Record Quarterly Revenue of $81.8 million
NEW YORK, Jan. 21, 2015 /PRNewswire/ -- Cohen & Steers, Inc. CNS reported net income attributable to common stockholders of $15.7 million, or $0.34 per diluted share and $0.35 per basic share, for the quarter ended December 31, 2014, compared with $19.4 million, or $0.43 per diluted share and $0.44 per basic share, for the quarter ended December 31, 2013. Total revenue for the fourth quarter of 2014 was $81.8 million, an increase of 11.5% from $73.4 million for the fourth quarter of 2013.
For the year ended December 31, 2014, the company recorded net income attributable to common stockholders of $75.5 million, or $1.65 per diluted share and $1.69 per basic share, compared with $68.1 million, or $1.51 per diluted share and $1.54 per basic share, for the year ended December 31, 2013.
The results for the year ended December 31, 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 fund. After adjusting for these items, diluted earnings per share would have been $1.61 for the year ended December 31, 2013.
Financial Highlights (Unaudited) For the Periods
| ||||||||||||||||||||||
(in thousands, except per share data) |
Three Months Ended |
Year Ended |
||||||||||||||||||||
December 31, |
September 30, |
% Change |
December 31, |
December 31, |
% Change | |||||||||||||||||
Revenue |
$ |
81,842 |
$ |
80,845 |
1.2% |
$ |
313,934 |
$ |
297,713 |
5.4% | ||||||||||||
Expenses |
$ |
49,492 |
$ |
48,518 |
2.0% |
$ |
191,993 |
$ |
191,371 |
0.3% | ||||||||||||
Operating income |
$ |
32,350 |
$ |
32,327 |
0.1% |
$ |
121,941 |
$ |
106,342 |
14.7% | ||||||||||||
Operating margin |
39.5% |
40.0% |
(46) bps |
38.8% |
35.7% |
312 bps | ||||||||||||||||
Total non-operating (loss) income |
$ |
(4,541) |
$ |
(3,557) |
* |
$ |
73 |
$ |
(1,978) |
* | ||||||||||||
Net income attributable to common stockholders |
$ |
15,698 |
$ |
18,184 |
(13.7)% |
$ |
75,510 |
$ |
68,119 |
10.9% | ||||||||||||
Diluted earnings per share attributable to common stockholders |
$ |
0.34 |
$ |
0.40 |
(14.0)% |
$ |
1.65 |
$ |
1.51 |
9.5% | ||||||||||||
* Not meaningful |
Revenue
Revenue for the fourth quarter of 2014 was $81.8 million, an increase of $997,000 from $80.8 million for the third quarter of 2014. Higher average assets under management in institutional accounts and open-end mutual funds resulted in the following revenue increases:
- $665,000 from institutional accounts; and
- $429,000 from open-end mutual funds.
Revenue for the year ended December 31, 2014 was $313.9 million, an increase of $16.2 million from $297.7 million for the year ended December 31, 2013.
Expenses
Expenses for the fourth quarter of 2014 were $49.5 million, an increase of $974,000 from $48.5 million for the third quarter of 2014. The change was primarily due to:
- Higher general and administrative expenses of $1.6 million, primarily due to higher fund-related expenses as well as increases in hosted and sponsored conference expenses, including travel; and
- Lower employee compensation and benefits expenses of $537,000 primarily attributable to lower production compensation.
Expenses for the year ended December 31, 2014 were $192.0 million, an increase of $622,000 from $191.4 million for the year ended December 31, 2013.
Operating Margin
The company's operating margin decreased to 39.5% for the fourth quarter of 2014 compared with 40.0% for the three months ended September 30, 2014. The operating margin for the year ended December 31, 2014 was 38.8% compared with 35.7% for the year ended December 31, 2013.
Non-operating Income
Non-operating loss for the fourth quarter of 2014 was $4.5 million, an increase of $984,000 from a loss of $3.6 million for the third quarter of 2014, primarily due to unrealized losses on the company's seed investments. The non-operating loss included net losses attributable to redeemable noncontrolling interest of $525,000 and $147,000 for the quarter ended December 31, 2014 and September 30, 2014, respectively. Non-operating income for the year ended December 31, 2014 was $73,000, compared with a non-operating loss of $2.0 million for the year ended December 31, 2013. The non-operating income for the year ended December 31, 2014 included net income attributable to redeemable noncontrolling interest of $224,000 and the non-operating loss for the year ended December 31, 2013 included a net loss attributable to redeemable noncontrolling interest of $4.9 million.
