COHEN & STEERS, INC. NEW YORK, July 15, 2015 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $20.8 million, or $0.45 per diluted share and $0.46 per basic share, for the quarter ended June 30, 2015, compared with $22.2 million, or $0.49 per share (diluted and basic), for the quarter ended June 30, 2014. Total revenue for the second quarter of 2015 was $83.5 million, an increase of 6.5% from $78.4 million for the second quarter of 2014.
For the six months ended June 30, 2015, the company recorded net income attributable to common stockholders of $41.6 million, or $0.91 per diluted share and $0.92 per basic share, compared with $41.6 million, or $0.91 per diluted share and $0.93 per basic share, for the six months ended June 30, 2014.
Financial Highlights (Unaudited)
For the Periods
(in thousands, except per share data) Three Months Ended Six Months Ended
------------------ ----------------
June 30, March 31, % Change June 30, June 30, % Change
2015 2015 2015 2014
---- ---- ---- ----
Revenue $83,502 $83,815 (0.4%) $167,317 $151,247 10.6%
Expenses $52,331 $49,266 6.2% $101,597 $93,983 8.1%
Operating income $31,171 $34,549 (9.8%) $65,720 $57,264 14.8%
Operating margin 37.3% 41.2% (389) bps 39.3% 37.9% 142 bps
Total non-operating income (loss) $1,797 $(1,552) * $245 $8,171 (97.0%)
Net income attributable to common stockholders $20,763 $20,816 (0.3%) $41,579 $41,628 (0.1%)
Diluted earnings per share attributable to common stockholders $0.45 $0.45 0.1% $0.91 $0.91 (1.0%)
* Not meaningful
Revenue
Revenue for the second quarter of 2015 was $83.5 million, a decrease of $313,000 from $83.8 million for the first quarter of 2015. Lower average assets under management in the quarter resulted in the following decreases in investment advisory and administration fees:
-- $268,000 from open-end mutual funds;
-- $227,000 from institutional accounts; and
-- $36,000 from closed-end funds.
The decrease in investment advisory and administration fees was partially offset by increases of $110,000 in portfolio consulting and other and $108,000 in distribution and service fees for the second quarter of 2015.
Revenue for the six months ended June 30, 2015 was $167.3 million, an increase of $16.1 million from $151.2 million for the six months ended June 30, 2014.
Expenses
Expenses for the second quarter of 2015 were $52.3 million, an increase of $3.1 million from $49.3 million for the first quarter of 2015. The change was primarily due to:
-- An increase of $2.4 million in employee compensation and benefits
expense to adjust for lower than expected revenue;
-- Higher general and administrative expenses of $362,000, primarily due to
increased rent and occupancy costs and business related travel; and
-- Higher distribution and service fees of $274,000, primarily due to an
increase in intermediary payments made by the advisor for our U.S.
mutual funds.
Expenses for the six months ended June 30, 2015 were $101.6 million, an increase of $7.6 million from $94.0 million for the six months ended June 30, 2014.
Operating Margin
The company's operating margin decreased to 37.3% for the second quarter of 2015 compared with 41.2% for the three months ended March 31, 2015. The operating margin for the six months ended June 30, 2015 was 39.3% compared with 37.9% for the six months ended June 30, 2014.
Non-operating Income
Non-operating income for the second quarter of 2015 was $1.8 million, compared with a loss of $1.6 million for the first quarter of 2015. The change was primarily due to higher realized and unrealized gains on the company's seed investments. Non-operating income included net income attributable to redeemable noncontrolling interest of $11,000 and net loss attributable to redeemable noncontrolling interest of $45,000 for the quarters ended June 30, 2015 and March 31, 2015, respectively. Non-operating income for the six months ended June 30, 2015 was $245,000, compared with $8.2 million for the six months ended June 30, 2014. Non-operating income included net loss attributable to redeemable noncontrolling interest of $34,000 and net income attributable to redeemable noncontrolling interest of $896,000 for the six months ended June 30, 2015 and June 30, 2014, respectively.
