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| 8-K - COHEN & STEERS, INC. - COHEN & STEERS, INC. | cns-8kx63012.htm |
Cohen & Steers, Inc.
280 Park Avenue
New York, NY 10017-1216
Tel (212) 832-3232
Contact:
Matthew S. Stadler
Executive Vice President
Chief Financial Officer
Cohen & Steers, Inc.
Tel (212) 446-9168
COHEN & STEERS REPORTS SECOND QUARTER
2012 RESULTS
NEW YORK, NY, July 18, 2012—Cohen & Steers, Inc. (NYSE: CNS) reported income attributable to common shareholders of $16.1 million, or $0.36 per diluted share and $0.37 per basic share, for the quarter ended June 30, 2012, compared with income attributable to common shareholders of $15.7 million, or $0.36 per share (diluted and basic), for the quarter ended June 30, 2011. Total revenue for the second quarter of 2012 was $67.4 million, an increase of 9.7% from $61.5 million for the second quarter of 2011.
For the six months ended June 30, 2012, the company recorded income attributable to common shareholders of $34.1 million, or $0.77 per diluted share and $0.78 per basic share, compared with income attributable to common shareholders of $28.7 million, or $0.65 per diluted share and $0.66 per basic share, for the six months ended June 30, 2011.
Assets Under Management
Assets under management were $44.4 billion as of June 30, 2012, a decrease of 1.1% from $44.9 billion at March 31, 2012 and an increase of 0.2% from $44.3 billion at June 30, 2011. The decrease from March 31, 2012 was due to net outflows of $1.2 billion, partially offset by market appreciation of $697 million. The increase from June 30, 2011 was due to market appreciation of $1.2 billion, offset by net outflows of $1.2 billion. Average assets under management were $43.6 billion for the quarter ended June 30, 2012, an increase of 1.5% from $43.0 billion for the quarter ended March 31, 2012 and an increase of 6.6% from $40.9 billion for the quarter ended June 30, 2011.
Assets under management for institutional accounts were $25.6 billion as of June 30, 2012, a decrease of 3.8% from $26.6 billion at March 31, 2012 and a decrease of 6.2% from $27.3 billion at June 30, 2011. The decrease from March 31, 2012 was due to net outflows of $1.5 billion, primarily from global/international real estate strategies associated with subadvisory relationships, partially offset by market appreciation of $480 million. The decrease from June 30, 2011 was due to net outflows of $2.6 billion, primarily from global/international real estate strategies
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associated with subadvisory relationships, partially offset by market appreciation of $895 million. Average assets under management for institutional accounts were $25.5 billion for the quarter ended June 30, 2012, a decrease of 1.5% from $25.9 billion for the quarter ended March 31, 2012 and an increase of 5.0% from $24.3 billion for the quarter ended June 30, 2011.
Assets under management for open-end mutual funds were $12.1 billion as of June 30, 2012, an increase of 4.5% from $11.6 billion at March 31, 2012 and an increase of 18.6% from $10.2 billion at June 30, 2011. The increase from March 31, 2012 was due to net inflows of $293 million and market appreciation of $233 million. The increase from June 30, 2011 was due to net inflows of $1.5 billion and market appreciation of $423 million. Average assets under management for open-end mutual funds were $11.5 billion for the quarter ended June 30, 2012, an increase of 9.2% from $10.6 billion for the quarter ended March 31, 2012 and an increase of 17.5% from $9.8 billion for the quarter ended June 30, 2011.
Assets under management for closed-end mutual funds were $6.7 billion as of June 30, 2012, a decrease of 0.2% from $6.7 billion at March 31, 2012 and a decrease of 1.9% from $6.8 billion at June 30, 2011. Average assets under management for closed-end mutual funds were $6.6 billion for the quarter ended June 30, 2012, an increase of 0.8% from $6.6 billion for the quarter ended March 31, 2012 and a decrease of 3.1% from $6.8 billion for the quarter ended June 30, 2011.