Assets Under Management Highlights (Unaudited) December 31, 2014 Compared with September 30, 2014
| ||||||||||
(in millions) |
Assets Under Management |
|||||||||
As of |
||||||||||
By Investment Vehicle |
December 31, |
September 30, |
% Change | |||||||
Institutional accounts |
$ |
26,201 |
$ |
23,941 |
9.4% | |||||
Open-end mutual funds |
17,131 |
16,116 |
6.3% | |||||||
Closed-end funds |
9,805 |
9,638 |
1.7% | |||||||
Total |
$ |
53,137 |
$ |
49,695 |
6.9% | |||||
By Investment Strategy |
||||||||||
U.S. real estate |
$ |
28,357 |
$ |
26,226 |
8.1% | |||||
Global/international real estate |
10,184 |
9,677 |
5.2% | |||||||
Preferred securities |
6,342 |
5,766 |
10.0% | |||||||
Global listed infrastructure |
5,697 |
5,611 |
1.5% | |||||||
Large cap value |
1,288 |
1,260 |
2.2% | |||||||
Other |
1,269 |
1,155 |
9.9% | |||||||
Total |
$ |
53,137 |
$ |
49,695 |
6.9% |
Assets under management were $53.1 billion as of December 31, 2014, an increase of $3.4 billion from $49.7 billion at September 30, 2014. The increase from September 30, 2014 was attributable to market appreciation of $4.2 billion, partially offset by net outflows of $794 million.
Institutional Accounts
Assets under management in institutional accounts were $26.2 billion as of December 31, 2014, an increase of 9.4% from $23.9 billion at September 30, 2014. The change from September 30, 2014 was due to the following:
- Market appreciation of $2.5 billion, including $1.9 billion from U.S. real estate and $577 million from global/international real estate;
- Net outflows of $169 million from subadvisory relationships, including net outflows of $713 million from U.S. real estate, partially offset by net inflows of $254 million into preferred securities, $176 million into commodities (included in "Other" in the above table) and $114 million into global listed infrastructure; and
- Net outflows of $99 million from advisory relationships, including net outflows of $129 million from global/international real estate, partially offset by net inflows of $34 million into commodities.
Open-end Mutual Funds
Assets under management for open-end mutual funds were $17.1 billion as of December 31, 2014, an increase of 6.3% from $16.1 billion at September 30, 2014. The change from September 30, 2014 was due to the following:
- Market appreciation of $1.5 billion, including $1.4 billion from U.S. real estate and $105 million from global/international real estate; and
- Net outflows of $526 million, including net outflows of $768 million from U.S. real estate, partially offset by net inflows of $241 million into preferred securities.
Closed-end Funds
Assets under management for closed-end funds were $9.8 billion as of December 31, 2014, an increase of 1.7% from $9.6 billion at September 30, 2014. The increase from September 30, 2014 was due to market appreciation of $167 million.
Balance Sheet Information
As of December 31, 2014, cash, cash equivalents and investments were $185 million. As of December 31, 2014, stockholders' equity was $228 million and the company had no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, January 22, 2015 at 11:00 a.m. (ET) to discuss the company's fourth quarter results. Investors and analysts can access the live conference call by dialing 800-758-5606 (U.S.) or +1-212-231-2935 (international); passcode: 21759725. 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 January 22, 2015 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21759725. 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, along with preferred securities and other income solutions. 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 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, 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 |
|||||||||||||||||
(in thousands, except per share data) |
|||||||||||||||||
Three Months Ended |
% Change From | ||||||||||||||||
December 31, |
