COHEN & STEERS, INC. NEW YORK, July 16, 2014 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $22.2 million, or $0.49 per share (diluted and basic), for the quarter ended June 30, 2014, compared with $15.3 million, or $0.34 per share (diluted and basic), for the quarter ended June 30, 2013. Total revenue for the second quarter of 2014 was a record $78.4 million, an increase of 0.8% from $77.8 million for the second quarter of 2013.
For the six months ended June 30, 2014, the company recorded net income attributable to common stockholders of $41.6 million, or $0.91 per diluted share and $0.93 per basic share, compared with $30.4 million, or $0.68 per diluted share and $0.69 per basic share, for the six months ended June 30, 2013.
The results for the six months ended June 30, 2013 included after-tax expenses of approximately $0.10 per share associated primarily with the offering of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc., a closed-end mutual fund. After adjusting for these items, earnings per share would have been $0.78 for the six months ended June 30, 2013.
Financial Highlights (Unaudited)
June 30, 2014 Compared with March 31, 2014
(in thousands, except per share data) Three Months Ended
------------------
June 30, March 31, $ Change % Change
2014 2014
---- ----
Revenue $78,412 $72,835 $5,577 7.7%
Expenses $48,744 $45,239 $3,505 7.7%
Operating income $29,668 $27,596 $2,072 7.5%
Operating margin 37.8% 37.9% (5) bps
Total non-operating income $4,990 $3,181 $1,809 56.9%
Net income attributable to common stockholders $22,183 $19,445 $2,738 14.1%
Diluted earnings per share attributable to common stockholders $0.49 $0.43 $0.06 14.0%
Revenue
Total revenue for the second quarter of 2014 was $78.4 million, an increase of $5.6 million from $72.8 million for the first quarter of 2014. Higher average assets under management and an additional day in the quarter resulted in the following revenue increases:
-- $1.2 million in institutional accounts;
-- $2.9 million in open-end mutual funds; and
-- $1.2 million in closed-end mutual funds.
Expenses
Expenses for the second quarter of 2014 were $48.7 million, an increase of $3.5 million from $45.2 million for the first quarter of 2014. The change was primarily due to higher:
-- Employee compensation and benefits of $1.8 million, primarily due to
higher incentive compensation;
-- General and administrative expenses of $972,000, primarily due to higher
travel and entertainment and marketing expenses; and
-- Distribution and service fees of $952,000, which increased in line with
the increase in open-end mutual fund average assets under management.
Operating Margin
The company's operating margin decreased to 37.8% for the second quarter of 2014, compared with 37.9% for the three months ended March 31, 2014, primarily due to higher general and administrative expenses.
Non-operating Income
Non-operating income, excluding net income attributable to redeemable noncontrolling interest of $741,000, was $4.2 million, an increase of $1.2 million from $3.0 million for the first quarter of 2014. The increase was primarily due to higher earnings from the company's seed investments.
Assets Under Management Highlights (Unaudited)
June 30, 2014 Compared with March 31, 2014
(in millions) Assets Under Management
As of
-----
By Investment Vehicle June 30, March 31, $ Change % Change
2014 2014
--- ---- ----
Institutional accounts $25,728 $24,479 $1,249 5.1%
Open-end mutual funds 16,629 15,148 1,481 9.8%
Closed-end mutual funds 9,928 9,404 524 5.6%
Total $52,285 $49,031 3,254 6.6%
======= =======
By Investment Strategy
----------------------
U.S. real estate $27,404 $25,251 $2,153 8.5%
Global/international real estate 10,161 9,721 440 4.5%
Preferred securities 5,672 5,126 546 10.7%
Global listed infrastructure 5,616 5,072 544 10.7%
Large cap value 2,285 2,857 (572) (20.0)%
Other 1,147 1,004 143 14.2%
Total $52,285 $49,031 3,254 6.6%
======= =======
Assets under management were a record $52.3 billion as of June 30, 2014, an increase of $3.3 billion from $49.0 billion at March 31, 2014. The increase from March 31, 2014 was primarily due to market appreciation of $3.3 billion.