Financial Highlights (Unaudited)
Three Months Ended | |||||||||||
(in thousands, except per share data or as noted) | |||||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | |||||||||
Revenue | $ | 67,432 | $ | 63,730 | $ | 61,459 | |||||
Expenses | $ | 41,368 | $ | 38,334 | $ | 38,564 | |||||
Operating income | $ | 26,064 | $ | 25,396 | $ | 22,895 | |||||
Operating margin | 38.7 | % | 39.8 | % | 37.3 | % | |||||
Total non-operating (loss) income | $ | (1,992 | ) | $ | 3,017 | $ | 1,306 | ||||
Net income attributable to common shareholders | $ | 16,079 | $ | 18,054 | $ | 15,679 | |||||
Diluted earnings per share attributable to common shareholders | $ | 0.36 | $ | 0.41 | $ | 0.36 | |||||
Assets under management, end of period (in millions) | $ | 44,391 | $ | 44,890 | $ | 44,314 | |||||
Average assets under management for period (in millions) | $ | 43,647 | $ | 43,008 | $ | 40,933 | |||||
Total revenue for the second quarter of 2012 was $67.4 million, an increase of 5.8% from $63.7 million for the first quarter of 2012, primarily due to higher average assets under management. Operating expenses for the second quarter of 2012 were $41.4 million, an increase of 7.9% from $38.3 million for the first quarter of 2012, primarily due to an increase in employee compensation and benefits and general and administrative expenses. Operating income was $26.1 million for the three months ended June 30, 2012, compared with operating income of $25.4 million for the three months ended March 31, 2012. The company's operating margin decreased to 38.7% for the second quarter of 2012 compared with 39.8% for the three months ended March 31, 2012, primarily due to an increase in the G&A to revenue ratio. Non-operating loss was $2.0 million for the three months ended June 30, 2012, compared with non-operating income of $3.0 million for the three months ended March 31, 2012, primarily due to losses from
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the company's seed investments.
Balance Sheet Information
As of June 30, 2012, cash, cash equivalents and investments were $199 million. As of June 30, 2012, stockholders' equity was $254 million and the company had no long-term or short-term debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, July 19, 2012 at 11:00 a.m. (ET) to discuss the company's second quarter results. Investors and analysts can access the live conference call by dialing (800) 769-9015 (U.S.) or (212) 231-2914 (international); passcode: 21599404. Participants should plan to register at least 10 minutes before the conference call begins.
A replay of the call will be available for two weeks starting at approximately 1:00 p.m. (ET) on July 19, 2012 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21599404. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Corporate Info." The webcast will be archived on the website for two weeks.
About Cohen & Steers
Founded in 1986, Cohen & Steers is a leading global investment management firm focused on global real estate securities, global listed infrastructure, real assets, large cap value stocks, and preferred securities. The company also manages alternative investment strategies such as hedged real estate securities portfolios and private real estate multimanager strategies for qualified investors. Headquartered in New York City, with offices in London, Brussels, Hong Kong, Tokyo and Seattle, Cohen & Steers serves institutional and individual investors through a broad range of investment vehicles.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company believes that these factors include, but are not limited to, those described in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2011, which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. The
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company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
