COHEN & STEERS, INC. NEW YORK, Jan. 20, 2016 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $5.9 million, or $0.13 per share (diluted and basic), for the quarter ended December 31, 2015, compared with $15.7 million, or $0.34 per diluted share and $0.35 per basic share, for the quarter ended December 31, 2014. Total revenue for the fourth quarter of 2015 was $81.7 million, compared with $81.8 million for the fourth quarter of 2014.
The fourth quarter 2015 results included an unrealized, non-operating loss of $8.2 million that, due to a change in accounting classification, has been reflected on the condensed consolidated statements of operations. In addition, the fourth quarter 2015 results included a $2.8 million other-than-temporary impairment.
For the year ended December 31, 2015, the company recorded net income attributable to common stockholders of $64.6 million, or $1.41 per diluted share and $1.42 per basic share, compared with $75.5 million, or $1.65 per diluted share and $1.69 per basic share, for the year ended December 31, 2014.
Financial Highlights (Unaudited)
For the Periods
(in thousands, except per
share data) Three Months Ended Years Ended
------------------ -----------
December 31, September 30, % Change December 31, December 31, % Change
2015 2015 2015 2014
---- ---- ---- ----
Revenue $81,671 $79,667 2.5% $328,655 $313,934 4.7%
Expenses $51,319 $48,190 6.5% $201,106 $191,993 4.7%
Operating income $30,352 $31,477 (3.6)% $127,549 $121,941 4.6%
Operating margin 37.2% 39.5% (235) bps 38.8% 38.8% (3) bps
Total non-operating
(loss) income (1) $(12,078) $(2,972) * $(14,805) $73 *
Net income attributable to
common stockholders $5,879 $17,093 (65.6)% $64,551 $75,510 (14.5)%
Diluted earnings per share
attributable to common
stockholders $0.13 $0.37 (65.7)% $1.41 $1.65 (15.0)%
________________________
* Not meaningful
(1) Includes net income/(loss)
attributable to redeemable
noncontrolling interest for the
periods presented.
Revenue
Revenue for the fourth quarter of 2015 was $81.7 million, an increase of $2.0 million from $79.7 million for the third quarter of 2015. Higher average assets under management in the quarter resulted in the following increases in investment advisory and administration fees:
-- Open-end mutual fund revenue increased $1.3 million to $34.2 million for
the fourth quarter of 2015; and
-- Institutional account revenue increased $0.9 million to $21.5 million
for the fourth quarter of 2015.
Revenue for the year ended December 31, 2015 was $328.7 million, an increase of $14.7 million from $313.9 million for the year ended December 31, 2014.
Expenses
Expenses for the fourth quarter of 2015 were $51.3 million, an increase of $3.1 million from $48.2 million for the third quarter of 2015. The change was primarily due to:
-- Higher employee compensation and benefits expenses of $1.5 million,
primarily attributable to higher incentive and production compensation;
and
-- Higher general and administrative expenses of $1.2 million, primarily
due to increased hosted and sponsored conferences and organizational
expenses related to the launch of the Cohen & Steers Low Duration
Preferred and Income Fund (LPX) during the fourth quarter of 2015.
Expenses for the year ended December 31, 2015 were $201.1 million, an increase of $9.1 million from $192.0 million for the year ended December 31, 2014.
Operating Margin
The company's operating margin decreased to 37.2% for the fourth quarter of 2015 compared with 39.5% for the three months ended September 30, 2015. The operating margin was 38.8% for each of the years ended December 31, 2015 and December 31, 2014, respectively.
Non-operating Income
Non-operating loss for the fourth quarter of 2015 was $12.1 million, compared with a non-operating loss of $3.0 million for the third quarter of 2015. The change was primarily due to an unrealized loss of $8.2 million on a seed investment that, due to third-party shareholder redemptions, was reclassified from available-for-sale investments to equity method investments during the quarter. In addition, non-operating loss for the quarter included a $2.8 million other-than-temporary impairment.