Institutional Accounts
Assets under management for institutional accounts were $25.7 billion as of June 30, 2014, an increase of 5.1% from $24.5 billion at March 31, 2014. The change from March 31, 2014 was due to the following:
-- Market appreciation of $1.8 billion, including $975 million from U.S.
real estate, $555 million from global/international real estate and $110
million from global listed infrastructure;
-- Net inflows of $129 million from advisory relationships, including net
inflows of $107 million into global listed infrastructure and $25
million into global/international real estate; and
-- Net outflows of $650 million from subadvisory relationships, including
$462 million from large cap value and $184 million from
global/international real estate.
Open-end Mutual Funds
Assets under management for open-end mutual funds were a record $16.6 billion as of June 30, 2014, an increase of 9.8% from $15.1 billion at March 31, 2014. The increase from March 31, 2014 was due to the following:
-- Market appreciation of $1.0 billion, including $675 million from U.S.
real estate, $169 million from global/international real estate and $89
million from preferred securities; and
-- Net inflows of $515 million, including net inflows of $375 million into
preferred securities and $150 million into U.S. real estate, partially
offset by net outflows of $124 million from global/international real
estate.
Closed-end Mutual Funds
Assets under management for closed-end mutual funds were $9.9 billion as of June 30, 2014, an increase of 5.6% from $9.4 billion at March 31, 2014. The increase from March 31, 2014 was due to market appreciation of $524 million.
Balance Sheet Information
As of June 30, 2014, cash, cash equivalents and investments were $192 million. As of June 30, 2014, stockholders' equity was $250 million and the company had no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, July 17, 2014 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 800-950-1454 (U.S.) or +1-212-231-2928 (international); passcode: 21727552. 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 17, 2014 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21727552. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company - Investor Relations." The webcast will be archived on the website for one month.
About Cohen & Steers
Founded in 1986, Cohen & Steers is a leading global investment manager with a long history of innovation and a focus on real assets, including real estate, infrastructure and commodities. Headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle, Cohen & Steers serves institutional and individual investors around the world.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2013 ("Form 10-K"), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Periods Ended
(in thousands, except per share data)
Three Months Ended % Change From
------------------ -------------
June 30, March 31, June 30, March 31, June 30,
2013
2014 2014 2013
2014
---
Revenue
Investment advisory and administration fees $72,907 $67,564 $70,353
Distribution and service fees 3,744 3,470 3,741
Portfolio consulting and other 1,761 1,801 3,702
----- -----
Total revenue 78,412 72,835 77,796 7.7% 0.8%
------ ------ ------
Expenses
Employee compensation and benefits 25,876 24,035 24,895
Distribution and service fees 9,256 8,304 9,677
General and administrative 12,065 11,093 12,517
Depreciation and amortization 1,103 1,262 1,340
Amortization, deferred commissions 444 545 810
--- --- ---
Total expenses 48,744 45,239 49,239 7.7% (1.0)%
------ ------ ------
Operating income 29,668 27,596 28,557 7.5% 3.9%
------ ------ ------
Non-operating income
Interest and dividend income-net 592 239 743
Gain (loss) from trading securities-net 2,762 983 (10,963)
Gain from available-for-sale securities-net 52 1,076 837