# # # #
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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 | ||||||||||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | March 31, 2012 | June 30, 2011 | |||||||||||||
Revenue | |||||||||||||||||
Investment advisory and administration fees | $ | 59,687 | $ | 58,155 | $ | 57,469 | |||||||||||
Distribution and service fees | 2,747 | 2,501 | 2,586 | ||||||||||||||
Portfolio consulting and other | 4,998 | 3,074 | 1,404 | ||||||||||||||
Total revenue | 67,432 | 63,730 | 61,459 | 5.8 | % | 9.7 | % | ||||||||||
Expenses | |||||||||||||||||
Employee compensation and benefits | 22,927 | 21,668 | 21,818 | ||||||||||||||
Distribution and service fees | 6,535 | 6,237 | 6,150 | ||||||||||||||
General and administrative | 9,923 | 8,537 | 8,886 | ||||||||||||||
Depreciation and amortization | 1,438 | 1,396 | 1,295 | ||||||||||||||
Amortization, deferred commissions | 545 | 496 | 415 | ||||||||||||||
Total expenses | 41,368 | 38,334 | 38,564 | 7.9 | % | 7.3 | % | ||||||||||
Operating income | 26,064 | 25,396 | 22,895 | 2.6 | % | 13.8 | % | ||||||||||
Non-operating income | |||||||||||||||||
Interest and dividend income - net | 669 | 621 | 355 | ||||||||||||||
(Loss) gain from trading securities - net | (2,469 | ) | 1,721 | (99 | ) | ||||||||||||
(Loss) gain from available-for-sale securities - net | (84 | ) | 687 | 232 | |||||||||||||
Equity in (losses) earnings of affiliates | (129 | ) | 772 | 627 | |||||||||||||
Other | 21 | (784 | ) | 191 | |||||||||||||
Total non-operating (loss) income | (1,992 | ) | 3,017 | 1,306 | * | * | |||||||||||
Income before provision for income taxes | 24,072 | 28,413 | 24,201 | (15.3 | %) | (0.5 | %) | ||||||||||
Provision for income taxes | 9,045 | 10,155 | 8,442 | ||||||||||||||
Net income | 15,027 | 18,258 | 15,759 | (17.7 | %) | (4.6 | %) | ||||||||||
Less: Net loss (income) attributable to redeemable noncontrolling interest | 1,052 | (204 | ) | (80 | ) | ||||||||||||
Net income attributable to common shareholders | $ | 16,079 | $ | 18,054 | $ | 15,679 | (10.9 | %) | 2.6 | % | |||||||
Earnings per share attributable to common shareholders | |||||||||||||||||
Basic | $ | 0.37 | $ | 0.41 | $ | 0.36 | (11.4 | %) | 1.2 | % | |||||||
Diluted | $ | 0.36 | $ | 0.41 | $ | 0.36 | (11.0 | %) | 1.3 | % | |||||||
Weighted average shares outstanding | |||||||||||||||||
Basic | 43,808 | 43,601 | 43,220 | ||||||||||||||
Diluted | 44,393 | 44,386 | 43,840 | ||||||||||||||
* Not meaningful | |||||||||||||||||
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Cohen & Steers, Inc. and Subsidiaries | ||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||
For the Periods Ended | ||||||||||
(in thousands, except per share data) | ||||||||||
Six Months Ended | % Change | |||||||||
June 30, 2012 | June 30, 2011 | June 30, 2011 | ||||||||
Revenue | ||||||||||
Investment advisory and administration fees | $ | 117,842 | $ | 108,521 | ||||||
Distribution and service fees | 5,248 | 5,001 | ||||||||
Portfolio consulting and other | 8,072 | 2,692 | ||||||||
Total revenue | 131,162 | 116,214 | 12.9 | % | ||||||
Expenses | ||||||||||
Employee compensation and benefits | 44,595 | 41,804 | ||||||||
Distribution and service fees | 12,772 | 11,904 | ||||||||
General and administrative | 18,460 | 17,459 | ||||||||
Depreciation and amortization | 2,834 | 2,481 | ||||||||
Amortization, deferred commissions | 1,041 | 758 | ||||||||
Total expenses | 79,702 | 74,406 | 7.1 | % | ||||||
Operating income | 51,460 | 41,808 | 23.1 | % | ||||||
Non-operating income | ||||||||||
Interest and dividend income - net | 1,290 | 539 | ||||||||
Loss from trading securities - net | (748 | ) | (477 | ) | ||||||
Gain from available-for-sale securities - net | 603 | 590 | ||||||||
Equity in earnings of affiliates | 643 | 613 | ||||||||
Other | (763 | ) | 1,016 | |||||||
Total non-operating income | 1,025 | 2,281 | (55.1 | %) | ||||||
Income before provision for income taxes | 52,485 | 44,089 | 19.0 | % | ||||||