Assets Under Management Highlights (Unaudited)
June 30, 2015 Compared with March 31, 2015
(in millions) Assets Under Management
As of
-----
By Investment Vehicle June 30, March 31, % Change
2015 2015
--- ---- ----
Institutional accounts $24,545 $26,704 (8.1%)
Open-end mutual funds 16,236 18,062 (10.1%)
Closed-end funds 9,367 9,900 (5.4%)
Total $50,148 $54,666 (8.3%)
======= =======
By Investment Strategy
----------------------
U.S. real estate $25,604 $29,289 (12.6%)
Global/international real
estate 9,654 10,189 (5.3%)
Preferred securities 6,742 6,732 0.1%
Global listed infrastructure 5,422 5,701 (4.9%)
Other 2,726 2,755 (1.1%)
Total $50,148 $54,666 (8.3%)
======= =======
Assets under management were $50.1 billion as of June 30, 2015, a decrease of $4.5 billion from $54.7 billion at March 31, 2015. The decrease from March 31, 2015 was attributable to market depreciation of $3.8 billion and net outflows of $741 million.
Institutional Accounts
Assets under management in institutional accounts were $24.5 billion as of June 30, 2015, a decrease of 8.1% from $26.7 billion at March 31, 2015. The change from March 31, 2015 was due to the following:
-- Market depreciation of $1.9 billion, including $1.5 billion from U.S.
real estate and $393 million from global/international real estate;
-- Net outflows of $241 million from subadvisory relationships, including
$250 million from U.S. real estate and $10 million from
global/international real estate, partially offset by net inflows of $22
million into preferred securities; and
-- Net outflows of $27 million from advisory relationships, including $136
million from global listed infrastructure, $34 million from preferred
securities and $34 million from large cap value (included in "Other" in
the above table), partially offset by net inflows of $76 million into
U.S. real estate, $58 million into global/international real estate and
$29 million into commodities (included in "Other" in the above table).
Open-end Mutual Funds
Assets under management for open-end mutual funds were $16.2 billion as of June 30, 2015, a decrease of 10.1% from $18.1 billion at March 31, 2015. The change from March 31, 2015 was due to the following:
-- Market depreciation of $1.4 billion, including $1.2 billion from U.S.
real estate, $92 million from global/international real estate and $63
million from preferred securities; and
-- Net outflows of $454 million, including net outflows of $546 million
from U.S. real estate and $98 million from global/international real
estate, partially offset by net inflows of $168 million into preferred
securities and $36 million into global listed infrastructure.
Closed-end Funds
Assets under management for closed-end funds were $9.4 billion as of June 30, 2015, a decrease of 5.4% from $9.9 billion at March 31, 2015. The decrease from March 31, 2015 was primarily due to market depreciation of $514 million.
