Delaware | 001-32236 | 14-1904657 |
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
280 Park Avenue, New York, New York | 10017 |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant's telephone number, including area code: (212) 832-3232 |
_________________________________________ (Former name or former address, if changed from last report) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Cohen & Steers, Inc. (Registrant) |
Date: July 17, 2013 | By: | /s/ Matthew S. Stadler |
Name: Matthew S. Stadler Title: Executive Vice President and Chief Financial Officer |
99.1 | Press release dated July 17, 2013 issued by the Company with respect to the Company's earnings and business for the quarter ended June 30, 2013. |
Three Months Ended | |||||||
(in thousands, except per share data or as noted) | |||||||
June 30, 2013 | June 30, 2012 | ||||||
Revenue | $ | 77,796 | $ | 67,432 | |||
Expenses | $ | 49,239 | $ | 41,368 | |||
Operating income | $ | 28,557 | $ | 26,064 | |||
Operating margin | 36.7 | % | 38.7 | % | |||
Total non-operating loss | $ | (10,178 | ) | $ | (1,992 | ) | |
Net income attributable to common shareholders | $ | 15,282 | $ | 16,079 | |||
Diluted earnings per share attributable to common shareholders | $ | 0.34 | $ | 0.36 | |||
Assets under management, end of period (in millions) | $ | 47,823 | $ | 44,391 | |||
Average assets under management for period (in millions) | $ | 50,154 | $ | 43,647 |
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, 2013 | March 31, 2013 | June 30, 2012 | March 31, 2013 | June 30, 2012 | |||||||||||||
Revenue | |||||||||||||||||
Investment advisory and administration fees | $ | 70,353 | $ | 65,394 | $ | 59,687 | |||||||||||
Distribution and service fees | 3,741 | 3,434 | 2,747 | ||||||||||||||
Portfolio consulting and other | 3,702 | 3,631 | 4,998 | ||||||||||||||
Total revenue | 77,796 | 72,459 | 67,432 | 7.4 | % | 15.4 | % | ||||||||||
Expenses | |||||||||||||||||
Employee compensation and benefits | 24,895 | 23,377 | 22,927 | ||||||||||||||
Distribution and service fees | 9,677 | 15,081 | 6,535 | ||||||||||||||
General and administrative | 12,517 | 11,179 | 9,923 | ||||||||||||||
Depreciation and amortization | 1,340 | 1,347 | 1,438 | ||||||||||||||
Amortization, deferred commissions | 810 | 765 | 545 | ||||||||||||||
Total expenses | 49,239 | 51,749 | 41,368 | (4.9 | %) | 19.0 | % | ||||||||||
Operating income | 28,557 | 20,710 | 26,064 | 37.9 | % | 9.6 | % | ||||||||||
Non-operating income | |||||||||||||||||
Interest and dividend income - net | 743 | 546 | 669 | ||||||||||||||
(Loss) gain from trading securities - net | (10,963 | ) | 1,624 | (2,469 | ) | ||||||||||||
Gain (loss) from available-for-sale securities - net | 837 | 491 | (84 | ) | |||||||||||||
Equity in (losses) earnings of affiliates | (427 | ) | 536 | (129 | ) | ||||||||||||
Other | (368 | ) | (271 | ) | 21 | ||||||||||||
Total non-operating (loss) income | (10,178 | ) | 2,926 | (1,992 | ) | * | * | ||||||||||
Income before provision for income taxes | 18,379 | 23,636 | 24,072 | (22.2 | %) | (23.6 | %) | ||||||||||
Provision for income taxes | 9,870 | 8,135 | 9,045 | ||||||||||||||
Net income | 8,509 | 15,501 | 15,027 | (45.1 | %) | (43.4 | %) | ||||||||||
Less: Net loss (income) attributable to redeemable noncontrolling interest | 6,773 | (360 | ) | 1,052 | |||||||||||||
Net income attributable to common shareholders | $ | 15,282 | $ | 15,141 | $ | 16,079 | 0.9 | % | (5.0 | %) | |||||||
Earnings per share attributable to common shareholders | |||||||||||||||||
Basic | $ | 0.34 | $ | 0.34 | $ | 0.37 | 0.5 | % | (6.0 | %) | |||||||