Provision for income taxes | 19,200 | 15,428 | ||||||||
Net income | 33,285 | 28,661 | 16.1 | % | ||||||
Less: Net loss (income) attributable to redeemable noncontrolling interest | 848 | (7 | ) | |||||||
Net income attributable to common shareholders | $ | 34,133 | $ | 28,654 | 19.1 | % | ||||
Earnings per share attributable to common shareholders | ||||||||||
Basic | $ | 0.78 | $ | 0.66 | 17.6 | % | ||||
Diluted | $ | 0.77 | $ | 0.65 | 17.6 | % | ||||
Weighted average shares outstanding | ||||||||||
Basic | 43,705 | 43,136 | ||||||||
Diluted | 44,390 | 43,811 | ||||||||
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Cohen & Steers, Inc. and Subsidiaries | |||||||||||||||||
Assets Under Management (Unaudited) | |||||||||||||||||
By Investment Vehicle | |||||||||||||||||
For the Periods Ended | |||||||||||||||||
(in millions) | |||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | March 31, 2012 | June 30, 2011 | |||||||||||||
Institutional Accounts | |||||||||||||||||
Assets under management, beginning of period | $ | 26,608 | $ | 25,380 | $ | 21,931 | |||||||||||
Inflows | 296 | 1,070 | 4,997 | ||||||||||||||
Outflows | (1,785 | ) | (2,433 | ) | (430 | ) | |||||||||||
Net (outflows) inflows | (1,489 | ) | (1,363 | ) | 4,567 | ||||||||||||
Market appreciation | 480 | 2,591 | 794 | ||||||||||||||
Total (decrease) increase | (1,009 | ) | 1,228 | 5,361 | |||||||||||||
Assets under management, end of period | $ | 25,599 | $ | 26,608 | $ | 27,292 | (3.8 | %) | (6.2 | %) | |||||||
Average assets under management for period | $ | 25,496 | $ | 25,884 | $ | 24,293 | (1.5 | %) | 5.0 | % | |||||||
Open-End Mutual Funds | |||||||||||||||||
Assets under management, beginning of period | $ | 11,588 | $ | 9,619 | $ | 9,390 | |||||||||||
Inflows | 1,077 | 1,682 | 1,175 | ||||||||||||||
Outflows | (784 | ) | (744 | ) | (642 | ) | |||||||||||
Net inflows | 293 | 938 | 533 | ||||||||||||||
Market appreciation | 233 | 1,031 | 290 | ||||||||||||||
Total increase | 526 | 1,969 | 823 | ||||||||||||||
Assets under management, end of period | $ | 12,114 | $ | 11,588 | $ | 10,213 | 4.5 | % | 18.6 | % | |||||||
Average assets under management for period | $ | 11,543 | $ | 10,567 | $ | 9,822 | 9.2 | % | 17.5 | % | |||||||
Closed-End Mutual Funds | |||||||||||||||||
Assets under management, beginning of period | $ | 6,694 | $ | 6,285 | $ | 6,709 | |||||||||||
Inflows | — | — | 24 | ||||||||||||||
Outflows | — | — | — | ||||||||||||||
Net inflows | — | — | 24 | ||||||||||||||
Market (depreciation) appreciation | (16 | ) | 409 | 76 | |||||||||||||
Total (decrease) increase | (16 | ) | 409 | 100 | |||||||||||||
Assets under management, end of period | $ | 6,678 | $ | 6,694 | $ | 6,809 | (0.2 | %) | (1.9 | %) | |||||||
Average assets under management for period | $ | 6,608 | $ | 6,557 | $ | 6,818 | 0.8 | % | (3.1 | %) | |||||||
Total | |||||||||||||||||
Assets under management, beginning of period | $ | 44,890 | $ | 41,284 | $ | 38,030 | |||||||||||
Inflows | 1,373 | 2,752 | 6,196 | ||||||||||||||
Outflows | (2,569 | ) | (3,177 | ) | (1,072 | ) | |||||||||||
Net (outflows) inflows | (1,196 | ) | (425 | ) | 5,124 | ||||||||||||
Market appreciation | 697 | 4,031 | 1,160 | ||||||||||||||
Total (decrease) increase | (499 | ) | 3,606 | 6,284 | |||||||||||||
Assets under management, end of period | $ | 44,391 | $ | 44,890 | $ | 44,314 | (1.1 | %) | 0.2 | % | |||||||
Average assets under management for period | $ | 43,647 | $ | 43,008 | $ | 40,933 | 1.5 | % | 6.6 | % | |||||||
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Cohen & Steers, Inc. and Subsidiaries | ||||||||||
Assets Under Management (Unaudited) | ||||||||||
By Investment Vehicle | ||||||||||
For the Periods Ended | ||||||||||
(in millions) | ||||||||||
Six Months Ended | % Change | |||||||||
June 30, 2012 | June 30, 2011 | June 30, 2011 | ||||||||
Institutional Accounts | ||||||||||
Assets under management, beginning of period | $ | 25,380 | $ | 19,625 | ||||||