Balance Sheet Information
As of June 30, 2015, cash, cash equivalents and investments were $181 million. As of June 30, 2015, stockholders' equity was $242 million and the company had no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, July 16, 2015 at 11:00 a.m. (ET) to discuss the company's second quarter results. Investors and analysts can access the live conference call by dialing 888-383-1618 (U.S.) or +1-303-223-0118 (international); passcode: 21771914. 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 July 16, 2015 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21771914. 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
------------------ -------------
June 30, March 31, June 30, March 31, June 30,
2015 2015 2014 2015 2014
---- ---- ---- ---- ----
Revenue
Investment advisory and administration fees $77,221 $77,752 $72,907
Distribution and service fees 4,014 3,906 3,744
Portfolio consulting and other 2,267 2,157 1,761
----- -----
Total revenue 83,502 83,815 78,412 (0.4%) 6.5%
------ ------ ------
Expenses
Employee compensation and benefits 28,395 25,983 25,876
Distribution and service fees 9,525 9,251 9,256
General and administrative 12,825 12,463 12,065
Depreciation and amortization 1,586 1,569 1,547
Total expenses 52,331 49,266 48,744 6.2% 7.4%
------ ------ ------
Operating income 31,171 34,549 29,668 (9.8%) 5.1%
------ ------ ------
Non-operating income
Interest and dividend income-net 450 299 592
Gain (loss) from trading investments-net 205 (451) 2,762
Gain from available-for-sale investments-net 320 100 52
Equity in earnings (losses) of affiliates 1,085 (1,081) 1,429
Other (losses) income (263) (419) 155
---- ---- ---
Total non-operating income (loss) 1,797 (1,552) 4,990 * (64.0%)
----- ------ -----
Income before provision for income taxes 32,968 32,997 34,658 (0.1%) (4.9%)
Provision for income taxes 12,194 12,226 11,734
------ ------ ------
Net income 20,774 20,771 22,924 0.0% (9.4%)
Less: Net (income) loss attributable to (11) 45 (741)
redeemable noncontrolling interest
Net income attributable to common stockholders $20,763 $20,816 $22,183 (0.3%) (6.4%)
======= ======= =======
Earnings per share attributable to common stockholders
Basic $0.46 $0.46 $0.49 (0.7%) (7.7%)
===== ===== =====
Diluted $0.45 $0.45 $0.49 0.1% (7.0%)
===== ===== =====
Dividends declared per share
Quarterly $0.25 $0.25 $0.22 - 13.6%
===== ===== =====
Weighted average shares outstanding
Basic 45,462 45,241 44,825
====== ====== ======
Diluted 45,805 45,980 45,530
====== ====== ======
* Not meaningful
Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Periods
(in thousands, except per share data)
Six Months Ended
----------------
June 30, June 30, % Change
2015 2014
---- ----
Revenue
Investment advisory and administration fees $154,973 $140,471
Distribution and service fees 7,920 7,214
Portfolio consulting and other 4,424 3,562
-----
Total revenue 167,317 151,247 10.6%
------- -------
Expenses
Employee compensation and benefits 54,378 49,911
Distribution and service fees 18,776 17,560
General and administrative 25,288 23,158
Depreciation and amortization 3,155 3,354
Total expenses 101,597 93,983 8.1%
------- ------
Operating income 65,720 57,264 14.8%
------ ------
Non-operating income
Interest and dividend income-net 749 831
(Loss) gain from trading investments-net (246) 3,745
Gain from available-for-sale investments-net 420 1,128
Equity in earnings of affiliates 4 2,364
Other (losses) income (682) 103
---- ---
Total non-operating income 245 8,171 (97.0%)
--- -----
Income before provision for income taxes 65,965 65,435 0.8%
Provision for income taxes 24,420 22,911
------ ------
Net income 41,545 42,524 (2.3%)
Less: Net loss (income) attributable to 34 (896)
redeemable noncontrolling interest
Net income attributable to common stockholders $41,579 $41,628 (0.1%)
======= =======
Earnings per share attributable to common stockholders
Basic $0.92 $0.93 (1.5%)