Equity in earnings (losses) of affiliates 1,429 935 (427)
Other income (losses) 155 (52) (368)
--- --- ----
Total non-operating income (loss) 4,990 3,181 (10,178) 56.9% *
----- ----- -------
Income before provision for income taxes 34,658 30,777 18,379 12.6% 88.6%
Provision for income taxes 11,734 11,177 9,870
------ ------ -----
Net income 22,924 19,600 8,509 17.0% 169.4%
Less: Net (income) loss attributable to redeemable noncontrolling interest (741) (155) 6,773
---- ---- -----
Net income attributable to common stockholders $22,183 $19,445 $15,282 14.1% 45.2%
======= ======= =======
Earnings per share attributable to common stockholders
Basic $0.49 $0.44 $0.34 13.6% 43.5%
===== ===== =====
Diluted $0.49 $0.43 $0.34 14.0% 43.5%
===== ===== =====
Dividends declared per share
Quarterly $0.22 $0.22 $0.20 - % 10.0%
===== ===== =====
Weighted average shares outstanding
Basic 44,825 44,633 44,306
====== ====== ======
Diluted 45,530 45,483 45,002
====== ====== ======
* Not meaningful
Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Periods Ended
(in thousands, except per share data)
Six Months Ended
----------------
June 30, June 30, % Change
2014 2013
---- ----
Revenue
Investment advisory and administration fees $140,471 $135,747
Distribution and service fees 7,214 7,175
Portfolio consulting and other 3,562 7,333
-----
Total revenue 151,247 150,255 0.7%
------- -------
Expenses
Employee compensation and benefits 49,911 48,272
Distribution and service fees 17,560 24,758
General and administrative 23,158 23,696
Depreciation and amortization 2,365 2,687
Amortization, deferred commissions 989 1,575
--- -----
Total expenses 93,983 100,988 (6.9)%
------ -------
Operating income 57,264 49,267 16.2%
------ ------
Non-operating income
Interest and dividend income-net 831 1,289
Gain (loss) from trading securities-net 3,745 (9,339)
Gain from available-for-sale securities-net 1,128 1,328
Equity in earnings of affiliates 2,364 109
Other income (losses) 103 (639)
--- ----
Total non-operating income (loss) 8,171 (7,252) *
----- ------
Income before provision for income taxes 65,435 42,015 55.7%
Provision for income taxes 22,911 18,005
------ ------
Net income 42,524 24,010 77.1%
Less: Net (income) loss attributable to redeemable noncontrolling interest (896) 6,413
---- -----
Net income attributable to common stockholders $41,628 $30,423 36.8%
======= =======
Earnings per share attributable to common stockholders
Basic $0.93 $0.69 35.3%
===== =====
Diluted $0.91 $0.68 35.1%
===== =====
Dividends declared per share
Quarterly $0.44 $0.40 10.0%
===== =====
Weighted average shares outstanding
Basic 44,730 44,222
====== ======
Diluted 45,507 44,942
====== ======
* Not meaningful
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods Ended
(in millions)
Three Months Ended % Change From
------------------ -------------
June 30, March 31, June 30, March 31, June 30, 2013
2014 2014 2013
2014
---
Institutional Accounts
----------------------
Assets under management, beginning of period $24,479 $22,926 $26,081
------- ------- -------
Inflows 375 432 277
Outflows (896) (652) (1,366)
---- ---- ------
Net outflows (521) (220) (1,089)
Market appreciation (depreciation) 1,770 1,773 (454)
----- ----- ----
Total increase (decrease) 1,249 1,553 (1,543)
Assets under management, end of period $25,728 $24,479 $24,538 5.1% 4.8%
======= ======= =======
Percentage of total assets under management 49.2% 49.9% 51.3%
==== ==== ====
Average assets under management for period $25,010 $23,858 $26,082 4.8% (4.1)%
======= ======= =======
Open-end Mutual Funds
---------------------
Assets under management, beginning of period $15,148 $14,016 $14,447
------- ------- -------
Inflows 1,464 1,523 1,789
Outflows (949) (1,419) (1,430)
---- ------ ------
Net inflows 515 104 359
Market appreciation (depreciation) 966 1,028 (364)