Diluted | $ | 0.34 | $ | 0.34 | $ | 0.36 | 0.7 | % | (6.2 | %) | |||||||
Weighted average shares outstanding | |||||||||||||||||
Basic | 44,306 | 44,137 | 43,808 | ||||||||||||||
Diluted | 45,002 | 44,882 | 44,393 | ||||||||||||||
* 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, 2013 | June 30, 2012 | % Change | ||||||||
Revenue | ||||||||||
Investment advisory and administration fees | $ | 135,747 | $ | 117,842 | ||||||
Distribution and service fees | 7,175 | 5,248 | ||||||||
Portfolio consulting and other | 7,333 | 8,072 | ||||||||
Total revenue | 150,255 | 131,162 | 14.6 | % | ||||||
Expenses | ||||||||||
Employee compensation and benefits | 48,272 | 44,595 | ||||||||
Distribution and service fees | 24,758 | 12,772 | ||||||||
General and administrative | 23,696 | 18,460 | ||||||||
Depreciation and amortization | 2,687 | 2,834 | ||||||||
Amortization, deferred commissions | 1,575 | 1,041 | ||||||||
Total expenses | 100,988 | 79,702 | 26.7 | % | ||||||
Operating income | 49,267 | 51,460 | (4.3 | %) | ||||||
Non-operating income | ||||||||||
Interest and dividend income - net | 1,289 | 1,290 | ||||||||
Loss from trading securities - net | (9,339 | ) | (748 | ) | ||||||
Gain from available-for-sale securities - net | 1,328 | 603 | ||||||||
Equity in earnings of affiliates | 109 | 643 | ||||||||
Other | (639 | ) | (763 | ) | ||||||
Total non-operating (loss) income | (7,252 | ) | 1,025 | * | ||||||
Income before provision for income taxes | 42,015 | 52,485 | (19.9 | %) | ||||||
Provision for income taxes | 18,005 | 19,200 | ||||||||
Net income | 24,010 | 33,285 | (27.9 | %) | ||||||
Less: Net loss attributable to redeemable noncontrolling interest | 6,413 | 848 | ||||||||
Net income attributable to common shareholders | $ | 30,423 | $ | 34,133 | (10.9 | %) | ||||
Earnings per share attributable to common shareholders | ||||||||||
Basic | $ | 0.69 | $ | 0.78 | (11.9 | %) | ||||
Diluted | $ | 0.68 | $ | 0.77 | (12.0 | %) | ||||
Weighted average shares outstanding | ||||||||||
Basic | 44,222 | 43,705 | ||||||||
Diluted | 44,942 | 44,390 | ||||||||
* 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, 2013 | March 31, 2013 | June 30, 2012 | March 31, 2013 | June 30, 2012 | |||||||||||||
Institutional Accounts | |||||||||||||||||
Assets under management, beginning of period | $ | 26,081 | $ | 24,850 | $ | 26,608 | |||||||||||
Inflows | 277 | 246 | 296 | ||||||||||||||
Outflows | (1,366 | ) | (590 | ) | (1,785 | ) | |||||||||||
Net outflows | (1,089 | ) | (344 | ) | (1,489 | ) | |||||||||||
Market (depreciation) appreciation | (454 | ) | 1,575 | 480 | |||||||||||||
Total (decrease) increase | (1,543 | ) | 1,231 | (1,009 | ) | ||||||||||||
Assets under management, end of period | $ | 24,538 | $ | 26,081 | $ | 25,599 | (5.9 | %) | (4.1 | %) | |||||||
Percentage of total assets under management | 51.3 | % | 52.9 | % | 57.7 | % | |||||||||||
Average assets under management for period | $ | 26,082 | $ | 25,372 | $ | 25,496 | 2.8 | % | 2.3 | % | |||||||
Open-End Mutual Funds | |||||||||||||||||
Assets under management, beginning of period | $ | 14,447 | $ | 12,962 | $ | 11,588 | |||||||||||
Inflows | 1,789 | 1,508 | 1,077 | ||||||||||||||
Outflows | (1,430 | ) | (849 | ) | (784 | ) | |||||||||||
Net inflows | 359 | 659 | 293 | ||||||||||||||
Market (depreciation) appreciation | (364 | ) | 826 | 233 | |||||||||||||
Total (decrease) increase | (5 | ) | 1,485 | 526 | |||||||||||||
Assets under management, end of period | $ | 14,442 | $ | 14,447 | $ | 12,114 | 0.0 | % | 19.2 | % | |||||||
Percentage of total assets under management | 30.2 | % | 29.3 | % | 27.3 | % | |||||||||||