===== =====
Diluted $0.91 $0.91 (1.0%)
===== =====
Dividends declared per share
Quarterly $0.50 $0.44 13.6%
===== =====
Weighted average shares outstanding
Basic 45,352 44,730
====== ======
Diluted 45,893 45,507
====== ======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods
(in millions)
Three Months Ended % Change From
------------------ -------------
June 30, March 31, June 30, March 31, June 30,
2015 2014
2015 2015 2014
---- ---- ----
Institutional Accounts
----------------------
Assets under management, beginning of period $26,704 $26,201 $24,479
------- ------- -------
Inflows 481 617 375
Outflows (749) (1,235) (896)
---- ------ ----
Net outflows (268) (618) (521)
Market (depreciation) appreciation (1,891) 1,121 1,770
Total (decrease) increase (2,159) 503 1,249
--- -----
Assets under management, end of period $24,545 $26,704 $25,728 (8.1%) (4.6%)
======= ======= =======
Percentage of total assets under management 48.9% 48.8% 49.2%
==== ==== ====
Average assets under management for period $25,942 $27,080 $25,010 (4.2%) 3.7%
======= ======= =======
Open-end Mutual Funds
---------------------
Assets under management, beginning of period $18,062 $17,131 $15,148
------- ------- -------
Inflows 1,307 1,642 1,464
Outflows (1,761) (1,475) (949)
------ ------ ----
Net (outflows) inflows (454) 167 515
Market (depreciation) appreciation (1,372) 764 966
Total (decrease) increase (1,826) 931 1,481
--- -----
Assets under management, end of period $16,236 $18,062 $16,629 (10.1%) (2.4%)
======= ======= =======
Percentage of total assets under management 32.4% 33.0% 31.8%
==== ==== ====
Average assets under management for period $17,514 $17,963 $15,992 (2.5%) 9.5%
======= ======= =======
Closed-end Funds
----------------
Assets under management, beginning of period $9,900 $9,805 $9,404
------ ------ ------
Inflows - - -
Outflows (19) - -
--- --- ---
Net outflows (19) - -
Market (depreciation) appreciation (514) 95 524
---- --- ---
Total (decrease) increase (533) 95 524
---- --- ---
Assets under management, end of period $9,367 $9,900 $9,928 (5.4%) (5.7%)
====== ====== ======
Percentage of total assets under management 18.7% 18.1% 19.0%
==== ==== ====
Average assets under management for period $9,832 $9,978 $9,719 (1.5%) 1.2%
====== ====== ======
Total
-----
Assets under management, beginning of period $54,666 $53,137 $49,031
------- ------- -------
Inflows 1,788 2,259 1,839
Outflows (2,529) (2,710) (1,845)
------ ------ ------
Net outflows (741) (451) (6)
Market (depreciation) appreciation (3,777) 1,980 3,260
------ ----- -----
Total (decrease) increase (4,518) 1,529 3,254
------ ----- -----
Assets under management, end of period $50,148 $54,666 $52,285 (8.3%) (4.1%)
======= ======= =======
Average assets under management for period $53,288 $55,021 $50,721 (3.1%) 5.1%
======= ======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods
(in millions)
Six Months Ended
----------------
June 30, June 30, % Change
2015 2014
---- ----
Institutional Accounts
----------------------
Assets under management, beginning of period $26,201 $22,926
------- -------
Inflows 1,098 807
Outflows (1,984) (1,548)
------ ------
Net outflows (886) (741)
Market (depreciation) appreciation (770) 3,543
Total (decrease) increase (1,656) 2,802
-----
Assets under management, end of period $24,545 $25,728 (4.6%)
======= =======
Percentage of total assets under management 48.9% 49.2%
==== ====
Average assets under management for period $26,508 $24,437 8.5%
======= =======
Open-end Mutual Funds
---------------------
Assets under management, beginning of period $17,131 $14,016
------- -------
Inflows 2,949 2,987
Outflows (3,236) (2,368)
------ ------
Net (outflows) inflows (287) 619
Market (depreciation) appreciation (608) 1,994
Total (decrease) increase (895) 2,613
-----
Assets under management, end of period $16,236 $16,629 (2.4%)
======= =======