--- ----- ----
Total increase (decrease) 1,481 1,132 (5)
Assets under management, end of period $16,629 $15,148 $14,442 9.8% 15.1%
======= ======= =======
Percentage of total assets under management 31.8% 30.9% 30.2%
==== ==== ====
Average assets under management for period $15,992 $14,607 $15,019 9.5% 6.5%
======= ======= =======
Closed-end Mutual Funds
-----------------------
Assets under management, beginning of period $9,404 $8,965 $8,793
------ ------ ------
Inflows - - 281
Outflows - - -
--- --- ---
Net inflows - - 281
Market appreciation (depreciation) 524 439 (231)
--- --- ----
Total increase 524 439 50
--- --- ---
Assets under management, end of period $9,928 $9,404 $8,843 5.6% 12.3%
====== ====== ======
Percentage of total assets under management 19.0% 19.2% 18.5%
==== ==== ====
Average assets under management for period $9,719 $9,241 $9,053 5.2% 7.4%
====== ====== ======
Total
-----
Assets under management, beginning of period $49,031 $45,907 $49,321
------- ------- -------
Inflows 1,839 1,955 2,347
Outflows (1,845) (2,071) (2,796)
------ ------ ------
Net outflows (6) (116) (449)
Market appreciation (depreciation) 3,260 3,240 (1,049)
----- ----- ------
Total increase (decrease) 3,254 3,124 (1,498)
----- ----- ------
Assets under management, end of period $52,285 $49,031 $47,823 6.6% 9.3%
======= ======= =======
Average assets under management for period $50,721 $47,706 $50,154 6.3% 1.1%
======= ======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods Ended
(in millions)
Six Months Ended
----------------
June 30, June 30, % Change
2014 2013
---- ----
Institutional Accounts
----------------------
Assets under management, beginning of period $22,926 $24,850
------- -------
Inflows 807 523
Outflows (1,548) (1,956)
------ ------
Net outflows (741) (1,433)
Market appreciation 3,543 1,121
----- -----
Total increase (decrease) 2,802 (312)
Assets under management, end of period $25,728 $24,538 4.8%
======= =======
Percentage of total assets under management 49.2% 51.3%
==== ====
Average assets under management for period $24,437 $25,727 (5.0)%
======= =======
Open-end Mutual Funds
---------------------
Assets under management, beginning of period $14,016 $12,962
------- -------
Inflows 2,987 3,297
Outflows (2,368) (2,279)
------ ------
Net inflows 619 1,018
Market appreciation 1,994 462
----- ---
Total increase 2,613 1,480
Assets under management, end of period $16,629 $14,442 15.1%
======= =======
Percentage of total assets under management 31.8% 30.2%
==== ====
Average assets under management for period $15,303 $14,404 6.2%
======= =======
Closed-end Mutual Funds
-----------------------
Assets under management, beginning of period $8,965 $7,985
------ ------
Inflows - 739
Outflows - -
--- ---
Net inflows - 739
Market appreciation 963 119
--- ---
Total increase 963 858
--- ---
Assets under management, end of period $9,928 $8,843 12.3%
====== ======
Percentage of total assets under management 19.0% 18.5%
==== ====
Average assets under management for period $9,482 $8,652 9.6%
====== ======
Total
-----
Assets under management, beginning of period $45,907 $45,797
------- -------
Inflows 3,794 4,559
Outflows (3,916) (4,235)
------ ------
Net (outflows) inflows (122) 324
Market appreciation 6,500 1,702
----- -----
Total increase 6,378 2,026
----- -----
Assets under management, end of period $52,285 $47,823 9.3%
======= =======
Average assets under management for period $49,222 $48,783 0.9%
======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Account Type
For the Periods Ended
(in millions)
Three Months Ended % Change From
------------------ -------------
June 30, March 31, June 30, March 31, June 30,
2014 2014 2013 2014 2013
---- ---- ---- ---- ----
Subadvisory
-----------
Assets under management, beginning of period $17,924 $16,693 $18,321