September 30, |
December 31, |
September 30, |
December 31, | |||||||||||||
Revenue |
|||||||||||||||||
Investment advisory and administration fees |
$ |
76,063 |
$ |
75,210 |
$ |
67,658 |
|||||||||||
Distribution and service fees |
3,715 |
3,738 |
3,557 |
||||||||||||||
Portfolio consulting and other |
2,064 |
1,897 |
2,217 |
||||||||||||||
Total revenue |
81,842 |
80,845 |
73,432 |
1.2% |
11.5% | ||||||||||||
Expenses |
|||||||||||||||||
Employee compensation and benefits |
26,142 |
26,679 |
22,377 |
||||||||||||||
Distribution and service fees |
8,862 |
9,048 |
8,127 |
||||||||||||||
General and administrative |
12,866 |
11,313 |
11,418 |
||||||||||||||
Depreciation and amortization |
1,169 |
1,090 |
1,496 |
||||||||||||||
Amortization, deferred commissions |
453 |
388 |
658 |
||||||||||||||
Total expenses |
49,492 |
48,518 |
44,076 |
2.0% |
12.3% | ||||||||||||
Operating income |
32,350 |
32,327 |
29,356 |
0.1% |
10.2% | ||||||||||||
Non-operating income |
|||||||||||||||||
Interest and dividend income—net |
617 |
610 |
773 |
||||||||||||||
(Loss) gain from trading securities—net |
(2,622) |
(2,690) |
344 |
||||||||||||||
Gain from available-for-sale securities—net |
153 |
760 |
751 |
||||||||||||||
Equity in (losses) earnings of affiliates |
(2,748) |
(1,571) |
418 |
||||||||||||||
Other income (losses) |
59 |
(666) |
(315) |
||||||||||||||
Total non-operating (loss) income |
(4,541) |
(3,557) |
1,971 |
* |
* | ||||||||||||
Income before provision for income taxes |
27,809 |
28,770 |
31,327 |
(3.3%) |
(11.2%) | ||||||||||||
Provision for income taxes |
12,636 |
10,733 |
11,899 |
||||||||||||||
Net income |
15,173 |
18,037 |
19,428 |
(15.9%) |
(21.9%) | ||||||||||||
Less: Net loss (income) attributable to |
525 |
147 |
(15) |
||||||||||||||
Net income attributable to common stockholders |
$ |
15,698 |
$ |
18,184 |
$ |
19,413 |
(13.7%) |
(19.1%) | |||||||||
Earnings per share attributable to common |
|||||||||||||||||
Basic |
$ |
0.35 |
$ |
0.41 |
$ |
0.44 |
(13.7%) |
(20.1%) | |||||||||
Diluted |
$ |
0.34 |
$ |
0.40 |
$ |
0.43 |
(14.0%) |
(20.1%) | |||||||||
Dividends declared per share |
|||||||||||||||||
Quarterly |
$ |
0.22 |
$ |
0.22 |
$ |
0.20 |
—% |
10.0% | |||||||||
Special |
$ |
1.00 |
$ |
— |
$ |
1.00 |
* |
—% | |||||||||
Weighted average shares outstanding |
|||||||||||||||||
Basic |
44,852 |
44,839 |
44,325 |
||||||||||||||
Diluted |
45,866 |
45,689 |
45,338 |
||||||||||||||
* Not meaningful |
Cohen & Steers, Inc. and Subsidiaries |
||||||||||
Condensed Consolidated Statements of Operations (Unaudited) |
||||||||||
For the Periods |
||||||||||
(in thousands, except per share data) |
||||||||||
Year Ended |
||||||||||
December 31, |
December 31, |
% Change | ||||||||
Revenue |
||||||||||
Investment advisory and administration fees |
$ |
291,744 |
$ |
271,109 |
||||||
Distribution and service fees |
14,667 |
14,359 |
||||||||
Portfolio consulting and other |
7,523 |
12,245 |
||||||||
Total revenue |
313,934 |
297,713 |
5.4% | |||||||
Expenses |
||||||||||
Employee compensation and benefits |
102,732 |
94,707 |
||||||||
Distribution and service fees |
35,470 |
41,247 |
||||||||
General and administrative |
47,337 |
46,802 |
||||||||
Depreciation and amortization |
4,624 |
5,606 |
||||||||
Amortization, deferred commissions |
1,830 |
3,009 |
||||||||
Total expenses |
191,993 |
191,371 |
0.3% | |||||||
Operating income |
121,941 |
106,342 |
14.7% | |||||||
Non-operating income |
||||||||||
Interest and dividend income—net |
2,058 |
2,280 |
||||||||
Loss from trading securities—net |
(1,567) |
(6,612) |
||||||||
Gain from available-for-sale securities—net |
2,041 |
2,259 |
||||||||
Equity in (losses) earnings of affiliates |
(1,955) |
840 |
||||||||
Other losses |
(504) |
(745) |
||||||||
Total non-operating income (loss) |
73 |
(1,978) |
* | |||||||
Income before provision for income taxes |
122,014 |
104,364 |
16.9% | |||||||
