Net inflows (outflows) | 744 | (11) | ||||||||||||||||
Market appreciation | 216 | 259 | ||||||||||||||||
Total increase | 960 | 248 | ||||||||||||||||
Assets under management, end of period | $ | 4,469 | $ | 3,258 | 37.2 | % | ||||||||||||
Percentage of total assets under management | 9.6 | % | 7.2 | % | ||||||||||||||
Average assets under management for period | $ | 4,122 | $ | 3,157 | 30.6 | % | ||||||||||||
Large Cap Value Stocks | ||||||||||||||||||
Assets under management, beginning of period | $ | 3,465 | $ | 3,876 | ||||||||||||||
Inflows | 43 | 170 | ||||||||||||||||
Outflows | (564) | (966) | ||||||||||||||||
Net outflows | (521) | (796) | ||||||||||||||||
Market appreciation | 548 | 522 | ||||||||||||||||
Total increase (decrease) | 27 | (274) | ||||||||||||||||
Assets under management, end of period | $ | 3,492 | $ | 3,602 | (3.1%) | |||||||||||||
Percentage of total assets under management | 7.5 | % | 8.0 | % | ||||||||||||||
Average assets under management for period | $ | 3,659 | $ | 3,626 | 0.9 | % | ||||||||||||
Other | ||||||||||||||||||
Assets under management, beginning of period | $ | 691 | $ | 520 | ||||||||||||||
Inflows | 65 | 136 | ||||||||||||||||
Outflows | (63) | (3) | ||||||||||||||||
Net outflows | 2 | 133 | ||||||||||||||||
Market (depreciation) appreciation | (5) | 45 | ||||||||||||||||
Total (decrease) increase | (3) | 178 | ||||||||||||||||
Assets under management, end of period | $ | 688 | $ | 698 | (1.4%) | |||||||||||||
Percentage of total assets under management | 1.5 | % | 1.6 | % | ||||||||||||||
Average assets under management for period | $ | 715 | $ | 607 | 17.8 | % | ||||||||||||
Total | ||||||||||||||||||
Assets under management, beginning of period | $ | 45,797 | $ | 41,284 | ||||||||||||||
Inflows | 5,771 | 6,601 | ||||||||||||||||
Outflows | (6,797) | (8,851) | ||||||||||||||||
Net outflows | (1,026) | (2,250) | ||||||||||||||||
Market appreciation | 1,565 | 5,911 | ||||||||||||||||
Total increase | 539 | 3,661 | ||||||||||||||||
Assets under management, end of period | $ | 46,336 | $ | 44,945 | 3.1 | % | ||||||||||||
Average assets under management for period | $ | 48,181 | $ | 43,950 | 9.6 | % | ||||||||||||
Cohen & Steers, Inc. and Subsidiaries | |||||||||||
Assets Under Advisement (Unaudited) | |||||||||||
(in millions) | |||||||||||
As of | |||||||||||
September 30, 2013 | June 30, 2013 | September30, 2012 | |||||||||
Model-Based Strategies | $ | 2,425 | $ | 3,013 | $ | 5,605 | |||||
Exchange Traded Funds | $ | 2,732 | $ | 3,037 | $ | 2,948 | |||||
Unit Investment Trusts | $ | 1,126 | $ | 1,296 | $ | 1,290 | |||||
Total | $ | 6,283 | $ | 7,346 | $ | 9,843 | |||||
Note: Assets under advisement are defined as assets for which the company does not provide active management and are not included in the company's reported assets under management. |
SOURCE Cohen & Steers, Inc.
