Cohen & Steers Reports Second Quarter 2014 Results - WTVM.com-Columbus, GA News Weather & Sports

Cohen & Steers Reports Second Quarter 2014 Results

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SOURCE Cohen & Steers, Inc.

Record Quarterly Revenue of $78.4 million

Assets Under Management Reach Record $52.3 billion

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,
2014


March 31,
2014


$ Change


% Change

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,
 2014


March 31,
 2014


$ Change


% Change

    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,
2014


March 31,
2014


June 30,
2013


March 31,

2014


June 30, 2013

 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,
2014


June 30,
2013


% Change

 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,
2014


March 31,
2014


June 30,
2013


March 31,

2014


June 30, 2013

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,
2014


June 30,
2013


% Change

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,
2014


March 31,
2014


June 30,
2013


March 31,
2014


June 30,
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,
2014


June 30,
2013


% Change

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,
2014


March 31,
2014


June 30,
2013


March 31,
2014


June 30, 2013

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,
2014


June 30,
2013


% Change

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.

 


 

 

 

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