COHEN & STEERS, INC. NEW YORK, Oct. 15, 2014 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $18.2 million, or $0.40 per diluted share and $0.41 per basic share, for the quarter ended September 30, 2014, compared with $18.3 million, or $0.41 per share (diluted and basic), for the quarter ended September 30, 2013. Total revenue for the third quarter of 2014 was a record $80.8 million, an increase of 9.2% from $74.0 million for the third quarter of 2013.
For the nine months ended September 30, 2014, the company recorded net income attributable to common stockholders of $59.8 million, or $1.31 per diluted share and $1.34 per basic share, compared with $48.7 million, or $1.08 per diluted share and $1.10 per basic share, for the nine months ended September 30, 2013.
The results for the nine months ended September 30, 2013 included after-tax expenses of approximately $0.10 per share associated primarily with the offering of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc., a closed-end mutual fund. After adjusting for these items, earnings per share would have been $1.18 for the nine months ended September 30, 2013.
Financial Highlights (Unaudited)
September 30, 2014 Compared with June 30, 2014
(in thousands, except per share data) Three Months Ended
------------------
September 30, June 30, $ Change % Change
2014 2014
---- ----
Revenue $80,845 $78,412 $2,433 3.1%
Expenses $48,518 $48,744 $(226) (0.5%)
Operating income $32,327 $29,668 $2,659 9.0%
Operating margin 40.0% 37.8% 215 bps
Total non-operating (loss) income $(3,557) $4,990 $(8,547) *
Net income attributable to common stockholders $18,184 $22,183 $(3,999) (18.0%)
Diluted earnings per share attributable to common stockholders $0.40 $0.49 $(0.09) (18.3%)
* Not meaningful
Revenue
Total revenue for the third quarter of 2014 was a record $80.8 million, an increase of $2.4 million from $78.4 million for the second quarter of 2014. Higher average assets under management in open-end mutual funds and closed-end mutual funds and an additional day in the quarter resulted in the following revenue increases:
-- $1.9 million from open-end mutual funds; and
-- $681,000 from closed-end mutual funds.
Expenses
Expenses for the third quarter of 2014 were $48.5 million, a decrease of $226,000 from $48.7 million for the second quarter of 2014. The change was primarily due to:
-- Lower general and administrative expenses of $752,000, primarily due to
lower recruiting fees, marketing expenses and fund-related expenses;
-- Lower distribution and service fees of $208,000, primarily due to a
shift toward lower cost share classes in our open-end mutual funds; and
-- Higher employee compensation and benefits expenses of $803,000 primarily
attributable to higher salaries and incentive compensation.
Operating Margin
The company's operating margin increased to 40.0% for the third quarter of 2014, compared with 37.8% for the three months ended June 30, 2014.
Non-operating Income
Non-operating loss, excluding net loss attributable to redeemable noncontrolling interest of $147,000, was $3.4 million, a decrease of $7.7 million from non-operating income of $4.2 million for the second quarter of 2014. The decrease was primarily due to lower earnings from the company's seed investments.
Assets Under Management Highlights (Unaudited)
September 30, 2014 Compared with June 30, 2014
(in millions) Assets Under Management
As of
-----
By Investment Vehicle September 30, June 30, $ Change % Change
2014 2014
--- ---- ----
Institutional accounts $23,941 $25,728 $(1,787) (6.9%)
Open-end mutual funds 16,116 16,629 (513) (3.1%)
Closed-end mutual funds 9,638 9,928 (290) (2.9%)
Total $49,695 $52,285 (2,590) (5.0%)
======= =======
By Investment Strategy
----------------------
U.S. real estate $26,226 $27,404 $(1,178) (4.3%)
Global/international real estate 9,677 10,161 (484) (4.8%)
Preferred securities 5,766 5,672 94 1.7%
Global listed infrastructure 5,611 5,616 (5) (0.1%)
Large cap value 1,260 2,285 (1,025) (44.9%)
Other 1,155 1,147 8 0.7%
Total $49,695 $52,285 (2,590) (5.0%)
======= =======
Assets under management were $49.7 billion as of September 30, 2014, a decrease of $2.6 billion from $52.3 billion at June 30, 2014. The decrease from June 30, 2014 was attributable to market depreciation of $1.6 billion and net outflows of $966 million.