The non-operating loss for the year ended December 31, 2015 was $14.8 million, compared with non-operating income of $73,000 for the year ended December 31, 2014.
Income Taxes
The effective tax rate for the fourth quarter of 2015 was 67.9%, compared with 40.3% for the third quarter of 2015. The increase in the effective tax rate was primarily attributable to the recording of a valuation allowance on the tax benefit associated with the unrealized losses on the company's seed investments during the quarter.
The effective tax rate for the year ended December 31, 2015 was 42.9%, compared with 38.0% for the year ended December 31, 2014.
Assets Under Management Highlights (Unaudited)
December 31, 2015 Compared with September 30, 2015
(in millions) Assets Under Management
As of
-----
By Investment Vehicle December 31, September 30, % Change
2015 2015
--- ---- ----
Institutional accounts $26,105 $24,645 5.9%
Open-end mutual funds 17,460 16,141 8.2%
Closed-end funds 9,029 8,958 0.8%
----- -----
Total $52,594 $49,744 5.7%
======= =======
By Investment Strategy
----------------------
U.S. real estate $27,814 $25,812 7.8%
Global/international real estate 9,476 9,379 1.0%
Preferred securities 7,705 6,877 12.0%
Global listed infrastructure 5,147 5,212 (1.2%)
Other 2,452 2,464 (0.5%)
----- -----
Total $52,594 $49,744 5.7%
======= =======
Assets under management were $52.6 billion as of December 31, 2015, an increase of $2.9 billion from $49.7 billion at September 30, 2015. The increase from September 30, 2015 was attributable to market appreciation of $2.4 billion and net inflows of $450 million.
Institutional Accounts
Assets under management in institutional accounts were $26.1 billion as of December 31, 2015, an increase of 5.9% from $24.6 billion at September 30, 2015. The change from September 30, 2015 was due to the following:
-- Market appreciation of $1.5 billion, including $1.1 billion from U.S.
real estate and $387 million from global/international real estate;
-- Net outflows of $95 million from subadvisory relationships, including
net outflows of $143 million from global/international real estate,
partially offset by net inflows of $43 million into commodities
(included in "Other" in the table above); and
-- Net inflows of $60 million into advisory relationships, including net
inflows of $106 million into global listed infrastructure and $69
million into preferred securities, partially offset by net outflows of
$113 million from global/international real estate.
Open-end Mutual Funds
Assets under management for open-end mutual funds were $17.5 billion as of December 31, 2015, an increase of 8.2% from $16.1 billion at September 30, 2015. The change from September 30, 2015 was due to the following:
-- Market appreciation of $800 million, including $657 million from U.S.
real estate, $86 million from preferred securities and $58 million from
global/international real estate; and
-- Net inflows of $519 million, including net inflows of $608 million into
preferred securities, partially offset by net outflows of $92 million
from global/international real estate.
Closed-end Funds
Assets under management for closed-end funds were $9.0 billion at both December 31, 2015 and September 30, 2015.
Balance Sheet Information
As of December 31, 2015, cash, cash equivalents and seed investments were $202 million. As of December 31, 2015, stockholders' equity was $232 million and the company had no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, January 21, 2016 at 11:00 a.m. (ET) to discuss the company's fourth quarter and full year 2015 financial results. Investors and analysts can access the live conference call by dialing 800-954-0628 (U.S.) or +1-415-226-5359 (international); passcode: 21802857. Participants should plan to register at least 10 minutes before the conference call begins. The presentation that will be reviewed as part of the conference call will be available on the company's website at www.cohenandsteers.com under "Company - Investor Relations."