Percentage of total assets under management 32.4% 31.8%
==== ====
Average assets under management for period $17,737 $15,303 15.9%
======= =======
Closed-end Funds
----------------
Assets under management, beginning of period $9,805 $8,965
------ ------
Inflows - -
Outflows (19) -
--- ---
Net outflows (19) -
Market (depreciation) appreciation (419) 963
---- ---
Total (decrease) increase (438) 963
---- ---
Assets under management, end of period $9,367 $9,928 (5.7%)
====== ======
Percentage of total assets under management 18.7% 19.0%
==== ====
Average assets under management for period $9,905 $9,482 4.5%
====== ======
Total
-----
Assets under management, beginning of period $53,137 $45,907
------- -------
Inflows 4,047 3,794
Outflows (5,239) (3,916)
------ ------
Net outflows (1,192) (122)
Market (depreciation) appreciation (1,797) 6,500
------ -----
Total (decrease) increase (2,989) 6,378
------ -----
Assets under management, end of period $50,148 $52,285 (4.1%)
======= =======
Average assets under management for period $54,150 $49,222 10.0%
======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Account Type
For the Periods
(in millions)
Three Months Ended % Change From
------------------ -------------
June 30, March 31, June 30, March 31, June 30,
2015 2015 2014 2015 2014
---- ---- ---- ---- ----
Subadvisory
-----------
Assets under management, beginning of period $19,242 $18,857 $17,924
------- ------- -------
Inflows 279 419 218
Outflows (520) (848) (868)
---- ---- ----
Net outflows (241) (429) (650)
Market (depreciation) appreciation (1,478) 814 1,284
------ --- -----
Total (decrease) increase (1,719) 385 634
Assets under management, end of period $17,523 $19,242 $18,558 (8.9%) (5.6%)
======= ======= =======
Percentage of institutional assets under management 71.4% 72.1% 72.1%
==== ==== ====
Average assets under management for period $18,582 $19,526 $18,118 (4.8%) 2.6%
======= ======= =======
Advisory
--------
Assets under management, beginning of period $7,462 $7,344 $6,555
------ ------ ------
Inflows 202 198 157
Outflows (229) (387) (28)
---- ---- ---
Net (outflows) inflows (27) (189) 129
Market (depreciation) appreciation (413) 307 486
---
Total (decrease) increase (440) 118 615
Assets under management, end of period $7,022 $7,462 $7,170 (5.9%) (2.1%)
====== ====== ======
Percentage of institutional assets under management 28.6% 27.9% 27.9%
==== ==== ====
Average assets under management for period $7,360 $7,554 $6,892 (2.6%) 6.8%
====== ====== ======
Total Institutional Accounts
----------------------------
Assets under management, beginning of period $26,704 $26,201 $24,479
------- ------- -------
Inflows 481 617 375
Outflows (749) (1,235) (896)
---- ------ ----
Net outflows (268) (618) (521)
Market (depreciation) appreciation (1,891) 1,121 1,770
------
Total (decrease) increase (2,159) 503 1,249
------ --- -----
Assets under management, end of period $24,545 $26,704 $25,728 (8.1%) (4.6%)
======= ======= =======
Average assets under management for period $25,942 $27,080 $25,010 (4.2%) 3.7%
======= ======= =======
Cohen & Steers, Inc.
and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Account Type
For the Periods
(in millions)
Six Months Ended
----------------
June 30, June 30, % Change
2015 2014
---- ----
Subadvisory
-----------
Assets under
management, beginning
of period $18,857 $16,693
------- -------
Inflows 698 529
Outflows (1,368) (1,355)
------ ------
Net outflows (670) (826)
Market (depreciation)
appreciation (664) 2,691
---- -----
Total (decrease)
increase (1,334) 1,865
Assets under
management, end of
period $17,523 $18,558 (5.6%)
======= =======
Percentage of
institutional assets
under management 71.4% 72.1%
==== ====
Average assets under
management for period 19,051 $17,801 7.0%
====== =======
Advisory
--------
Assets under
management, beginning
of period $7,344 $6,233
------ ------
Inflows 400 278
Outflows (616) (193)
---- ----
Net (outflows) inflows (216) 85