Inflows | 1,366 | 6,526 | ||||||||
Outflows | (4,218 | ) | (751 | ) | ||||||
Net (outflows) inflows | (2,852 | ) | 5,775 | |||||||
Market appreciation | 3,071 | 1,892 | ||||||||
Total increase | 219 | 7,667 | ||||||||
Assets under management, end of period | $ | 25,599 | $ | 27,292 | (6.2 | %) | ||||
Average assets under management for period | $ | 25,690 | $ | 22,482 | 14.3 | % | ||||
Open-End Mutual Funds | ||||||||||
Assets under management, beginning of period | $ | 9,619 | $ | 8,484 | ||||||
Inflows | 2,759 | 2,322 | ||||||||
Outflows | (1,528 | ) | (1,282 | ) | ||||||
Net inflows | 1,231 | 1,040 | ||||||||
Market appreciation | 1,264 | 689 | ||||||||
Total increase | 2,495 | 1,729 | ||||||||
Assets under management, end of period | $ | 12,114 | $ | 10,213 | 18.6 | % | ||||
Average assets under management for period | $ | 11,055 | $ | 9,313 | 18.7 | % | ||||
Closed-End Mutual Funds | ||||||||||
Assets under management, beginning of period | $ | 6,285 | $ | 6,353 | ||||||
Inflows | — | 153 | ||||||||
Outflows | — | — | ||||||||
Net inflows | — | 153 | ||||||||
Market appreciation | 393 | 303 | ||||||||
Total increase | 393 | 456 | ||||||||
Assets under management, end of period | $ | 6,678 | $ | 6,809 | (1.9 | %) | ||||
Average assets under management for period | $ | 6,583 | $ | 6,715 | (2.0 | %) | ||||
Total | ||||||||||
Assets under management, beginning of period | $ | 41,284 | $ | 34,462 | ||||||
Inflows | 4,125 | 9,001 | ||||||||
Outflows | (5,746 | ) | (2,033 | ) | ||||||
Net (outflows) inflows | (1,621 | ) | 6,968 | |||||||
Market appreciation | 4,728 | 2,884 | ||||||||
Total increase | 3,107 | 9,852 | ||||||||
Assets under management, end of period | $ | 44,391 | $ | 44,314 | 0.2 | % | ||||
Average assets under management for period | $ | 43,328 | $ | 38,510 | 12.5 | % | ||||
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Cohen & Steers, Inc. and Subsidiaries | |||||||||||||||||
Assets Under Management - Institutional Accounts (Unaudited) | |||||||||||||||||
By Investment Relationship | |||||||||||||||||
For the Periods Ended | |||||||||||||||||
(in millions) | |||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | March 31, 2012 | June 30, 2011 | |||||||||||||
Subadvisory | |||||||||||||||||
Assets under management, beginning of period | $ | 19,605 | $ | 19,073 | $ | 15,224 | |||||||||||
Inflows | 191 | 365 | 4,628 | ||||||||||||||
Outflows | (1,540 | ) | (1,735 | ) | (278 | ) | |||||||||||
Net (outflows) inflows | (1,349 | ) | (1,370 | ) | 4,350 | ||||||||||||
Market appreciation | 383 | 1,902 | 558 | ||||||||||||||
Total (decrease) increase | (966 | ) | 532 | 4,908 | |||||||||||||
Assets under management, end of period | $ | 18,639 | $ | 19,605 | $ | 20,132 | (4.9 | %) | (7.4 | %) | |||||||
Average assets under management for period | $ | 18,705 | $ | 19,476 | $ | 17,102 | (4.0 | %) | 9.4 | % | |||||||
Advisory | |||||||||||||||||
Assets under management, beginning of period | $ | 7,003 | $ | 6,307 | $ | 6,707 | |||||||||||
Inflows | 105 | 705 | 369 | ||||||||||||||
Outflows | (245 | ) | (698 | ) | (152 | ) | |||||||||||
Net (outflows) inflows | (140 | ) | 7 | 217 | |||||||||||||
Market appreciation | 97 | 689 | 236 | ||||||||||||||
Total (decrease) increase | (43 | ) | 696 | 453 | |||||||||||||
Assets under management, end of period | $ | 6,960 | $ | 7,003 | $ | 7,160 | (0.6 | %) | (2.8 | %) | |||||||
Average assets under management for period | $ | 6,791 | $ | 6,408 | $ | 7,191 | 6.0 | % | (5.6 | %) | |||||||
Total Institutional Accounts | |||||||||||||||||
Assets under management, beginning of period | $ | 26,608 | $ | 25,380 | $ | 21,931 | |||||||||||
Inflows | 296 | 1,070 | 4,997 | ||||||||||||||
Outflows | (1,785 | ) | (2,433 | ) | (430 | ) | |||||||||||
Net (outflows) inflows | (1,489 | ) | (1,363 | ) | 4,567 | ||||||||||||
Market appreciation | 480 | 2,591 | 794 | ||||||||||||||
Total (decrease) increase | (1,009 | ) | 1,228 | 5,361 | |||||||||||||