A replay of the call will be available for two weeks starting at approximately 1:00 p.m. (ET) on January 21, 2016 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21802857. 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 the company'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 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
# # # #
Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Periods
(in thousands, except per share data)
Three Months Ended % Change From
------------------ -------------
December 31, September 30, December 31, September 30, December 31,
2015 2015 2014 2015 2014
---- ---- ---- ---- ----
Revenue
Investment advisory and administration fees $75,269 $73,487 $76,063
Distribution and service fees 4,120 3,961 3,715
Portfolio consulting and other 2,282 2,219 2,064
Total revenue 81,671 79,667 81,842 2.5% (0.2%)
------ ------ ------
Expenses
Employee compensation and benefits 27,440 25,892 26,142
Distribution and service fees 8,976 8,578 8,862
General and administrative 13,390 12,175 12,866
Depreciation and amortization 1,513 1,545 1,622
Total expenses 51,319 48,190 49,492 6.5% 3.7%
------ ------ ------
Operating income 30,352 31,477 32,350 (3.6%) (6.2%)
------ ------ ------
Non-operating income
Interest and dividend income-net 560 291 617
Loss from seed investments-net (12,587) (2,993) (5,217)
Other (losses) income (51) (270) 59
--- ---- ---
Total non-operating loss (12,078) (2,972) (4,541) * *
------- ------ ------
Income before provision for income taxes 18,274 28,505 27,809 (35.9%) (34.3%)
Provision for income taxes 12,446 11,541 12,636
------ ------ ------
Net income 5,828 16,964 15,173 (65.6%) (61.6%)
Less: Net loss attributable to redeemable noncontrolling interest 51 129 525
--- --- ---
Net income attributable to common stockholders $5,879 $17,093 $15,698 (65.6%) (62.5%)
====== ======= =======
Earnings per share attributable to common stockholders
Basic $0.13 $0.38 $0.35 (65.6%) (63.1%)
===== ===== =====
Diluted $0.13 $0.37 $0.34 (65.7%) (62.6%)
===== ===== =====
Dividends declared per share
Quarterly $0.25 $0.25 $0.22 - % 13.6%
===== ===== =====
Special $0.50 $ - $1.00 * (50.0%)
===== === === =====
Weighted average shares outstanding
Basic 45,524 45,500 44,852
====== ====== ======
Diluted 45,969 45,830 45,866
====== ====== ======
* Not meaningful
Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Periods
(in thousands, except per share data)
Years Ended
-----------
December 31, December 31, % Change
2015 2014
---- ----
Revenue
Investment advisory and administration fees $303,729 $291,744
Distribution and service fees 16,001 14,667
Portfolio consulting and other 8,925 7,523
Total revenue 328,655 313,934 4.7%
------- -------
Expenses
Employee compensation and benefits 107,710 102,732
Distribution and service fees 36,330 35,470
General and administrative 50,853 47,337
Depreciation and amortization 6,213 6,454
Total expenses 201,106 191,993 4.7%
------- -------
Operating income 127,549 121,941 4.6%
------- -------
Non-operating income
Interest and dividend income-net 1,600 2,058
Loss from seed investments-net (15,402) (1,481)
Other losses (1,003) (504)
------ ----
Total non-operating (loss) income (14,805) 73 *
------- ---
Income before provision for income taxes 112,744 122,014 (7.6%)
Provision for income taxes 48,407 46,280
------ ------
Net income 64,337 75,734 (15.0%)
Less: Net loss (income) attributable to redeemable noncontrolling interest 214 (224)
--- ----
Net income attributable to common stockholders $64,551 $75,510 (14.5%)
======= =======
Earnings per share attributable to common stockholders
Basic $1.42 $1.69 (15.7%)
===== =====
Diluted $1.41 $1.65 (15.0%)
===== =====
Dividends declared per share
Quarterly $1.00 $0.88 13.6%
===== =====
Special $0.50 $1.00 (50.0%)
===== =====
Weighted average shares outstanding
Basic 45,433 44,788