------- ------- -------
Inflows 218 311 119
Outflows (868) (487) (1,009)
---- ---- ------
Net outflows (650) (176) (890)
Market appreciation (depreciation) 1,284 1,407 (269)
----- ----- ----
Total increase (decrease) 634 1,231 (1,159)
Assets under management, end of period $18,558 $17,924 $17,162 3.5% 8.1%
======= ======= =======
Percentage of total assets under management 72.1% 73.2% 69.9%
==== ==== ====
Average assets under management for period $18,118 $17,480 $18,325 3.6% (1.1)%
======= ======= =======
Advisory
--------
Assets under management, beginning of period $6,555 $6,233 $7,760
------ ------ ------
Inflows 157 121 158
Outflows (28) (165) (357)
--- ---- ----
Net inflows (outflows) 129 (44) (199)
Market appreciation (depreciation) 486 366 (185)
--- --- ----
Total increase (decrease) 615 322 (384)
Assets under management, end of period $7,170 $6,555 $7,376 9.4% (2.8)%
====== ====== ======
Percentage of total assets under management 27.9% 26.8% 30.1%
==== ==== ====
Average assets under management for period $6,892 $6,378 $7,757 8.1% (11.2)%
====== ====== ======
Total Institutional Accounts
----------------------------
Assets under management, beginning of period $24,479 $22,926 $26,081
------- ------- -------
Inflows 375 432 277
Outflows (896) (652) (1,366)
---- ---- ------
Net outflows (521) (220) (1,089)
Market appreciation (depreciation) 1,770 1,773 (454)
----- ----- ----
Total increase (decrease) 1,249 1,553 (1,543)
----- ----- ------
Assets under management, end of period $25,728 $24,479 $24,538 5.1% 4.8%
======= ======= =======
Average assets under management for period $25,010 $23,858 $26,082 4.8% (4.1)%
======= ======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Account Type
For the Periods Ended
(in millions)
Six Months Ended
----------------
June 30, June 30, % Change
2014 2013
---- ----
Subadvisory
-----------
Assets under management, beginning of period $16,693 $17,582
------- -------
Inflows 529 266
Outflows (1,355) (1,513)
------ ------
Net outflows (826) (1,247)
Market appreciation 2,691 827
----- ---
Total increase (decrease) 1,865 (420)
Assets under management, end of period $18,558 $17,162 8.1%
======= =======
Percentage of total assets under management 72.1% 69.9%
==== ====
Average assets under management for period 17,801 $18,118 (1.7)%
====== =======
Advisory
--------
Assets under management, beginning of period $6,233 $7,268
------ ------
Inflows 278 257
Outflows (193) (443)
---- ----
Net inflows (outflows) 85 (186)
Market appreciation 852 294
--- ---
Total increase 937 108
Assets under management, end of period $7,170 $7,376 (2.8)%
====== ======
Percentage of total assets under management 27.9% 30.1%
==== ====
Average assets under management for period $6,636 $7,609 (12.8)%
====== ======
Total Institutional Accounts
----------------------------
Assets under management, beginning of period $22,926 $24,850
------- -------
Inflows 807 523
Outflows (1,548) (1,956)
------ ------
Net outflows (741) (1,433)
Market appreciation 3,543 1,121
----- -----
Total increase (decrease) 2,802 (312)
----- ----
Assets under management, end of period $25,728 $24,538 4.8%
======= =======
Average assets under management for period $24,437 $25,727 (5.0)%
======= =======
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, March 31, June 30, March 31, June 30,
2013
2014 2014 2013 2014
---- ---- ---- ----
U.S. Real Estate
----------------
Assets under management, beginning of period $25,251 $23,116 $24,455
------- ------- -------
Inflows 734 756 793
Outflows (583) (829) (642)
---- ---- ----
Net inflows (outflows) 151 (73) 151
Market appreciation (depreciation) 1,780 2,208 (433)
Effect of fund merger * 222 - -
--- --- ---
Total increase (decrease) 2,153 2,135 (282)
----- ----- ----
Assets under management, end of period $27,404 $25,251 $24,173 8.5% 13.4%