Assets under management, end of period | $ | 25,599 | $ | 26,608 | $ | 27,292 | (3.8 | %) | (6.2 | %) | |||||||
Average assets under management for period | $ | 25,496 | $ | 25,884 | $ | 24,293 | (1.5 | %) | 5.0 | % | |||||||
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Cohen & Steers, Inc. and Subsidiaries | ||||||||||
Assets Under Management - Institutional Accounts (Unaudited) | ||||||||||
By Investment Relationship | ||||||||||
For the Periods Ended | ||||||||||
(in millions) | ||||||||||
Six Months Ended | % Change | |||||||||
June 30, 2012 | June 30, 2011 | June 30, 2011 | ||||||||
Subadvisory | ||||||||||
Assets under management, beginning of period | $ | 19,073 | $ | 13,334 | ||||||
Inflows | 556 | 5,951 | ||||||||
Outflows | (3,275 | ) | (484 | ) | ||||||
Net (outflows) inflows | (2,719 | ) | 5,467 | |||||||
Market appreciation | 2,285 | 1,331 | ||||||||
Total (decrease) increase | (434 | ) | 6,798 | |||||||
Assets under management, end of period | $ | 18,639 | $ | 20,132 | (7.4 | %) | ||||
Average assets under management for period | $ | 19,091 | $ | 15,615 | 22.3 | % | ||||
Advisory | ||||||||||
Assets under management, beginning of period | $ | 6,307 | $ | 6,291 | ||||||
Inflows | 810 | 575 | ||||||||
Outflows | (943 | ) | (267 | ) | ||||||
Net (outflows) inflows | (133 | ) | 308 | |||||||
Market appreciation | 786 | 561 | ||||||||
Total increase | 653 | 869 | ||||||||
Assets under management, end of period | $ | 6,960 | $ | 7,160 | (2.8 | %) | ||||
Average assets under management for period | $ | 6,599 | $ | 6,867 | (3.9 | %) | ||||
Total Institutional Accounts | ||||||||||
Assets under management, beginning of period | $ | 25,380 | $ | 19,625 | ||||||
Inflows | 1,366 | 6,526 | ||||||||
Outflows | (4,218 | ) | (751 | ) | ||||||
Net (outflows) inflows | (2,852 | ) | 5,775 | |||||||
Market appreciation | 3,071 | 1,892 | ||||||||
Total increase | 219 | 7,667 | ||||||||
Assets under management, end of period | $ | 25,599 | $ | 27,292 | (6.2 | %) | ||||
Average assets under management for period | $ | 25,690 | $ | 22,482 | 14.3 | % | ||||
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Cohen & Steers, Inc. and Subsidiaries | |||||||||||||||||
Assets Under Management (Unaudited) | |||||||||||||||||
By Investment Strategy | |||||||||||||||||
For the Periods Ended | |||||||||||||||||
(in millions) | |||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | March 31, 2012 | June 30, 2011 | |||||||||||||
U.S. Real Estate | |||||||||||||||||
Assets under management, beginning of period | $ | 21,571 | $ | 18,505 | $ | 12,033 | |||||||||||
Inflows | 659 | 1,690 | 4,364 | ||||||||||||||
Outflows | (685 | ) | (488 | ) | (317 | ) | |||||||||||
Net (outflows) inflows | (26 | ) | 1,202 | 4,047 | |||||||||||||
Market appreciation | 633 | 1,864 | 465 | ||||||||||||||
Total increase | 607 | 3,066 | 4,512 | ||||||||||||||
Assets under management, end of period | $ | 22,178 | $ | 21,571 | $ | 16,545 | 2.8 | % | 34.0 | % | |||||||
Average assets under management for period | $ | 21,701 | $ | 19,853 | $ | 14,214 | 9.3 | % | 52.7 | % | |||||||
Global/International Real Estate | |||||||||||||||||
Assets under management, beginning of period | $ | 13,239 | $ | 13,409 | $ | 16,732 | |||||||||||
Inflows | 290 | 701 | 1,165 | ||||||||||||||
Outflows | (1,207 | ) | (2,266 | ) | (532 | ) | |||||||||||
Net (outflows) inflows | (917 | ) | (1,565 | ) | 633 | ||||||||||||
Market appreciation | 210 | 1,395 | 608 | ||||||||||||||
Total (decrease) increase | (707 | ) | (170 | ) | 1,241 | ||||||||||||
Assets under management, end of period | $ | 12,532 | $ | 13,239 | $ | 17,973 | (5.3 | %) | (30.3 | %) | |||||||
Average assets under management for period | $ | 12,326 | $ | 13,367 | $ | 17,201 | (7.8 | %) | (28.3 | %) | |||||||
Large Cap Value Stocks | |||||||||||||||||
Assets under management, beginning of period | $ | 3,983 | $ | 3,876 | $ | 3,898 | |||||||||||