Provision for income taxes |
46,280 |
41,109 |
||||||||
Net income |
75,734 |
63,255 |
19.7% | |||||||
Less: Net (income) loss attributable to redeemable noncontrolling interest |
(224) |
4,864 |
||||||||
Net income attributable to common stockholders |
$ |
75,510 |
$ |
68,119 |
10.9% | |||||
Earnings per share attributable to common stockholders |
||||||||||
Basic |
$ |
1.69 |
$ |
1.54 |
9.6% | |||||
Diluted |
$ |
1.65 |
$ |
1.51 |
9.5% | |||||
Dividends declared per share |
||||||||||
Quarterly |
$ |
0.88 |
$ |
0.80 |
10.0% | |||||
Special |
$ |
1.00 |
$ |
1.00 |
—% | |||||
Weighted average shares outstanding |
||||||||||
Basic |
44,788 |
44,272 |
||||||||
Diluted |
45,643 |
45,083 |
||||||||
* 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, |
September 30, |
December 31, |
September 30, |
December 31, | |||||||||||||
Institutional Accounts |
|||||||||||||||||
Assets under management, beginning of period |
$ |
23,941 |
$ |
25,728 |
$ |
23,291 |
|||||||||||
Inflows |
1,077 |
893 |
549 |
||||||||||||||
Outflows |
(1,345) |
(1,962) |
(1,232) |
||||||||||||||
Net outflows |
(268) |
(1,069) |
(683) |
||||||||||||||
Market appreciation (depreciation) |
2,528 |
(831) |
318 |
||||||||||||||
Transfers * |
— |
113 |
— |
||||||||||||||
Total increase (decrease) |
2,260 |
(1,787) |
(365) |
||||||||||||||
Assets under management, end of period |
$ |
26,201 |
$ |
23,941 |
$ |
22,926 |
9.4% |
14.3% | |||||||||
Percentage of total assets under management |
49.3% |
48.2% |
49.9% |
||||||||||||||
Average assets under management for period |
$ |
25,589 |
$ |
24,944 |
$ |
23,643 |
2.6% |
8.2% | |||||||||
Open-end Mutual Funds |
|||||||||||||||||
Assets under management, beginning of period |
$ |
16,116 |
$ |
16,629 |
$ |
14,262 |
|||||||||||
Inflows |
1,368 |
1,542 |
1,103 |
||||||||||||||
Outflows |
(1,894) |
(1,439) |
(1,373) |
||||||||||||||
Net (outflows) inflows |
(526) |
103 |
(270) |
||||||||||||||
Market appreciation (depreciation) |
1,541 |
(503) |
24 |
||||||||||||||
Transfers * |
— |
(113) |
— |
||||||||||||||
Total increase (decrease) |
1,015 |
(513) |
(246) |
||||||||||||||
Assets under management, end of period |
$ |
17,131 |
$ |
16,116 |
$ |
14,016 |
6.3% |
22.2% | |||||||||
Percentage of total assets under management |
32.2% |
32.4% |
30.5% |
||||||||||||||
Average assets under management for period |
$ |
16,986 |
$ |
16,768 |
$ |
14,336 |
1.3% |
18.5% | |||||||||
Closed-end Funds |
|||||||||||||||||
Assets under management, beginning of period |
$ |
9,638 |
$ |
9,928 |
$ |
8,783 |
|||||||||||
Inflows |
— |
— |
50 |
||||||||||||||
Outflows |
— |
— |
(24) |
||||||||||||||
Net inflows |
— |
— |
26 |
||||||||||||||
Market appreciation (depreciation) |
167 |
(290) |
156 |
||||||||||||||
Total increase (decrease) |
167 |
(290) |
182 |
||||||||||||||
Assets under management, end of period |
$ |
9,805 |
$ |
9,638 |
$ |
8,965 |
1.7% |
9.4% | |||||||||
Percentage of total assets under management |
18.5% |
19.4% |
19.5% |
||||||||||||||
Average assets under management for period |
$ |
9,830 |
$ |
9,922 |
$ |
8,991 |
(0.9%) |
9.3% | |||||||||
Total |
|||||||||||||||||
Assets under management, beginning of period |
$ |
49,695 |
$ |
52,285 |
$ |
46,336 |
|||||||||||
Inflows |
2,445 |
2,435 |
1,702 |
||||||||||||||
Outflows |
(3,239) |
(3,401) |
(2,629) |
||||||||||||||
Net outflows |
(794) |
(966) |
(927) |
||||||||||||||
Market appreciation (depreciation) |
4,236 |
(1,624) |
498 |
||||||||||||||
Total increase (decrease) |
3,442 |
(2,590) |
(429) |
||||||||||||||
Assets under management, end of period |
$ |
53,137 |
$ |
49,695 |
$ |
45,907 |
6.9% |
15.7% | |||||||||
Average assets under management for period |
$ |
52,405 |
$ |
51,634 |
$ |
46,970 |
1.5% |
11.6% | |||||||||
* 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 |
||||||||||
(in millions) |
||||||||||
Year Ended |
||||||||||
December 31, |
December 31, |
% Change | ||||||||
Institutional Accounts |