======= ======= =======
Percentage of total assets under management 52.4% 51.5% 50.5%
==== ==== ====
Average assets under management for period $26,506 $24,362 $25,118 8.8% 5.5%
======= ======= =======
Global/International Real Estate
--------------------------------
Assets under management, beginning of period $9,721 $9,498 $11,277
------ ------ -------
Inflows 233 485 555
Outflows (517) (664) (1,493)
---- ---- ------
Net outflows (284) (179) (938)
Market appreciation (depreciation) 724 402 (416)
--- --- ----
Total increase (decrease) 440 223 (1,354)
Assets under management, end of period $10,161 $9,721 $9,923 4.5% 2.4%
======= ====== ======
Percentage of total assets under management 19.4% 19.8% 20.7%
==== ==== ====
Average assets under management for period $9,993 $9,595 $11,116 4.1% (10.1)%
====== ====== =======
Preferred Securities
--------------------
Assets under management, beginning of period $5,126 $4,722 $4,929
------ ------ ------
Inflows 520 358 655
Outflows (148) (180) (388)
---- ---- ----
Net inflows 372 178 267
Market appreciation (depreciation) 174 226 (128)
--- --- ----
Total increase 546 404 139
Assets under management, end of period $5,672 $5,126 $5,068 10.7% 11.9%
====== ====== ======
Percentage of total assets under management 10.8% 10.5% 10.6%
==== ==== ====
Average assets under management for period $5,415 $4,946 $5,131 9.5% 5.5%
====== ====== ======
Global Listed Infrastructure
----------------------------
Assets under management, beginning of period $5,072 $4,714 $4,176
------ ------ ------
Inflows 169 302 321
Outflows (48) (224) (41)
--- ---- ---
Net inflows 121 78 280
Market appreciation (depreciation) 423 280 (132)
--- --- ----
Total increase 544 358 148
Assets under management, end of period $5,616 $5,072 $4,324 10.7% 29.9%
====== ====== ======
Percentage of total assets under management 10.7% 10.3% 9.0%
==== ==== ===
Average assets under management for period $5,333 $5,011 $4,337 6.4% 23.0%
====== ====== ======
Large Cap Value
---------------
Assets under management, beginning of period $2,857 $2,907 $3,746
------ ------ ------
Inflows 66 9 5
Outflows (534) (155) (192)
---- ---- ----
Net outflows (468) (146) (187)
Market appreciation 118 96 94
Effect of fund merger * (222) - -
Total decrease (572) (50) (93)
Assets under management, end of period $2,285 $2,857 $3,653 (20.0)% (37.4)%
====== ====== ======
Percentage of total assets under management 4.4% 5.8% 7.6%
=== === ===
Average assets under management for period $2,400 $2,822 $3,720 (15.0)% (35.5)%
====== ====== ======
Other
-----
Assets under management, beginning of period $1,004 $950 $738
------ ---- ----
Inflows 117 45 18
Outflows (15) (19) (40)
--- --- ---
Net inflows (outflows) 102 26 (22)
Market appreciation (depreciation) 41 28 (34)
--- --- ---
Total increase (decrease) 143 54 (56)
Assets under management, end of period $1,147 $1,004 $682 14.2% 68.2%
====== ====== ====
Percentage of total assets under management 2.2% 2.0% 1.4%
=== === ===
Average assets under management for period $1,074 $970 $732 10.7% 46.7%
====== ==== ====
Total
-----
Assets under management, beginning of period $49,031 $45,907 $49,321
------- ------- -------
Inflows 1,839 1,955 2,347
Outflows (1,845) (2,071) (2,796)
------ ------ ------
Net outflows (6) (116) (449)
Market appreciation (depreciation) 3,260 3,240 (1,049)
Effect of fund merger * - - -
--- --- ---
Total increase (decrease) 3,254 3,124 (1,498)
Assets under management, end of period $52,285 $49,031 $47,823 6.6% 9.3%
======= ======= =======
Average assets under management for period $50,721 $47,706 $50,154 6.3% 1.1%
======= ======= =======
* Represents the effect of the merger of Cohen & Steers Dividend Majors Fund, Inc. into Cohen & Steers Total Return Realty Fund, Inc., which was effective after the close of business on June 13, 2014.