Institutional Accounts
Assets under management for institutional accounts were $23.9 billion as of September 30, 2014, a decrease of 6.9% from $25.7 billion at June 30, 2014. The change from June 30, 2014 was due to the following:
-- Market depreciation of $831 million, including $426 million from U.S.
real estate, $330 million from global/international real estate and $58
million from global listed infrastructure;
-- Net outflows of $845 million from subadvisory relationships, including
$959 million from large cap value and $111 million from
global/international real estate, partially offset by net inflows of
$172 million into global listed infrastructure and $131 million into
preferred securities;
-- Net outflows of $224 million from advisory relationships, including $137
million from U.S. real estate and $75 million from large cap value; and
-- Transfers from open-end mutual funds of $113 million, of which $77
million was into U.S. real estate and $36 million was into
global/international real estate to fund two new collective investment
trusts.
Open-end Mutual Funds
Assets under management for open-end mutual funds were $16.1 billion as of September 30, 2014, a decrease of 3.1% from $16.6 billion at June 30, 2014. The change from June 30, 2014 was due to the following:
-- Market depreciation of $503 million, including $333 million from U.S.
real estate and $123 million from global/international real estate;
-- Net inflows of $103 million, including net inflows of $63 million into
multi-strategy real assets (included in "Other" in the above table), $47
million into global/international real estate, $42 million into global
listed infrastructure and $35 million into preferred securities,
partially offset by net outflows of $86 million from U.S. real estate;
and
-- Transfers to institutional accounts of $113 million.
Closed-end Mutual Funds
Assets under management for closed-end mutual funds were $9.6 billion as of September 30, 2014, a decrease of 2.9% from $9.9 billion at June 30, 2014. The decrease from June 30, 2014 was due to market depreciation of $290 million.
Balance Sheet Information
As of September 30, 2014, cash, cash equivalents and investments were $203 million. As of September 30, 2014, stockholders' equity was $262 million and the company had no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, October 16, 2014 at 11:00 a.m. (ET) to discuss the company's third quarter results. Investors and analysts can access the live conference call by dialing 800-920-4315 (U.S.) or +1-212-231-2934 (international); passcode: 21736177. Participants should plan to register at least 10 minutes before the conference call begins.
A replay of the call will be available for two weeks starting at approximately 1:00 p.m. (ET) on October 16, 2014 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21736177. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company - Investor Relations." The webcast will be archived on the website for one month.
About Cohen & Steers
Founded in 1986, Cohen & Steers is a leading global investment manager with a long history of innovation and a focus on real assets, including real estate, infrastructure and commodities. Headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle, Cohen & Steers serves institutional and individual investors around the world.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2013 ("Form 10-K"), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Periods Ended
(in thousands, except per share data)
Three Months Ended % Change From
------------------ -------------
September 30, June 30, 2014 September 30, June 30, 2014 September 30,
2014 2013 2013
---- ---- ----
Revenue
Investment advisory and administration fees $75,210 $72,907 $67,704
Distribution and service fees 3,738 3,744 3,627
Portfolio consulting and other 1,897 1,761 2,695
----- -----
Total revenue 80,845 78,412 74,026 3.1% 9.2%