||||||||||
Assets under management, beginning of period |
$ |
22,926 |
$ |
24,850 |
||||||
Inflows |
2,777 |
1,163 |
||||||||
Outflows |
(4,855) |
(4,583) |
||||||||
Net outflows |
(2,078) |
(3,420) |
||||||||
Market appreciation |
5,240 |
1,496 |
||||||||
Transfers * |
113 |
— |
||||||||
Total increase (decrease) |
3,275 |
(1,924) |
||||||||
Assets under management, end of period |
$ |
26,201 |
$ |
22,926 |
14.3% | |||||
Percentage of total assets under management |
49.3% |
49.9% |
||||||||
Average assets under management for period |
$ |
24,856 |
$ |
24,706 |
0.6% | |||||
Open-end Mutual Funds |
||||||||||
Assets under management, beginning of period |
$ |
14,016 |
$ |
12,962 |
||||||
Inflows |
5,897 |
5,521 |
||||||||
Outflows |
(5,701) |
(4,819) |
||||||||
Net inflows |
196 |
702 |
||||||||
Market appreciation |
3,032 |
352 |
||||||||
Transfers * |
(113) |
— |
||||||||
Total increase |
3,115 |
1,054 |
||||||||
Assets under management, end of period |
$ |
17,131 |
$ |
14,016 |
22.2% | |||||
Percentage of total assets under management |
32.2% |
30.5% |
||||||||
Average assets under management for period |
$ |
16,097 |
$ |
14,382 |
11.9% | |||||
Closed-end Funds |
||||||||||
Assets under management, beginning of period |
$ |
8,965 |
$ |
7,985 |
||||||
Inflows |
— |
789 |
||||||||
Outflows |
— |
(24) |
||||||||
Net inflows |
— |
765 |
||||||||
Market appreciation |
840 |
215 |
||||||||
Total increase |
840 |
980 |
||||||||
Assets under management, end of period |
$ |
9,805 |
$ |
8,965 |
9.4% | |||||
Percentage of total assets under management |
18.5% |
19.5% |
||||||||
Average assets under management for period |
$ |
9,680 |
$ |
8,790 |
10.1% | |||||
Total |
||||||||||
Assets under management, beginning of period |
$ |
45,907 |
$ |
45,797 |
||||||
Inflows |
8,674 |
7,473 |
||||||||
Outflows |
(10,556) |
(9,426) |
||||||||
Net outflows |
(1,882) |
(1,953) |
||||||||
Market appreciation |
9,112 |
2,063 |
||||||||
Total increase |
7,230 |
110 |
||||||||
Assets under management, end of period |
$ |
53,137 |
$ |
45,907 |
15.7% | |||||
Average assets under management for period |
$ |
50,633 |
$ |
47,878 |
5.8% | |||||
* 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 |
|||||||||||||||||
(in millions) |
|||||||||||||||||
Three Months Ended |
% Change From | ||||||||||||||||
December 31, |
September 30, |
December 31, |
September 30, |
December 31, | |||||||||||||
Subadvisory |
|||||||||||||||||
Assets under management, beginning of period |
$ |
17,092 |
$ |
18,558 |
$ |
16,833 |
|||||||||||
Inflows |
969 |
529 |
385 |
||||||||||||||
Outflows |
(1,138) |
(1,374) |
(745) |
||||||||||||||
Net outflows |
(169) |
(845) |
(360) |
||||||||||||||
Market appreciation (depreciation) |
1,934 |
(621) |
220 |
||||||||||||||
Total increase (decrease) |
1,765 |
(1,466) |
(140) |
||||||||||||||
Assets under management, end of period |
$ |
18,857 |
$ |
17,092 |
$ |
16,693 |
10.3% |
13.0% | |||||||||
Percentage of institutional assets under management |
72.0% |
71.4% |
72.8% |
||||||||||||||
Average assets under management for period |
$ |
18,371 |
$ |
17,869 |
$ |
17,077 |
2.8% |
7.6% | |||||||||
Advisory |
|||||||||||||||||
Assets under management, beginning of period |
$ |
6,849 |
$ |
7,170 |
$ |
6,458 |
|||||||||||
Inflows |
108 |
364 |
164 |
||||||||||||||
Outflows |
(207) |
(588) |
(487) |
||||||||||||||
Net outflows |
(99) |
(224) |
(323) |
||||||||||||||
Market appreciation (depreciation) |
594 |
(210) |
98 |
||||||||||||||
Transfers * |
— |
113 |
— |
||||||||||||||
Total increase (decrease) |
495 |
(321) |
(225) |
||||||||||||||
Assets under management, end of period |
$ |
7,344 |
$ |
6,849 |
$ |
6,233 |
7.2% |
17.8% | |||||||||
Percentage of institutional assets under management |
28.0% |
28.6% |
27.2% |
||||||||||||||
Average assets under management for period |
$ |
7,218 |
$ |
7,075 |
$ |
6,566 |
2.0% |
9.9% | |||||||||
Total Institutional Accounts |