Average assets under management for period | $ | 15,019 | $ | 13,788 | $ | 11,543 | 8.9 | % | 30.1 | % | |||||||
Closed-End Mutual Funds | |||||||||||||||||
Assets under management, beginning of period | $ | 8,793 | $ | 7,985 | $ | 6,694 | |||||||||||
Inflows | 281 | 458 | — | ||||||||||||||
Outflows | — | — | — | ||||||||||||||
Net inflows | 281 | 458 | — | ||||||||||||||
Market (depreciation) appreciation | (231 | ) | 350 | (16 | ) | ||||||||||||
Total increase (decrease) | 50 | 808 | (16 | ) | |||||||||||||
Assets under management, end of period | $ | 8,843 | $ | 8,793 | $ | 6,678 | 0.6 | % | 32.4 | % | |||||||
Percentage of total assets under management | 18.5 | % | 17.8 | % | 15.0 | % | |||||||||||
Average assets under management for period | $ | 9,053 | $ | 8,251 | $ | 6,608 | 9.7 | % | 37.0 | % | |||||||
Total | |||||||||||||||||
Assets under management, beginning of period | $ | 49,321 | $ | 45,797 | $ | 44,890 | |||||||||||
Inflows | 2,347 | 2,212 | 1,373 | ||||||||||||||
Outflows | (2,796 | ) | (1,439 | ) | (2,569 | ) | |||||||||||
Net (outflows) inflows | (449 | ) | 773 | (1,196 | ) | ||||||||||||
Market (depreciation) appreciation | (1,049 | ) | 2,751 | 697 | |||||||||||||
Total (decrease) increase | (1,498 | ) | 3,524 | (499 | ) | ||||||||||||
Assets under management, end of period | $ | 47,823 | $ | 49,321 | $ | 44,391 | (3.0 | %) | 7.7 | % | |||||||
Average assets under management for period | $ | 50,154 | $ | 47,411 | $ | 43,647 | 5.8 | % | 14.9 | % |
Cohen & Steers, Inc. and Subsidiaries | ||||||||||
Assets Under Management (Unaudited) | ||||||||||
By Investment Vehicle | ||||||||||
For the Periods Ended | ||||||||||
(in millions) | ||||||||||
Six Months Ended | ||||||||||
June 30, 2013 | June 30, 2012 | % Change | ||||||||
Institutional Accounts | ||||||||||
Assets under management, beginning of period | $ | 24,850 | $ | 25,380 | ||||||
Inflows | 523 | 1,366 | ||||||||
Outflows | (1,956 | ) | (4,218 | ) | ||||||
Net outflows | (1,433 | ) | (2,852 | ) | ||||||
Market appreciation | 1,121 | 3,071 | ||||||||
Total (decrease) increase | (312 | ) | 219 | |||||||
Assets under management, end of period | $ | 24,538 | $ | 25,599 | (4.1 | %) | ||||
Percentage of total assets under management | 51.3 | % | 57.7 | % | ||||||
Average assets under management for period | $ | 25,727 | $ | 25,690 | 0.1 | % | ||||
Open-End Mutual Funds | ||||||||||
Assets under management, beginning of period | $ | 12,962 | $ | 9,619 | ||||||
Inflows | 3,297 | 2,759 | ||||||||
Outflows | (2,279 | ) | (1,528 | ) | ||||||
Net inflows | 1,018 | 1,231 | ||||||||
Market appreciation | 462 | 1,264 | ||||||||
Total increase | 1,480 | 2,495 | ||||||||
Assets under management, end of period | $ | 14,442 | $ | 12,114 | 19.2 | % | ||||
Percentage of total assets under management | 30.2 | % | 27.3 | % | ||||||
Average assets under management for period | $ | 14,404 | $ | 11,055 | 30.3 | % | ||||
Closed-End Mutual Funds | ||||||||||
Assets under management, beginning of period | $ | 7,985 | $ | 6,285 | ||||||
Inflows | 739 | — | ||||||||
Outflows | — | — | ||||||||
Net inflows | 739 | — | ||||||||
Market appreciation | 119 | 393 | ||||||||
Total increase | 858 | 393 | ||||||||
Assets under management, end of period | $ | 8,843 | $ | 6,678 | 32.4 | % | ||||
Percentage of total assets under management | 18.5 | % | 15.0 | % | ||||||
Average assets under management for period | $ | 8,652 | $ | 6,583 | 31.4 | % | ||||
Total | ||||||||||
Assets under management, beginning of period | $ | 45,797 | $ | 41,284 | ||||||
Inflows | 4,559 | 4,125 | ||||||||
Outflows | (4,235 | ) | (5,746 | ) | ||||||
Net inflows (outflows) | 324 | (1,621 | ) | |||||||