Inflows | 110 | 10 | 308 | ||||||||||||||
Outflows | (580 | ) | (355 | ) | (153 | ) | |||||||||||
Net (outflows) inflows | (470 | ) | (345 | ) | 155 | ||||||||||||
Market (depreciation) appreciation | (124 | ) | 452 | 20 | |||||||||||||
Total (decrease) increase | (594 | ) | 107 | 175 | |||||||||||||
Assets under management, end of period | $ | 3,389 | $ | 3,983 | $ | 4,073 | (14.9 | %) | (16.8 | %) | |||||||
Average assets under management for period | $ | 3,486 | $ | 3,920 | $ | 3,977 | (11.1 | %) | (12.3 | %) | |||||||
Global Infrastructure | |||||||||||||||||
Assets under management, beginning of period | $ | 3,160 | $ | 3,010 | $ | 3,125 | |||||||||||
Inflows | 22 | 22 | 86 | ||||||||||||||
Outflows | (30 | ) | (17 | ) | (8 | ) | |||||||||||
Net (outflows) inflows | (8 | ) | 5 | 78 | |||||||||||||
Market (depreciation) appreciation | (30 | ) | 145 | 57 | |||||||||||||
Total (decrease) increase | (38 | ) | 150 | 135 | |||||||||||||
Assets under management, end of period | $ | 3,122 | $ | 3,160 | $ | 3,260 | (1.2 | %) | (4.2 | %) | |||||||
Average assets under management for period | $ | 3,141 | $ | 3,121 | $ | 3,188 | 0.6 | % | (1.5 | %) | |||||||
11
Cohen & Steers, Inc. and Subsidiaries | |||||||||||||||||
Assets Under Management (Unaudited) | |||||||||||||||||
By Investment Strategy - continued | |||||||||||||||||
For the Periods Ended | |||||||||||||||||
(in millions) | |||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | March 31, 2012 | June 30, 2011 | |||||||||||||
Preferred Securities | |||||||||||||||||
Assets under management, beginning of period | $ | 2,344 | $ | 1,964 | $ | 1,548 | |||||||||||
Inflows | 237 | 293 | 273 | ||||||||||||||
Outflows | (67 | ) | (51 | ) | (62 | ) | |||||||||||
Net inflows | 170 | 242 | 211 | ||||||||||||||
Market appreciation | 34 | 138 | 16 | ||||||||||||||
Total increase | 204 | 380 | 227 | ||||||||||||||
Assets under management, end of period | $ | 2,548 | $ | 2,344 | $ | 1,775 | 8.7 | % | 43.5 | % | |||||||
Average assets under management for period | $ | 2,396 | $ | 2,174 | $ | 1,657 | 10.2 | % | 44.6 | % | |||||||
Other | |||||||||||||||||
Assets under management, beginning of period | $ | 593 | $ | 520 | $ | 694 | |||||||||||
Inflows | 55 | 36 | — | ||||||||||||||
Outflows | — | — | — | ||||||||||||||
Net inflows | 55 | 36 | — | ||||||||||||||
Market (depreciation) appreciation | (26 | ) | 37 | (6 | ) | ||||||||||||
Total increase (decrease) | 29 | 73 | (6 | ) | |||||||||||||
Assets under management, end of period | $ | 622 | $ | 593 | $ | 688 | 4.9 | % | (9.6 | %) | |||||||
Average assets under management for period | $ | 597 | $ | 573 | $ | 696 | 4.2 | % | (14.2 | %) | |||||||
Total | |||||||||||||||||
Assets under management, beginning of period | $ | 44,890 | $ | 41,284 | $ | 38,030 | |||||||||||
Inflows | 1,373 | 2,752 | 6,196 | ||||||||||||||
Outflows | (2,569 | ) | (3,177 | ) | (1,072 | ) | |||||||||||
Net (outflows) inflows | (1,196 | ) | (425 | ) | 5,124 | ||||||||||||
Market appreciation | 697 | 4,031 | 1,160 | ||||||||||||||
Total (decrease) increase | (499 | ) | 3,606 | 6,284 | |||||||||||||
Assets under management, end of period | $ | 44,391 | $ | 44,890 | $ | 44,314 | (1.1 | %) | 0.2 | % | |||||||
Average assets under management for period | $ | 43,647 | $ | 43,008 | $ | 40,933 | 1.5 | % | 6.6 | % | |||||||
12
Cohen & Steers, Inc. and Subsidiaries | ||||||||||
Assets Under Management (Unaudited) | ||||||||||
By Investment Strategy | ||||||||||
For the Periods Ended | ||||||||||
(in millions) | ||||||||||
Six Months Ended | % Change | |||||||||
June 30, 2012 | June 30, 2011 | June 30, 2011 | ||||||||
U.S. Real Estate | ||||||||||
Assets under management, beginning of period | $ | 18,505 | $ | 10,506 | ||||||
Inflows | 2,349 | 5,716 | ||||||||
Outflows | (1,173 | ) | (821 | ) | ||||||
Net inflows | 1,176 | 4,895 | ||||||||
Market appreciation | 2,497 | 1,144 | ||||||||
Total increase | 3,673 | 6,039 | ||||||||