|||||||||||||||||
Assets under management, beginning of period |
$ |
23,941 |
$ |
25,728 |
$ |
23,291 |
|||||||||||
Inflows |
1,077 |
893 |
549 |
||||||||||||||
Outflows |
(1,345) |
(1,962) |
(1,232) |
||||||||||||||
Net outflows |
(268) |
(1,069) |
(683) |
||||||||||||||
Market appreciation (depreciation) |
2,528 |
(831) |
318 |
||||||||||||||
Transfers * |
— |
113 |
— |
||||||||||||||
Total increase (decrease) |
2,260 |
(1,787) |
(365) |
||||||||||||||
Assets under management, end of period |
$ |
26,201 |
$ |
23,941 |
$ |
22,926 |
9.4% |
14.3% | |||||||||
Average assets under management for period |
$ |
25,589 |
$ |
24,944 |
$ |
23,643 |
2.6% |
8.2% | |||||||||
* 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) |
||||||||||
Year Ended |
||||||||||
December 31, |
December 31, |
% Change | ||||||||
Subadvisory |
||||||||||
Assets under management, beginning of period |
$ |
16,693 |
$ |
17,582 |
||||||
Inflows |
2,027 |
728 |
||||||||
Outflows |
(3,867) |
(2,646) |
||||||||
Net outflows |
(1,840) |
(1,918) |
||||||||
Market appreciation |
4,004 |
1,029 |
||||||||
Total increase (decrease) |
2,164 |
(889) |
||||||||
Assets under management, end of period |
$ |
18,857 |
$ |
16,693 |
13.0% | |||||
Percentage of institutional assets under management |
72.0% |
72.8% |
||||||||
Average assets under management for period |
$ |
17,962 |
$ |
17,580 |
2.2% | |||||
Advisory |
||||||||||
Assets under management, beginning of period |
$ |
6,233 |
$ |
7,268 |
||||||
Inflows |
750 |
435 |
||||||||
Outflows |
(988) |
(1,937) |
||||||||
Net outflows |
(238) |
(1,502) |
||||||||
Market appreciation |
1,236 |
467 |
||||||||
Transfers * |
113 |
— |
||||||||
Total increase (decrease) |
1,111 |
(1,035) |
||||||||
Assets under management, end of period |
$ |
7,344 |
$ |
6,233 |
17.8% | |||||
Percentage of institutional assets under management |
28.0% |
27.2% |
||||||||
Average assets under management for period |
$ |
6,894 |
$ |
7,126 |
(3.3%) | |||||
Total Institutional Accounts |
||||||||||
Assets under management, beginning of period |
$ |
22,926 |
$ |
24,850 |
||||||
Inflows |
2,777 |
1,163 |
||||||||
Outflows |
(4,855) |
(4,583) |
||||||||
Net outflows |
(2,078) |
(3,420) |
||||||||
Market appreciation |
5,240 |
1,496 |
||||||||
Transfers * |
113 |
— |
||||||||
Total increase (decrease) |
3,275 |
(1,924) |
||||||||
Assets under management, end of period |
$ |
26,201 |
$ |
22,926 |
14.3% | |||||
Average assets under management for period |
$ |
24,856 |
$ |
24,706 |
0.6% | |||||
* 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, |
September 30, |
December 31, |
September 30, |
December 31, | |||||||||||||
U.S. Real Estate |
|||||||||||||||||
Assets under management, beginning of period |
$ |
26,226 |
$ |
27,404 |
$ |
23,237 |
|||||||||||
Inflows |
695 |
735 |
766 |
||||||||||||||
Outflows |
(2,183) |
(1,054) |
(813) |
||||||||||||||
Net outflows |
(1,488) |
(319) |
(47) |
||||||||||||||
Market appreciation (depreciation) |
3,619 |
(859) |
(74) |
||||||||||||||
Total increase (decrease) |
2,131 |
(1,178) |
(121) |
||||||||||||||
Assets under management, end of period |
$ |
28,357 |
$ |
26,226 |
$ |
23,116 |
8.1% |
22.7% | |||||||||
Percentage of total assets under management |
53.4% |
52.8% |
50.4% |
||||||||||||||
Average assets under management for period |
$ |
27,998 |
$ |
27,422 |
$ |
23,614 |
2.1% |
18.6% | |||||||||
Global/International Real Estate |
|||||||||||||||||
Assets under management, beginning of period |
$ |
9,677 |
$ |
10,161 |
$ |
9,630 |
|||||||||||
Inflows |
408 |
620 |
345 |
||||||||||||||
Outflows |
(583) |
(651) |
(510) |
||||||||||||||
Net outflows |
(175) |
(31) |
(165) |
||||||||||||||
Market appreciation (depreciation) |
682 |
(453) |
33 |
||||||||||||||
Total increase (decrease) |
507 |
(484) |
(132) |
||||||||||||||
Assets under management, end of period |
$ |
10,184 |
$ |
9,677 |
$ |
9,498 |
5.2% |
7.2% | |||||||||