------ ------ ------
Expenses
Employee compensation and benefits 26,679 25,876 24,058
Distribution and service fees 9,048 9,256 8,362
General and administrative 11,313 12,065 11,688
Depreciation and amortization 1,090 1,103 1,423
Amortization, deferred commissions 388 444 776
--- --- ---
Total expenses 48,518 48,744 46,307 (0.5%) 4.8%
------ ------ ------
Operating income 32,327 29,668 27,719 9.0% 16.6%
------ ------ ------
Non-operating income
Interest and dividend income-net 610 592 218
(Loss) gain from trading securities-net (2,690) 2,762 2,383
Gain from available-for-sale securities-net 760 52 180
Equity in (losses) earnings of affiliates (1,571) 1,429 313
Other (losses) income (666) 155 209
---- --- ---
Total non-operating (loss) income (3,557) 4,990 3,303 * *
------ ----- -----
Income before provision for income taxes 28,770 34,658 31,022 (17.0%) (7.3%)
Provision for income taxes 10,733 11,734 11,205
------ ------ ------
Net income 18,037 22,924 19,817 (21.3%) (9.0%)
Less: Net loss (income) attributable to 147 (741) (1,534)
redeemable noncontrolling interest
Net income attributable to common stockholders $18,184 $22,183 $18,283 (18.0%) (0.5%)
======= ======= =======
Earnings per share attributable to common
stockholders
Basic $0.41 $0.49 $0.41 (18.1%) (1.7%)
===== ===== =====
Diluted $0.40 $0.49 $0.41 (18.3%) (1.8%)
===== ===== =====
Dividends declared per share
Quarterly $0.22 $0.22 $0.20 -% 10.0%
===== ===== =====
Weighted average shares outstanding
Basic 44,839 44,825 44,317
====== ====== ======
Diluted 45,689 45,530 45,106
====== ====== ======
* Not meaningful
Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Periods Ended
(in thousands, except per share data)
Nine Months Ended
-----------------
September 30, September 30, % Change
2014 2013
---- ----
Revenue
Investment advisory and administration fees $215,681 $203,451
Distribution and service fees 10,952 10,802
Portfolio consulting and other 5,459 10,028
-----
Total revenue 232,092 224,281 3.5%
------- -------
Expenses
Employee compensation and benefits 76,590 72,330
Distribution and service fees 26,608 33,120
General and administrative 34,471 35,384
Depreciation and amortization 3,455 4,110
Amortization, deferred commissions 1,377 2,351
----- -----
Total expenses 142,501 147,295 (3.3%)
------- -------
Operating income 89,591 76,986 16.4%
------ ------
Non-operating income
Interest and dividend income-net 1,441 1,507
Gain (loss) from trading securities-net 1,055 (6,956)
Gain from available-for-sale securities-net 1,888 1,508
Equity in earnings of affiliates 793 422
Other losses (563) (430)
---- ----
Total non-operating income (loss) 4,614 (3,949) *
----- ------
Income before provision for income taxes 94,205 73,037 29.0%
Provision for income taxes 33,644 29,210
------ ------
Net income 60,561 43,827 38.2%
Less: Net (income) loss attributable to redeemable (749) 4,879
noncontrolling interest
Net income attributable to common stockholders $59,812 $48,706 22.8%
======= =======
Earnings per share attributable to common
stockholders
Basic $1.34 $1.10 21.4%
===== =====
Diluted $1.31 $1.08 21.3%
===== =====
Dividends declared per share
Quarterly $0.66 $0.60 10.0%
===== =====
Weighted average shares outstanding
Basic 44,766 44,254
====== ======
Diluted 45,568 44,997
====== ======
* Not meaningful
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods Ended
(in millions)
Three Months Ended % Change From
------------------ -------------
September 30, June 30, 2014 September 30, June 30, 2014 September 30,
2014 2013 2013
---- ---- ----
Institutional Accounts
----------------------
Assets under management, beginning of period $25,728 $24,479 $24,538
------- ------- -------
Inflows 893 375 91
Outflows (1,962) (896) (1,395)
------ ---- ------
Net outflows (1,069) (521) (1,304)
Market (depreciation) appreciation (831) 1,770 57
Transfers * 113 - -
Total (decrease) increase (1,787) 1,249 (1,247)