Market (depreciation)
appreciation (106) 852
Total (decrease)
increase (322) 937
Assets under
management, end of
period $7,022 $7,170 (2.1%)
====== ======
Percentage of
institutional assets
under management 28.6% 27.9%
==== ====
Average assets under
management for period $7,457 $6,636 12.4%
====== ======
Total Institutional
Accounts
-------------------
Assets under
management, beginning
of period $26,201 $22,926
------- -------
Inflows 1,098 807
Outflows (1,984) (1,548)
------ ------
Net outflows (886) (741)
Market (depreciation)
appreciation (770) 3,543
---- -----
Total (decrease)
increase (1,656) 2,802
------ -----
Assets under
management, end of
period $24,545 $25,728 (4.6%)
======= =======
Average assets under
management for period $26,508 $24,437 8.5%
======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods
(in millions)
Three Months Ended % Change From
------------------ -------------
June 30, March 31, June 30, March 31,
2015 June 30, 2014
2015 2015 2014
---- ---- ----
U.S. Real Estate
----------------
Assets under management, beginning of period $29,289 $28,357 $25,251
------- ------- -------
Inflows 568 813 734
Outflows (1,293) (1,265) (583)
------ ------ ----
Net (outflows) inflows (725) (452) 151
Market (depreciation) appreciation (2,960) 1,384 1,780
Transfers * - - 222
--- --- ---
Total (decrease) increase (3,685) 932 2,153
------ --- -----
Assets under management, end of period $25,604 $29,289 $27,404 (12.6%) (6.6%)
======= ======= =======
Percentage of total assets under management 51.1% 53.6% 52.4%
==== ==== ====
Average assets under management for period $27,748 $29,627 $26,506 (6.3%) 4.7%
======= ======= =======
Global/International Real Estate
--------------------------------
Assets under management, beginning of period $10,189 $10,184 $9,721
------- ------- ------
Inflows 401 264 233
Outflows (453) (744) (517)
---- ---- ----
Net outflows (52) (480) (284)
Market (depreciation) appreciation (483) 485 724
---- --- ---
Total (decrease) increase (535) 5 440
Assets under management, end of period $9,654 $10,189 $10,161 (5.3%) (5.0%)
====== ======= =======
Percentage of total assets under management 19.3% 18.6% 19.4%
==== ==== ====
Average assets under management for period $10,097 $10,429 $9,993 (3.2%) 1.0%
======= ======= ======
Preferred Securities
--------------------
Assets under management, beginning of period $6,732 $6,342 $5,126
------ ------ ------
Inflows 660 684 520
Outflows (505) (469) (148)
---- ---- ----
Net inflows 155 215 372
Market (depreciation) appreciation (145) 175 174
---- --- ---
Total increase 10 390 546
Assets under management, end of period $6,742 $6,732 $5,672 0.1% 18.9%
====== ====== ======
Percentage of total assets under management 13.4% 12.3% 10.8%
==== ==== ====
Average assets under management for period $6,869 $6,597 $5,415 4.1% 26.9%
====== ====== ======
Global Listed Infrastructure
----------------------------
Assets under management, beginning of period $5,701 $5,697 $5,072
------ ------ ------
Inflows 86 208 169
Outflows (200) (157) (48)
---- ---- ---
Net (outflows) inflows (114) 51 121
Market (depreciation) appreciation (165) (47) 423
---- --- ---
Total (decrease) increase (279) 4 544
Assets under management, end of period $5,422 $5,701 $5,616 (4.9%) (3.5%)
====== ====== ======
Percentage of total assets under management 10.8% 10.4% 10.7%
==== ==== ====
Average assets under management for period $5,766 $5,685 $5,333 1.4% 8.1%
====== ====== ======
Other
-----
Assets under management, beginning of period $2,755 $2,557 $3,861
------ ------ ------
Inflows 73 290 183
Outflows (78) (75) (549)
--- --- ----
Net (outflows) inflows (5) 215 (366)
Market (depreciation) appreciation (24) (17) 159
Transfers * - - (222)
---
Total (decrease) increase (29) 198 (429)
Assets under management, end of period $2,726 $2,755 $3,432 (1.1%) (20.6%)
====== ====== ======
Percentage of total assets under management 5.4% 5.0% 6.6%