Percentage of total assets under management |
19.2% |
19.5% |
20.7% |
||||||||||||||
Average assets under management for period |
$ |
10,021 |
$ |
10,200 |
$ |
9,694 |
(1.8%) |
3.4% | |||||||||
Preferred Securities |
|||||||||||||||||
Assets under management, beginning of period |
$ |
5,766 |
$ |
5,672 |
$ |
4,820 |
|||||||||||
Inflows |
783 |
597 |
194 |
||||||||||||||
Outflows |
(271) |
(445) |
(340) |
||||||||||||||
Net inflows (outflows) |
512 |
152 |
(146) |
||||||||||||||
Market appreciation (depreciation) |
64 |
(58) |
48 |
||||||||||||||
Total increase (decrease) |
576 |
94 |
(98) |
||||||||||||||
Assets under management, end of period |
$ |
6,342 |
$ |
5,766 |
$ |
4,722 |
10.0% |
34.3% | |||||||||
Percentage of total assets under management |
11.9% |
11.6% |
10.3% |
||||||||||||||
Average assets under management for period |
$ |
6,150 |
$ |
5,675 |
$ |
4,820 |
8.4% |
27.6% | |||||||||
Global Listed Infrastructure |
|||||||||||||||||
Assets under management, beginning of period |
$ |
5,611 |
$ |
5,616 |
$ |
4,469 |
|||||||||||
Inflows |
251 |
326 |
134 |
||||||||||||||
Outflows |
(84) |
(144) |
(57) |
||||||||||||||
Net inflows |
167 |
182 |
77 |
||||||||||||||
Market (depreciation) appreciation |
(81) |
(187) |
168 |
||||||||||||||
Total increase (decrease) |
86 |
(5) |
245 |
||||||||||||||
Assets under management, end of period |
$ |
5,697 |
$ |
5,611 |
$ |
4,714 |
1.5% |
20.9% | |||||||||
Percentage of total assets under management |
10.7% |
11.3% |
10.3% |
||||||||||||||
Average assets under management for period |
$ |
5,701 |
$ |
5,703 |
$ |
4,661 |
0.0% |
22.3% | |||||||||
Large Cap Value |
|||||||||||||||||
Assets under management, beginning of period |
$ |
1,260 |
$ |
2,285 |
$ |
3,492 |
|||||||||||
Inflows |
45 |
30 |
8 |
||||||||||||||
Outflows |
(57) |
(1,064) |
(902) |
||||||||||||||
Net outflows |
(12) |
(1,034) |
(894) |
||||||||||||||
Market appreciation |
40 |
9 |
309 |
||||||||||||||
Total increase (decrease) |
28 |
(1,025) |
(585) |
||||||||||||||
Assets under management, end of period |
$ |
1,288 |
$ |
1,260 |
$ |
2,907 |
2.2% |
(55.7%) | |||||||||
Percentage of total assets under management |
2.4% |
2.5% |
6.3% |
||||||||||||||
Average assets under management for period |
$ |
1,251 |
$ |
1,484 |
$ |
3,279 |
(15.7%) |
(61.8%) | |||||||||
Other |
|||||||||||||||||
Assets under management, beginning of period |
$ |
1,155 |
$ |
1,147 |
$ |
688 |
|||||||||||
Inflows |
263 |
127 |
255 |
||||||||||||||
Outflows |
(61) |
(43) |
(7) |
||||||||||||||
Net inflows |
202 |
84 |
248 |
||||||||||||||
Market (depreciation) appreciation |
(88) |
(76) |
14 |
||||||||||||||
Total increase |
114 |
8 |
262 |
||||||||||||||
Assets under management, end of period |
$ |
1,269 |
$ |
1,155 |
$ |
950 |
9.9% |
33.6% | |||||||||
Percentage of total assets under management |
2.4% |
2.3% |
2.1% |
||||||||||||||
Average assets under management for period |
$ |
1,284 |
$ |
1,150 |
$ |
902 |
11.7% |
42.4% | |||||||||
Total |
|||||||||||||||||
Assets under management, beginning of period |
$ |
49,695 |
$ |
52,285 |
$ |
46,336 |
|||||||||||
Inflows |
2,445 |
2,435 |
1,702 |
||||||||||||||
Outflows |
(3,239) |
(3,401) |
(2,629) |
||||||||||||||
Net outflows |
(794) |
(966) |
(927) |
||||||||||||||
Market appreciation (depreciation) |
4,236 |
(1,624) |
498 |
||||||||||||||
Total increase (decrease) |
3,442 |
(2,590) |
(429) |
||||||||||||||
Assets under management, end of period |
$ |
53,137 |
$ |
49,695 |
$ |
45,907 |
6.9% |
15.7% | |||||||||
Average assets under management for period |
$ |
52,405 |
$ |
51,634 |
$ |
46,970 |
1.5% |
11.6% |
Cohen & Steers, Inc. and Subsidiaries |
||||||||||
Assets Under Management (Unaudited) |
||||||||||
By Investment Strategy |
||||||||||
For the Periods |
||||||||||
(in millions) |
||||||||||
Year Ended |
||||||||||
December 31, |
December 31, |
% Change | ||||||||
U.S. Real Estate |
||||||||||
Assets under management, beginning of period |