====== ======
Diluted 45,897 45,643
====== ======
* Not meaningful
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods
(in millions)
Three Months Ended % Change From
------------------ -------------
December 31, 2015 September 30, 2015 December 31, 2014 September 30, December 31,
2015 2014
----
Institutional Accounts
----------------------
Assets under management, beginning of period $24,645 $24,545 $23,941
------- ------- -------
Inflows 567 652 1,077
Outflows (602) (689) (1,345)
---- ---- ------
Net outflows (35) (37) (268)
Market appreciation 1,495 137 2,528
Total increase 1,460 100 2,260
----- --- -----
Assets under management, end of period $26,105 $24,645 $26,201 5.9% (0.4%)
======= ======= =======
Percentage of total assets under management 49.6% 49.5% 49.3%
==== ==== ====
Average assets under management for period $25,655 $24,885 $25,589 3.1% 0.3%
======= ======= =======
Open-end Mutual Funds
---------------------
Assets under management, beginning of period $16,141 $16,236 $16,116
------- ------- -------
Inflows 1,838 1,145 1,368
Outflows (1,319) (1,347) (1,894)
------ ------ ------
Net inflows (outflows) 519 (202) (526)
Market appreciation 800 107 1,541
Total increase (decrease) 1,319 (95) 1,015
----- --- -----
Assets under management, end of period $17,460 $16,141 $17,131 8.2% 1.9%
======= ======= =======
Percentage of total assets under management 33.2% 32.5% 32.2%
==== ==== ====
Average assets under management for period $17,114 $16,433 $16,986 4.1% 0.8%
======= ======= =======
Closed-end Funds
----------------
Assets under management, beginning of period $8,958 $9,367 $9,638
------ ------ ------
Inflows - - -
Outflows (34) - -
--- --- ---
Net outflows (34) - -
Market appreciation (depreciation) 105 (409) 167
Total increase (decrease) 71 (409) 167
--- ---- ---
Assets under management, end of period $9,029 $8,958 $9,805 0.8% (7.9%)
====== ====== ======
Percentage of total assets under management 17.2% 18.0% 18.5%
==== ==== ====
Average assets under management for period $9,198 $9,349 $9,830 (1.6%) (6.4%)
====== ====== ======
Total
-----
Assets under management, beginning of period $49,744 $50,148 $49,695
------- ------- -------
Inflows 2,405 1,797 2,445
Outflows (1,955) (2,036) (3,239)
------ ------ ------
Net inflows (outflows) 450 (239) (794)
Market appreciation (depreciation) 2,400 (165) 4,236
----- ---- -----
Total increase (decrease) 2,850 (404) 3,442
----- ---- -----
Assets under management, end of period $52,594 $49,744 $53,137 5.7% (1.0%)
======= ======= =======
Average assets under management for period $51,967 $50,667 $52,405 2.6% (0.8%)
======= ======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods
(in millions)
Years Ended
-----------
December 31, 2015 December 31, 2014 % Change
----------------- ----------------- --------
Institutional Accounts
----------------------
Assets under management, beginning of period $26,201 $22,926
------- -------
Inflows 2,317 2,777
Outflows (3,275) (4,855)
------ ------
Net outflows (958) (2,078)
Market appreciation 862 5,240
Transfers * - 113
--- ---
Total (decrease) increase (96) 3,275
--- -----
Assets under management, end of period $26,105 $26,201 (0.4%)
======= =======
Percentage of total assets under management 49.6% 49.3%
==== ====
Average assets under management for period $25,884 $24,856 4.1%
======= =======
Open-end Mutual Funds
---------------------
Assets under management, beginning of period $17,131 $14,016
------- -------
Inflows 5,932 5,897
Outflows (5,902) (5,701)
------ ------
Net inflows 30 196
Market appreciation 299 3,032
Transfers * - (113)
--- ----
Total increase 329 3,115
--- -----
Assets under management, end of period $17,460 $17,131 1.9%
======= =======
Percentage of total assets under management 33.2% 32.2%
==== ====
Average assets under management for period $17,252 $16,097 7.2%
======= =======