Assets under management, end of period $23,941 $25,728 $23,291 (6.9%) 2.8%
======= ======= =======
Percentage of total assets under management 48.2% 49.2% 50.3%
==== ==== ====
Average assets under management for period $24,944 $25,010 $23,729 (0.3%) 5.1%
======= ======= =======
Open-end Mutual Funds
---------------------
Assets under management, beginning of period $16,629 $15,148 $14,442
------- ------- -------
Inflows 1,542 1,464 1,121
Outflows (1,439) (949) (1,167)
------ ---- ------
Net inflows (outflows) 103 515 (46)
Market (depreciation) appreciation (503) 966 (134)
Transfers * (113) - -
Total (decrease) increase (513) 1,481 (180)
Assets under management, end of period $16,116 $16,629 $14,262 (3.1%) 13.0%
======= ======= =======
Percentage of total assets under management 32.4% 31.8% 30.8%
==== ==== ====
Average assets under management for period $16,768 $15,992 $14,385 4.9% 16.6%
======= ======= =======
Closed-end Mutual Funds
-----------------------
Assets under management, beginning of period $9,928 $9,404 $8,843
------ ------ ------
Inflows - - -
Outflows - - -
--- --- ---
Net inflows - - -
Market (depreciation) appreciation (290) 524 (60)
---- --- ---
Total (decrease) increase (290) 524 (60)
---- --- ---
Assets under management, end of period $9,638 $9,928 $8,783 (2.9%) 9.7%
====== ====== ======
Percentage of total assets under management 19.4% 19.0% 19.0%
==== ==== ====
Average assets under management for period $9,922 $9,719 $8,864 2.1% 11.9%
====== ====== ======
Total
-----
Assets under management, beginning of period $52,285 $49,031 $47,823
------- ------- -------
Inflows 2,435 1,839 1,212
Outflows (3,401) (1,845) (2,562)
------ ------ ------
Net outflows (966) (6) (1,350)
Market (depreciation) appreciation (1,624) 3,260 (137)
------ ----- ----
Total (decrease) increase (2,590) 3,254 (1,487)
------ ----- ------
Assets under management, end of period $49,695 $52,285 $46,336 (5.0%) 7.2%
======= ======= =======
Average assets under management for period $51,634 $50,721 $46,978 1.8% 9.9%
======= ======= =======
* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods Ended
(in millions)
Nine Months Ended
-----------------
September 30, September 30, % Change
2014 2013
---- ----
Institutional Accounts
----------------------
Assets under
management, beginning
of period $22,926 $24,850
------- -------
Inflows 1,700 614
Outflows (3,510) (3,351)
------ ------
Net outflows (1,810) (2,737)
Market appreciation 2,712 1,178
Transfers * 113 -
Total increase
(decrease) 1,015 (1,559)
Assets under
management, end of
period $23,941 $23,291 2.8%
======= =======
Percentage of total
assets under
management 48.2% 50.3%
==== ====
Average assets under
management for period $24,608 $25,061 (1.8%)
======= =======
Open-end Mutual Funds
---------------------
Assets under
management, beginning
of period $14,016 $12,962
------- -------
Inflows 4,529 4,418
Outflows (3,807) (3,446)
------ ------
Net inflows 722 972
Market appreciation 1,491 328
Transfers * (113) -
Total increase 2,100 1,300
Assets under
management, end of
period $16,116 $14,262 13.0%
======= =======
Percentage of total
assets under
management 32.4% 30.8%
==== ====
Average assets under
management for period $15,797 $14,397 9.7%
======= =======
Closed-end Mutual Funds
-----------------------
Assets under
management, beginning
of period $8,965 $7,985
------ ------
Inflows - 739
Outflows - -
--- ---
Net inflows - 739
Market appreciation 673 59
--- ---
Total increase 673 798
--- ---
Assets under
management, end of
period $9,638 $8,783 9.7%
====== ======
Percentage of total
assets under
management 19.4% 19.0%
==== ====
Average assets under
management for period $9,630 $8,723 10.4%
====== ======
Total
-----
Assets under
management, beginning
of period $45,907 $45,797
------- -------
Inflows 6,229 5,771
Outflows (7,317) (6,797)
------ ------
Net outflows (1,088) (1,026)
Market appreciation 4,876 1,565
----- -----