$ |
23,116 |
$ |
22,613 |
||||||
Inflows |
2,920 |
3,005 |
||||||||
Outflows |
(4,649) |
(2,881) |
||||||||
Net (outflows) inflows |
(1,729) |
124 |
||||||||
Market appreciation |
6,748 |
379 |
||||||||
Transfers * |
222 |
— |
||||||||
Total increase |
5,241 |
503 |
||||||||
Assets under management, end of period |
$ |
28,357 |
$ |
23,116 |
22.7% | |||||
Percentage of total assets under management |
53.4% |
50.4% |
||||||||
Average assets under management for period |
$ |
26,585 |
$ |
23,977 |
10.9% | |||||
Global/International Real Estate |
||||||||||
Assets under management, beginning of period |
$ |
9,498 |
$ |
11,155 |
||||||
Inflows |
1,746 |
1,456 |
||||||||
Outflows |
(2,415) |
(3,622) |
||||||||
Net outflows |
(669) |
(2,166) |
||||||||
Market appreciation |
1,355 |
509 |
||||||||
Total increase (decrease) |
686 |
(1,657) |
||||||||
Assets under management, end of period |
$ |
10,184 |
$ |
9,498 |
7.2% | |||||
Percentage of total assets under management |
19.2% |
20.7% |
||||||||
Average assets under management for period |
$ |
9,954 |
$ |
10,429 |
(4.6%) | |||||
Preferred Securities |
||||||||||
Assets under management, beginning of period |
$ |
4,722 |
$ |
4,364 |
||||||
Inflows |
2,258 |
1,684 |
||||||||
Outflows |
(1,044) |
(1,251) |
||||||||
Net inflows |
1,214 |
433 |
||||||||
Market appreciation (depreciation) |
406 |
(75) |
||||||||
Total increase |
1,620 |
358 |
||||||||
Assets under management, end of period |
$ |
6,342 |
$ |
4,722 |
34.3% | |||||
Percentage of total assets under management |
11.9% |
10.3% |
||||||||
Average assets under management for period |
$ |
5,550 |
$ |
4,890 |
13.5% | |||||
Global Listed Infrastructure |
||||||||||
Assets under management, beginning of period |
$ |
4,714 |
$ |
3,509 |
||||||
Inflows |
1,048 |
957 |
||||||||
Outflows |
(500) |
(136) |
||||||||
Net inflows |
548 |
821 |
||||||||
Market appreciation |
435 |
384 |
||||||||
Total increase |
983 |
1,205 |
||||||||
Assets under management, end of period |
$ |
5,697 |
$ |
4,714 |
20.9% | |||||
Percentage of total assets under management |
10.7% |
10.3% |
||||||||
Average assets under management for period |
$ |
5,440 |
$ |
4,257 |
27.8% | |||||
Large Cap Value |
||||||||||
Assets under management, beginning of period |
$ |
2,907 |
$ |
3,465 |
||||||
Inflows |
150 |
51 |
||||||||
Outflows |
(1,810) |
(1,466) |
||||||||
Net outflows |
(1,660) |
(1,415) |
||||||||
Market appreciation |
263 |
857 |
||||||||
Transfers * |
(222) |
— |
||||||||
Total decrease |
(1,619) |
(558) |
||||||||
Assets under management, end of period |
$ |
1,288 |
$ |
2,907 |
(55.7%) | |||||
Percentage of total assets under management |
2.4% |
6.3% |
||||||||
Average assets under management for period |
$ |
1,984 |
$ |
3,563 |
(44.3%) | |||||
Other |
||||||||||
Assets under management, beginning of period |
$ |
950 |
$ |
691 |
||||||
Inflows |
552 |
320 |
||||||||
Outflows |
(138) |
(70) |
||||||||
Net inflows |
414 |
250 |
||||||||
Market (depreciation) appreciation |
(95) |
9 |
||||||||
Total increase |
319 |
259 |
||||||||
Assets under management, end of period |
$ |
1,269 |
$ |
950 |
33.6% | |||||
Percentage of total assets under management |
2.4% |
2.1% |
||||||||
Average assets under management for period |
$ |
1,120 |
$ |
762 |
47.0% | |||||
Total |
||||||||||
Assets under management, beginning of period |
$ |
45,907 |
$ |
45,797 |
||||||
Inflows |
8,674 |
7,473 |
||||||||
Outflows |
(10,556) |
(9,426) |
||||||||
Net outflows |
(1,882) |
(1,953) |
||||||||
Market appreciation |
9,112 |
2,063 |
||||||||
Total increase |
7,230 |
110 |
||||||||
Assets under management, end of period |
$ |
53,137 |
$ |
45,907 |
15.7% | |||||
Average assets under management for period |
$ |
50,633 |
$ |
47,878 |
5.8% | |||||
* 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-2014-results-300023903.html
SOURCE Cohen & Steers, Inc.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.