Closed-end Funds
----------------
Assets under management, beginning of period $9,805 $8,965
------ ------
Inflows - -
Outflows (53) -
--- ---
Net outflows (53) -
Market (depreciation) appreciation (723) 840
---- ---
Total (decrease) increase (776) 840
---- ---
Assets under management, end of period $9,029 $9,805 (7.9%)
====== ======
Percentage of total assets under management 17.2% 18.5%
==== ====
Average assets under management for period $9,586 $9,680 (1.0%)
====== ======
Total
-----
Assets under management, beginning of period $53,137 $45,907
------- -------
Inflows 8,249 8,674
Outflows (9,230) (10,556)
------ -------
Net outflows (981) (1,882)
Market appreciation 438 9,112
--- -----
Total (decrease) increase (543) 7,230
---- -----
Assets under management, end of period $52,594 $53,137 (1.0%)
======= =======
Average assets under management for period $52,722 $50,633 4.1%
======= =======
* 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
(in millions)
Three Months Ended % Change From
------------------ -------------
December 31, 2015 September 30, 2015 December 31, 2014 September 30, December 31,
2015 2014
----
Subadvisory
-----------
Assets under management, beginning of period $17,500 $17,523 $17,092
------- ------- -------
Inflows 385 481 969
Outflows (480) (668) (1,138)
---- ---- ------
Net outflows (95) (187) (169)
Market appreciation 1,135 164 1,934
----- --- -----
Total increase (decrease) 1,040 (23) 1,765
----- --- -----
Assets under management, end of period $18,540 $17,500 $18,857 5.9% (1.7%)
======= ======= =======
Percentage of institutional assets under management 71.0% 71.0% 72.0%
==== ==== ====
Average assets under management for period $18,180 $17,774 $18,371 2.3% (1.0%)
======= ======= =======
Advisory
--------
Assets under management, beginning of period $7,145 $7,022 $6,849
------ ------ ------
Inflows 182 171 108
Outflows (122) (21) (207)
---- --- ----
Net inflows (outflows) 60 150 (99)
Market appreciation (depreciation) 360 (27) 594
Total increase 420 123 495
--- --- ---
Assets under management, end of period $7,565 $7,145 $7,344 5.9% 3.0%
====== ====== ======
Percentage of institutional assets under management 29.0% 29.0% 28.0%
==== ==== ====
Average assets under management for period $7,475 $7,111 $7,218 5.1% 3.6%
====== ====== ======
Total Institutional Accounts
----------------------------
Assets under management, beginning of period $24,645 $24,545 $23,941
------- ------- -------
Inflows 567 652 1,077
Outflows (602) (689) (1,345)
---- ---- ------
Net outflows (35) (37) (268)
Market appreciation 1,495 137 2,528
-----
Total increase 1,460 100 2,260
----- --- -----
Assets under management, end of period $26,105 $24,645 $26,201 5.9% (0.4%)
======= ======= =======
Average assets under management for period $25,655 $24,885 $25,589 3.1% 0.3%
======= ======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Account Type
For the Periods
(in millions)
Years Ended
-----------
December 31, 2015 December 31, 2014 % Change
----------------- ----------------- --------
Subadvisory
-----------
Assets under management, beginning of period $18,857 $16,693
------- -------
Inflows 1,564 2,027
Outflows (2,516) (3,867)
------ ------
Net outflows (952) (1,840)
Market appreciation 635 4,004
--- -----
Total (decrease) increase (317) 2,164
---- -----
Assets under management, end of period $18,540 $18,857 (1.7%)
======= =======
Percentage of institutional assets under management 71.0% 72.0%
==== ====
Average assets under management for period $18,510 $17,962 3.1%
======= =======
Advisory
--------
Assets under management, beginning of period $7,344 $6,233
------ ------
Inflows 753 750
Outflows (759) (988)
---- ----
Net outflows (6) (238)
Market appreciation 227 1,236
Transfers * - 113
--- ---
Total increase 221 1,111
--- -----
Assets under management, end of period $7,565 $7,344 3.0%