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods Ended
(in millions)
Six Months Ended
----------------
June 30, June 30, % Change
2014 2013
---- ----
U.S. Real Estate
----------------
Assets under management, beginning of period $23,116 $22,613
------- -------
Inflows 1,490 1,546
Outflows (1,412) (1,092)
------ ------
Net inflows 78 454
Market appreciation 3,988 1,106
Effect of fund merger * 222 -
--- ---
Total increase 4,288 1,560
----- -----
Assets under management, end of period $27,404 $24,173 13.4%
======= =======
Percentage of total assets under management 52.4% 50.5%
==== ====
Average assets under management for period $25,440 $24,330 4.6%
======= =======
Global/International Real Estate
--------------------------------
Assets under management, beginning of period $9,498 $11,155
------ -------
Inflows 718 872
Outflows (1,181) (2,241)
------ ------
Net outflows (463) (1,369)
Market appreciation 1,126 137
----- ---
Total increase (decrease) 663 (1,232)
Assets under management, end of period $10,161 $9,923 2.4%
======= ======
Percentage of total assets under management 19.4% 20.7%
==== ====
Average assets under management for period $9,795 $11,177 (12.4)%
====== =======
Preferred Securities
--------------------
Assets under management, beginning of period $4,722 $4,364
------ ------
Inflows 878 1,249
Outflows (328) (535)
---- ----
Net inflows 550 714
Market appreciation (depreciation) 400 (10)
--- ---
Total increase 950 704
Assets under management, end of period $5,672 $5,068 11.9%
====== ======
Percentage of total assets under management 10.8% 10.6%
==== ====
Average assets under management for period $5,182 $4,879 6.2%
====== ======
Global Listed Infrastructure
----------------------------
Assets under management, beginning of period $4,714 $3,509
------ ------
Inflows 471 809
Outflows (272) (59)
---- ---
Net inflows 199 750
Market appreciation 703 65
--- ---
Total increase 902 815
Assets under management, end of period $5,616 $4,324 29.9%
====== ======
Percentage of total assets under management 10.7% 9.0%
==== ===
Average assets under management for period $5,173 $3,984 29.8%
====== ======
Large Cap Value
---------------
Assets under management, beginning of period $2,907 $3,465
------ ------
Inflows 75 35
Outflows (689) (256)
---- ----
Net outflows (614) (221)
Market appreciation 214 409
Effect of fund merger * (222) -
---- ---
Total (decrease) increase (622) 188
Assets under management, end of period $2,285 $3,653 (37.4)%
====== ======
Percentage of total assets under management 4.4% 7.6%
=== ===
Average assets under management for period $2,610 $3,687 (29.2)%
====== ======
Other
-----
Assets under management, beginning of period $950 $691
Inflows 162 48
Outflows (34) (52)
--- ---
Net inflows (outflows) 128 (4)
Market appreciation (depreciation) 69 (5)
--- ---
Total increase (decrease) 197 (9)
Assets under management, end of period $1,147 $682 68.2%
====== ====
Percentage of total assets under management 2.2% 1.4%
=== ===
Average assets under management for period $1,022 $726 40.8%
====== ====
Total
-----
Assets under management, beginning of period $45,907 $45,797
------- -------
Inflows 3,794 4,559
Outflows (3,916) (4,235)
------ ------
Net (outflows) inflows (122) 324
Market appreciation 6,500 1,702
Effect of fund merger * - -
--- ---
Total increase 6,378 2,026
Assets under management, end of period $52,285 $47,823 9.3%
======= =======
Average assets under management for period $49,222 $48,783 0.9%
======= =======
* Represents the effect of the merger of Cohen & Steers Dividend Majors Fund, Inc. into Cohen & Steers Total Return Realty Fund, Inc., which was effective after the close of business on June 13, 2014.
SOURCE Cohen & Steers, Inc.