=== === ===
Average assets under management for period $2,808 $2,683 $3,474 4.7% (19.2%)
====== ====== ======
Total
-----
Assets under management, beginning of period $54,666 $53,137 $49,031
------- ------- -------
Inflows 1,788 2,259 1,839
Outflows (2,529) (2,710) (1,845)
------ ------ ------
Net outflows (741) (451) (6)
Market (depreciation) appreciation (3,777) 1,980 3,260
------ ----- -----
Total (decrease) increase (4,518) 1,529 3,254
Assets under management, end of period $50,148 $54,666 $52,285 (8.3%) (4.1%)
======= ======= =======
Average assets under management for period $53,288 $55,021 $50,721 (3.1%) 5.1%
======= ======= =======
* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods
(in millions)
Six Months Ended
----------------
June 30, June 30, % Change
2015 2014
---- ----
U.S. Real Estate
----------------
Assets under management, beginning of period $28,357 $23,116
------- -------
Inflows 1,381 1,490
Outflows (2,558) (1,412)
------ ------
Net (outflows) inflows (1,177) 78
Market (depreciation) appreciation (1,576) 3,988
Transfers * - 222
--- ---
Total (decrease) increase (2,753) 4,288
------ -----
Assets under management, end of period $25,604 $27,404 (6.6%)
======= =======
Percentage of total assets under management 51.1% 52.4%
==== ====
Average assets under management for period $28,682 $25,440 12.7%
======= =======
Global/International Real Estate
--------------------------------
Assets under management, beginning of period $10,184 $9,498
------- ------
Inflows 665 718
Outflows (1,197) (1,181)
------ ------
Net outflows (532) (463)
Market appreciation 2 1,126
--- -----
Total (decrease) increase (530) 663
Assets under management, end of period $9,654 $10,161 (5.0%)
====== =======
Percentage of total assets under management 19.3% 19.4%
==== ====
Average assets under management for period $10,262 $9,795 4.8%
======= ======
Preferred Securities
--------------------
Assets under management, beginning of period $6,342 $4,722
------ ------
Inflows 1,344 878
Outflows (974) (328)
---- ----
Net inflows 370 550
Market appreciation 30 400
--- ---
Total increase 400 950
Assets under management, end of period $6,742 $5,672 18.9%
====== ======
Percentage of total assets under management 13.4% 10.8%
==== ====
Average assets under management for period $6,734 $5,182 29.9%
====== ======
Global Listed Infrastructure
----------------------------
Assets under management, beginning of period $5,697 $4,714
------ ------
Inflows 294 471
Outflows (357) (272)
---- ----
Net (outflows) inflows (63) 199
Market (depreciation) appreciation (212) 703
---- ---
Total (decrease) increase (275) 902
Assets under management, end of period $5,422 $5,616 (3.5%)
====== ======
Percentage of total assets under management 10.8% 10.7%
==== ====
Average assets under management for period $5,726 $5,173 10.7%
====== ======
Other
-----
Assets under management, beginning of period $2,557 $3,857
Inflows 363 237
Outflows (153) (723)
---- ----
Net inflows (outflows) 210 (486)
Market (depreciation) appreciation (41) 283
Transfers * - (222)
Total increase (decrease) 169 (425)
Assets under management, end of period $2,726 $3,432 (20.6%)
====== ======
Percentage of total assets under management 5.4% 6.6%
=== ===
Average assets under management for period $2,746 $3,632 (24.4%)
====== ======
Total
-----
Assets under management, beginning of period $53,137 $45,907
------- -------
Inflows 4,047 3,794
Outflows (5,239) (3,916)
------ ------
Net outflows (1,192) (122)
Market (depreciation) appreciation (1,797) 6,500
------ -----
Total (decrease) increase (2,989) 6,378
Assets under management, end of period $50,148 $52,285 (4.1%)
======= =======
Average assets under management for period $54,150 $49,222 10.0%
======= =======
* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cohen--steers-reports-second-quarter-2015-results-300113997.html
SOURCE Cohen & Steers, Inc.