====== ======
Percentage of institutional assets under management 29.0% 28.0%
==== ====
Average assets under management for period $7,374 $6,894 7.0%
====== ======
Total Institutional Accounts
----------------------------
Assets under management, beginning of period $26,201 $22,926
------- -------
Inflows 2,317 2,777
Outflows (3,275) (4,855)
------ ------
Net outflows (958) (2,078)
Market appreciation 862 5,240
Transfers * - 113
--- ---
Total (decrease) increase (96) 3,275
--- -----
Assets under management, end of period $26,105 $26,201 (0.4%)
======= =======
Average assets under management for period $25,884 $24,856 4.1%
======= =======
* 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)
Three Months Ended % Change From
------------------ -------------
December 31, 2015 September 30, 2015 December 31, 2014 September 30, December 31,
2015 2014
---- ----
U.S. Real Estate
----------------
Assets under management, beginning of period $25,812 $25,604 $26,226
------- ------- -------
Inflows 861 618 695
Outflows (755) (1,135) (2,183)
---- ------ ------
Net inflows (outflows) 106 (517) (1,488)
Market appreciation 1,896 725 3,619
----- --- -----
Total increase 2,002 208 2,131
----- --- -----
Assets under management, end of period $27,814 $25,812 $28,357 7.8% (1.9%)
======= ======= =======
Percentage of total assets under management 52.9% 51.9% 53.4%
Average assets under management for period $27,195 $26,130 $27,998 4.1% (2.9%)
======= ======= =======
Global/International Real Estate
--------------------------------
Assets under management, beginning of period $9,379 $9,654 $9,677
------ ------ ------
Inflows 140 170 408
Outflows (488) (378) (583)
---- ---- ----
Net outflows (348) (208) (175)
Market appreciation (depreciation) 445 (67) 682
--- --- ---
Total increase (decrease) 97 (275) 507
--- ---- ---
Assets under management, end of period $9,476 $9,379 $10,184 1.0% (7.0%)
====== ====== =======
Percentage of total assets under management 18.0% 18.9% 19.2%
==== ==== ====
Average assets under management for period $9,605 $9,633 $10,021 (0.3%) (4.2%)
====== ====== =======
Preferred Securities
--------------------
Assets under management, beginning of period $6,877 $6,742 $5,766
------ ------ ------
Inflows 1,110 476 783
Outflows (432) (309) (271)
---- ---- ----
Net inflows 678 167 512
Market appreciation (depreciation) 150 (32) 64
--- --- ---
Total increase 828 135 576
--- --- ---
Assets under management, end of period $7,705 $6,877 $6,342 12.0% 21.5%
====== ====== ======
Percentage of total assets under management 14.6% 13.8% 11.9%
==== ==== ====
Average assets under management for period $7,343 $6,843 $6,150 7.3% 19.4%
====== ====== ======
Global Listed Infrastructure
----------------------------
Assets under management, beginning of period $5,212 $5,422 $5,611
------ ------ ------
Inflows 193 418 251
Outflows (136) (116) (84)
---- ---- ---
Net inflows 57 302 167
Market depreciation (122) (512) (81)
---- ---- ---
Total (decrease) increase (65) (210) 86
--- ---- ---
Assets under management, end of period $5,147 $5,212 $5,697 (1.2%) (9.7%)
====== ====== ======
Percentage of total assets under management 9.8% 10.5% 10.7%
=== ==== ====
Average assets under management for period $5,324 $5,464 $5,701 (2.6%) (6.6%)
====== ====== ======
Other
-----
Assets under management, beginning of period $2,464 $2,726 $2,415
------ ------ ------
Inflows 101 115 308
Outflows (144) (98) (118)
---- --- ----
Net (outflows) inflows (43) 17 190
Market appreciation (depreciation) 31 (279) (48)
--- ---- ---
Total (decrease) increase (12) (262) 142
--- ---- ---
Assets under management, end of period $2,452 $2,464 $2,557 (0.5%) (4.1%)
====== ====== ======
Percentage of total assets under management 4.7% 4.9% 4.8%
=== === ===
Average assets under management for period $2,500 $2,597 $2,535 (3.7%) (1.4%)
====== ====== ======