Total increase 3,788 539
----- ---
Assets under
management, end of
period $49,695 $46,336 7.2%
======= =======
Average assets under
management for period $50,035 $48,181 3.8%
======= =======
* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Account Type
For the Periods Ended
(in millions)
Three Months Ended % Change From
------------------ -------------
September 30, June 30, 2014 September 30, June 30, 2014 September 30,
2014 2013 2013
---- ---- ----
Subadvisory
-----------
Assets under management, beginning of period $18,558 $17,924 $17,162
------- ------- -------
Inflows 529 218 77
Outflows (1,374) (868) (388)
------ ---- ----
Net outflows (845) (650) (311)
Market (depreciation) appreciation (621) 1,284 (18)
---- ----- ---
Total (decrease) increase (1,466) 634 (329)
Assets under management, end of period $17,092 $18,558 $16,833 (7.9%) 1.5%
======= ======= =======
Percentage of institutional assets under management 71.4% 72.1% 72.3%
==== ==== ====
Average assets under management for period $17,869 $18,118 $17,008 (1.4%) 5.1%
======= ======= =======
Advisory
--------
Assets under management, beginning of period $7,170 $6,555 $7,376
------ ------ ------
Inflows 364 157 14
Outflows (588) (28) (1,007)
---- --- ------
Net (outflows) inflows (224) 129 (993)
Market (depreciation) appreciation (210) 486 75
Transfers * 113 - -
Total (decrease) increase (321) 615 (918)
Assets under management, end of period $6,849 $7,170 $6,458 (4.5%) 6.1%
====== ====== ======
Percentage of institutional assets under management 28.6% 27.9% 27.7%
==== ==== ====
Average assets under management for period $7,075 $6,892 $6,721 2.7% 5.3%
====== ====== ======
Total Institutional Accounts
----------------------------
Assets under management, beginning of period $25,728 $24,479 $24,538
------- ------- -------
Inflows 893 375 91
Outflows (1,962) (896) (1,395)
------ ---- ------
Net outflows (1,069) (521) (1,304)
Market (depreciation) appreciation (831) 1,770 57
Transfers * 113 - -
--- --- ---
Total (decrease) increase (1,787) 1,249 (1,247)
------ ----- ------
Assets under management, end of period $23,941 $25,728 $23,291 (6.9%) 2.8%
======= ======= =======
Average assets under management for period $24,944 $25,010 $23,729 (0.3%) 5.1%
======= ======= =======
* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Account Type
For the Periods Ended
(in millions)
Nine Months Ended
-----------------
September 30, September 30, % Change
2014 2013
---- ----
Subadvisory
-----------
Assets under
management, beginning
of period $16,693 $17,582
------- -------
Inflows 1,058 343
Outflows (2,729) (1,901)
------ ------
Net outflows (1,671) (1,558)
Market appreciation 2,070 809
----- ---
Total increase
(decrease) 399 (749)
Assets under
management, end of
period $17,092 $16,833 1.5%
======= =======
Percentage of
institutional assets
under management 71.4% 72.3%
==== ====
Average assets under
management for period 17,824 $17,748 0.4%
====== =======
Advisory
--------
Assets under
management, beginning
of period $6,233 $7,268
------ ------
Inflows 642 271
Outflows (781) (1,450)
---- ------
Net outflows (139) (1,179)
Market appreciation 642 369
Transfers * 113 -
Total increase
(decrease) 616 (810)
Assets under
management, end of
period $6,849 $6,458 6.1%
====== ======
Percentage of
institutional assets
under management 28.6% 27.7%
==== ====
Average assets under
management for period $6,784 $7,313 (7.2%)
====== ======
Total Institutional Accounts
----------------------------
Assets under
management, beginning
of period $22,926 $24,850
------- -------
Inflows 1,700 614
Outflows (3,510) (3,351)
------ ------
Net outflows (1,810) (2,737)
Market appreciation 2,712 1,178
Transfers * 113 -
--- ---
Total increase
(decrease) 1,015 (1,559)
----- ------
Assets under
management, end of
period $23,941 $23,291 2.8%
======= =======
Average assets under
management for period $24,608 $25,061 (1.8%)
======= =======
* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods Ended
(in millions)
Three Months Ended % Change From
------------------ -------------
September 30, June 30, 2014 September 30, June 30, 2014 September 30,
2014 2013 2013
---- ---- ----
U.S. Real Estate
----------------
Assets under management, beginning of period $27,404 $25,251 $24,173
------- ------- -------
Inflows 735 734 693
Outflows (1,054) (583) (976)
------ ---- ----
Net (outflows) inflows (319) 151 (283)
Market (depreciation) appreciation (859) 1,780 (653)
Transfers * - 222 -
--- --- ---
Total (decrease) increase (1,178) 2,153 (936)
------ ----- ----
Assets under management, end of period $26,226 $27,404 $23,237 (4.3%) 12.9%
======= ======= =======
Percentage of total assets under management 52.8% 52.4% 50.1%
==== ==== ====
Average assets under management for period $27,422 $26,506 $23,633 3.5% 16.0%
======= ======= =======
Global/International Real Estate
--------------------------------
Assets under management, beginning of period $10,161 $9,721 $9,923
------- ------ ------
Inflows 620 233 239
Outflows (651) (517) (871)
---- ---- ----
Net outflows (31) (284) (632)
Market (depreciation) appreciation (453) 724 339
---- --- ---
Total (decrease) increase (484) 440 (293)
Assets under management, end of period $9,677 $10,161 $9,630 (4.8%) 0.5%
====== ======= ======
Percentage of total assets under management 19.5% 19.4% 20.8%
==== ==== ====
Average assets under management for period $10,200 $9,993 $9,668 2.1% 5.5%
======= ====== ======
Preferred Securities
--------------------
Assets under management, beginning of period $5,672 $5,126 $5,068
------ ------ ------
Inflows 597 520 241
Outflows (445) (148) (376)
---- ---- ----
Net inflows (outflows) 152 372 (135)
Market (depreciation) appreciation (58) 174 (113)
--- --- ----
Total increase (decrease) 94 546 (248)
Assets under management, end of period $5,766 $5,672 $4,820 1.7% 19.6%
====== ====== ======
Percentage of total assets under management 11.6% 10.8% 10.4%
==== ==== ====
Average assets under management for period $5,675 $5,415 $4,984 4.8% 13.9%
====== ====== ======
Global Listed Infrastructure
----------------------------
Assets under management, beginning of period $5,616 $5,072 $4,324
------ ------ ------
Inflows 326 169 14
Outflows (144) (48) (20)
---- --- ---
Net inflows (outflows) 182 121 (6)
Market (depreciation) appreciation (187) 423 151
---- --- ---
Total (decrease) increase (5) 544 145
Assets under management, end of period $5,611 $5,616 $4,469 (0.1%) 25.6%
====== ====== ======
Percentage of total assets under management 11.3% 10.7% 9.6%
==== ==== ===
Average assets under management for period $5,703 $5,333 $4,400 6.9% 29.6%
====== ====== ======
Large Cap Value
---------------
Assets under management, beginning of period $2,285 $2,857 $3,653
------ ------ ------
Inflows 30 66 8
Outflows (1,064) (534) (308)
------ ---- ----
Net outflows (1,034) (468) (300)
Market appreciation 9 118 139
Transfers * - (222) -
Total decrease (1,025) (572) (161)
Assets under management, end of period $1,260 $2,285 $3,492 (44.9%) (63.9%)
====== ====== ======
Percentage of total assets under management 2.5% 4.4% 7.5%
=== === ===
Average assets under management for period $1,484 $2,400 $3,601 (38.2%) (58.8%)
====== ====== ======
Other
-----
Assets under management, beginning of period $1,147 $1,004 $682
------ ------ ----
Inflows 127 117 17
Outflows (43) (15) (11)
--- --- ---
Net inflows 84 102 6
Market (depreciation) appreciation (76) 41 -
--- --- ---
Total increase 8 143 6
Assets under management, end of period $1,155 $1,147 $688 0.7% 67.9%
====== ====== ====
Percentage of total assets under management 2.3% 2.2% 1.5%
=== === ===
Average assets under management for period $1,150 $1,074 $692 7.1% 66.2%
====== ====== ====
Total
-----
Assets under management, beginning of period $52,285 $49,031 $47,823
------- ------- -------
Inflows 2,435 1,839 1,212
Outflows (3,401) (1,845) (2,562)