Assets under management, end of period | $ | 22,178 | $ | 16,545 | 34.0 | % | ||||
Average assets under management for period | $ | 20,777 | $ | 12,727 | 63.3 | % | ||||
Global/International Real Estate | ||||||||||
Assets under management, beginning of period | $ | 13,409 | $ | 15,438 | ||||||
Inflows | 991 | 2,237 | ||||||||
Outflows | (3,473 | ) | (986 | ) | ||||||
Net (outflows) inflows | (2,482 | ) | 1,251 | |||||||
Market appreciation | 1,605 | 1,284 | ||||||||
Total (decrease) increase | (877 | ) | 2,535 | |||||||
Assets under management, end of period | $ | 12,532 | $ | 17,973 | (30.3 | %) | ||||
Average assets under management for period | $ | 12,847 | $ | 16,551 | (22.4 | %) | ||||
Large Cap Value Stocks | ||||||||||
Assets under management, beginning of period | $ | 3,876 | $ | 3,673 | ||||||
Inflows | 120 | 421 | ||||||||
Outflows | (935 | ) | (235 | ) | ||||||
Net (outflows) inflows | (815 | ) | 186 | |||||||
Market appreciation | 328 | 214 | ||||||||
Total (decrease) increase | (487 | ) | 400 | |||||||
Assets under management, end of period | $ | 3,389 | $ | 4,073 | (16.8 | %) | ||||
Average assets under management for period | $ | 3,703 | $ | 3,892 | (4.9 | %) | ||||
Global Infrastructure | ||||||||||
Assets under management, beginning of period | $ | 3,010 | $ | 2,870 | ||||||
Inflows | 44 | 260 | ||||||||
Outflows | (47 | ) | (25 | ) | ||||||
Net (outflows) inflows | (3 | ) | 235 | |||||||
Market appreciation | 115 | 155 | ||||||||
Total increase | 112 | 390 | ||||||||
Assets under management, end of period | $ | 3,122 | $ | 3,260 | (4.2 | %) | ||||
Average assets under management for period | $ | 3,131 | $ | 3,085 | 1.5 | % | ||||
13
Cohen & Steers, Inc. and Subsidiaries | ||||||||||
Assets Under Management (Unaudited) | ||||||||||
By Investment Strategy - continued | ||||||||||
For the Periods Ended | ||||||||||
(in millions) | ||||||||||
Six Months Ended | % Change | |||||||||
June 30, 2012 | June 30, 2011 | June 30, 2011 | ||||||||
Preferred Securities | ||||||||||
Assets under management, beginning of period | $ | 1,964 | $ | 1,292 | ||||||
Inflows | 530 | 489 | ||||||||
Outflows | (118 | ) | (75 | ) | ||||||
Net inflows | 412 | 414 | ||||||||
Market appreciation | 172 | 69 | ||||||||
Total increase | 584 | 483 | ||||||||
Assets under management, end of period | $ | 2,548 | $ | 1,775 | 43.5 | % | ||||
Average assets under management for period | $ | 2,285 | $ | 1,560 | 46.5 | % | ||||
Other | ||||||||||
Assets under management, beginning of period | $ | 520 | $ | 683 | ||||||
Inflows | 91 | 10 | ||||||||
Outflows | — | (23 | ) | |||||||
Net inflows (outflows) | 91 | (13 | ) | |||||||
Market appreciation | 11 | 18 | ||||||||
Total increase | 102 | 5 | ||||||||
Assets under management, end of period | $ | 622 | $ | 688 | (9.6 | %) | ||||
Average assets under management for period | $ | 585 | $ | 695 | (15.8 | %) | ||||
Total | ||||||||||
Assets under management, beginning of period | $ | 41,284 | $ | 34,462 | ||||||
Inflows | 4,125 | 9,133 | ||||||||
Outflows | (5,746 | ) | (2,165 | ) | ||||||
Net (outflows) inflows | (1,621 | ) | 6,968 | |||||||
Market appreciation | 4,728 | 2,884 | ||||||||
Total increase | 3,107 | 9,852 | ||||||||
Assets under management, end of period | $ | 44,391 | $ | 44,314 | 0.2 | % | ||||
Average assets under management for period | $ | 43,328 | $ | 38,510 | 12.5 | % | ||||
14
Cohen & Steers, Inc. and Subsidiaries | |||||||||||
Assets Under Advisement (Unaudited) | |||||||||||
(in millions) | |||||||||||
As of | |||||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | |||||||||
Model-Based Strategies | $ | 7,290 | $ | 5,245 | $ | 571 | |||||
Exchange Traded Funds | $ | 3,001 | $ | 2,835 | $ | 2,748 | |||||
Unit Investment Trusts | $ | 1,203 | $ | 1,217 | $ | 1,418 | |||||
Total | $ | 11,494 | $ | 9,297 | $ | 4,737 | |||||
Note: Assets under advisement are defined as assets for which the company does not provide active management. | |||||||||||
15