Total
-----
Assets under management, beginning of period $49,744 $50,148 $49,695
------- ------- -------
Inflows 2,405 1,797 2,445
Outflows (1,955) (2,036) (3,239)
------ ------ ------
Net inflows (outflows) 450 (239) (794)
Market appreciation (depreciation) 2,400 (165) 4,236
----- ---- -----
Total increase (decrease) 2,850 (404) 3,442
----- ---- -----
Assets under management, end of period $52,594 $49,744 $53,137 5.7% (1.0%)
======= ======= =======
Average assets under management for period $51,967 $50,667 $52,405 2.6% (0.8%)
======= ======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods
(in millions)
Years Ended
-----------
December 31, 2015 December 31, 2014 % Change
----------------- ----------------- --------
U.S. Real Estate
----------------
Assets under management, beginning of period $28,357 $23,116
------- -------
Inflows 2,860 2,920
Outflows (4,448) (4,649)
------ ------
Net outflows (1,588) (1,729)
Market appreciation 1,045 6,748
Transfers * - 222
--- ---
Total (decrease) increase (543) 5,241
---- -----
Assets under management, end of period $27,814 $28,357 (1.9%)
======= =======
Percentage of total assets under management 52.9% 53.4%
Average assets under management for period $27,663 $26,585 4.1%
======= =======
Global/International Real Estate
--------------------------------
Assets under management, beginning of period $10,184 $9,498
------- ------
Inflows 975 1,746
Outflows (2,063) (2,415)
------ ------
Net outflows (1,088) (669)
Market appreciation 380 1,355
--- -----
Total (decrease) increase (708) 686
---- ---
Assets under management, end of period $9,476 $10,184 (7.0%)
====== =======
Percentage of total assets under management 18.0% 19.2%
==== ====
Average assets under management for period $9,938 $9,954 (0.2%)
====== ======
Preferred Securities
--------------------
Assets under management, beginning of period $6,342 $4,722
------ ------
Inflows 2,930 2,258
Outflows (1,715) (1,044)
------ ------
Net inflows 1,215 1,214
Market appreciation 148 406
--- ---
Total increase 1,363 1,620
----- -----
Assets under management, end of period $7,705 $6,342 21.5%
====== ======
Percentage of total assets under management 14.6% 11.9%
==== ====
Average assets under management for period $6,915 $5,550 24.6%
====== ======
Global Listed Infrastructure
----------------------------
Assets under management, beginning of period $5,697 $4,714
------ ------
Inflows 905 1,048
Outflows (609) (500)
---- ----
Net inflows 296 548
Market (depreciation) appreciation (846) 435
---- ---
Total (decrease) increase (550) 983
---- ---
Assets under management, end of period $5,147 $5,697 (9.7%)
====== ======
Percentage of total assets under management 9.8% 10.7%
=== ====
Average assets under management for period $5,559 $5,440 2.2%
====== ======
Other
-----
Assets under management, beginning of period $2,557 $3,857
------ ------
Inflows 579 702
Outflows (395) (1,948)
---- ------
Net inflows (outflows) 184 (1,246)
Market (depreciation) appreciation (289) 168
Transfers * - (222)
--- ----
Total decrease (105) (1,300)
---- ------
Assets under management, end of period $2,452 $2,557 (4.1%)
====== ======
Percentage of total assets under management 4.7% 4.8%
=== ===
Average assets under management for period $2,647 $3,104 (14.7%)
====== ======
Total
-----
Assets under management, beginning of period $53,137 $45,907
------- -------
Inflows 8,249 8,674
Outflows (9,230) (10,556)
------ -------
Net outflows (981) (1,882)
Market appreciation 438 9,112
--- -----
Total (decrease) increase (543) 7,230
---- -----
Assets under management, end of period $52,594 $53,137 (1.0%)
======= =======
Average assets under management for period $52,722 $50,633 4.1%
======= =======
* 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-fourth-quarter-and-full-year-2015-results-300207497.html
SOURCE Cohen & Steers, Inc.