------ ------ ------
Net outflows (966) (6) (1,350)
Market (depreciation) appreciation (1,624) 3,260 (137)
------ ----- ----
Total (decrease) increase (2,590) 3,254 (1,487)
Assets under management, end of period $49,695 $52,285 $46,336 (5.0%) 7.2%
======= ======= =======
Average assets under management for period $51,634 $50,721 $46,978 1.8% 9.9%
======= ======= =======
* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods Ended
(in millions)
Nine Months Ended
-----------------
September 30, September 30, % Change
2014 2013
---- ----
U.S. Real Estate
----------------
Assets under management, beginning
of period $23,116 $22,613
------- -------
Inflows 2,225 2,239
Outflows (2,466) (2,068)
------ ------
Net (outflows) inflows (241) 171
Market appreciation 3,129 453
Transfers * 222 -
--- ---
Total increase 3,110 624
----- ---
Assets under management, end of
period $26,226 $23,237 12.9%
======= =======
Percentage of total assets under
management 52.8% 50.1%
==== ====
Average assets under management for
period $26,108 $24,097 8.3%
======= =======
Global/International Real Estate
--------------------------------
Assets under management, beginning
of period $9,498 $11,155
------ -------
Inflows 1,338 1,111
Outflows (1,832) (3,112)
------ ------
Net outflows (494) (2,001)
Market appreciation 673 476
--- ---
Total increase (decrease) 179 (1,525)
Assets under management, end of
period $9,677 $9,630 0.5%
====== ======
Percentage of total assets under
management 19.5% 20.8%
==== ====
Average assets under management for
period $9,931 $10,674 (7.0%)
====== =======
Preferred Securities
--------------------
Assets under management, beginning
of period $4,722 $4,364
------ ------
Inflows 1,475 1,490
Outflows (773) (911)
---- ----
Net inflows 702 579
Market appreciation (depreciation) 342 (123)
--- ----
Total increase 1,044 456
Assets under management, end of
period $5,766 $4,820 19.6%
====== ======
Percentage of total assets under
management 11.6% 10.4%
==== ====
Average assets under management for
period $5,348 $4,914 8.8%
====== ======
Global Listed Infrastructure
----------------------------
Assets under management, beginning
of period $4,714 $3,509
------ ------
Inflows 797 823
Outflows (416) (79)
---- ---
Net inflows 381 744
Market appreciation 516 216
--- ---
Total increase 897 960
Assets under management, end of
period $5,611 $4,469 25.6%
====== ======
Percentage of total assets under
management 11.3% 9.6%
==== ===
Average assets under management for
period $5,352 $4,122 29.8%
====== ======
Large Cap Value
---------------
Assets under management, beginning
of period $2,907 $3,465
------ ------
Inflows 105 43
Outflows (1,753) (564)
------ ----
Net outflows (1,648) (521)
Market appreciation 223 548
Transfers * (222) -
---- ---
Total (decrease) increase (1,647) 27
Assets under management, end of
period $1,260 $3,492 (63.9%)
====== ======
Percentage of total assets under
management 2.5% 7.5%
=== ===
Average assets under management for
period $2,231 $3,659 (39.0%)
====== ======
Other
-----
Assets under management, beginning
of period $950 $691
Inflows 289 65
Outflows (77) (63)
--- ---
Net inflows 212 2
Market depreciation (7) (5)
--- ---
Total increase (decrease) 205 (3)
Assets under management, end of
period $1,155 $688 67.9%
====== ====
Percentage of total assets under
management 2.3% 1.5%
=== ===
Average assets under management for
period $1,065 $715 49.0%
====== ====
Total
-----
Assets under management, beginning
of period $45,907 $45,797
------- -------
Inflows 6,229 5,771
Outflows (7,317) (6,797)
------ ------
Net outflows (1,088) (1,026)
Market appreciation 4,876 1,565
----- -----
Total increase 3,788 539
Assets under management, end of
period $49,695 $46,336 7.2%
======= =======
Average assets under management for
period $50,035 $48,181 3.8%
======= =======
* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).
SOURCE Cohen & Steers, Inc.