Market appreciation | 1,702 | 4,728 | ||||||||
Total increase | 2,026 | 3,107 | ||||||||
Assets under management, end of period | $ | 47,823 | $ | 44,391 | 7.7 | % | ||||
Average assets under management for period | $ | 48,783 | $ | 43,328 | 12.6 | % |
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, 2013 | March 31, 2013 | June 30, 2012 | March 31, 2013 | June 30, 2012 | |||||||||||||
Subadvisory | |||||||||||||||||
Assets under management, beginning of period | $ | 18,321 | $ | 17,582 | $ | 19,605 | |||||||||||
Inflows | 119 | 147 | 191 | ||||||||||||||
Outflows | (1,009 | ) | (504 | ) | (1,540 | ) | |||||||||||
Net outflows | (890 | ) | (357 | ) | (1,349 | ) | |||||||||||
Market (depreciation) appreciation | (269 | ) | 1,096 | 383 | |||||||||||||
Total (decrease) increase | (1,159 | ) | 739 | (966 | ) | ||||||||||||
Assets under management, end of period | $ | 17,162 | $ | 18,321 | $ | 18,639 | (6.3 | %) | (7.9 | %) | |||||||
Percentage of total assets under management | 69.9 | % | 70.2 | % | 72.8 | % | |||||||||||
Average assets under management for period | $ | 18,325 | $ | 17,910 | $ | 18,705 | 2.3 | % | (2.0 | %) | |||||||
Advisory | |||||||||||||||||
Assets under management, beginning of period | $ | 7,760 | $ | 7,268 | $ | 7,003 | |||||||||||
Inflows | 158 | 99 | 105 | ||||||||||||||
Outflows | (357 | ) | (86 | ) | (245 | ) | |||||||||||
Net (outflows) inflows | (199 | ) | 13 | (140 | ) | ||||||||||||
Market (depreciation) appreciation | (185 | ) | 479 | 97 | |||||||||||||
Total (decrease) increase | (384 | ) | 492 | (43 | ) | ||||||||||||
Assets under management, end of period | $ | 7,376 | $ | 7,760 | $ | 6,960 | (4.9 | %) | 6.0 | % | |||||||
Percentage of total assets under management | 30.1 | % | 29.8 | % | 27.2 | % | |||||||||||
Average assets under management for period | $ | 7,757 | $ | 7,462 | $ | 6,791 | 4.0 | % | 14.2 | % | |||||||
Total Institutional Accounts | |||||||||||||||||
Assets under management, beginning of period | $ | 26,081 | $ | 24,850 | $ | 26,608 | |||||||||||
Inflows | 277 | 246 | 296 | ||||||||||||||
Outflows | (1,366 | ) | (590 | ) | (1,785 | ) | |||||||||||
Net outflows | (1,089 | ) | (344 | ) | (1,489 | ) | |||||||||||
Market (depreciation) appreciation | (454 | ) | 1,575 | 480 | |||||||||||||
Total (decrease) increase | (1,543 | ) | 1,231 | (1,009 | ) | ||||||||||||
Assets under management, end of period | $ | 24,538 | $ | 26,081 | $ | 25,599 | (5.9 | %) | (4.1 | %) | |||||||
Average assets under management for period | $ | 26,082 | $ | 25,372 | $ | 25,496 | 2.8 | % | 2.3 | % |
Cohen & Steers, Inc. and Subsidiaries | ||||||||||
Assets Under Management - Institutional Accounts (Unaudited) | ||||||||||
By Investment Relationship | ||||||||||
For the Periods Ended | ||||||||||
(in millions) | ||||||||||
Six Months Ended | ||||||||||
June 30, 2013 | June 30, 2012 | % Change | ||||||||
Subadvisory | ||||||||||
Assets under management, beginning of period | $ | 17,582 | $ | 19,073 | ||||||
Inflows | 266 | 556 | ||||||||
Outflows | (1,513 | ) | (3,275 | ) | ||||||
Net outflows | (1,247 | ) | (2,719 | ) | ||||||
Market appreciation | 827 | 2,285 | ||||||||
Total decrease | (420 | ) | (434 | ) | ||||||
Assets under management, end of period | $ | 17,162 | $ | 18,639 | (7.9 | %) | ||||
Percentage of total assets under management | 69.9 | % | 72.8 | % | ||||||
Average assets under management for period | $ | 18,118 | $ | 19,091 | (5.1 | %) | ||||
Advisory | ||||||||||
Assets under management, beginning of period | $ | 7,268 | $ | 6,307 | ||||||
Inflows | 257 | 810 | ||||||||
Outflows | (443 | ) | (943 | ) | ||||||
Net outflows | (186 | ) | (133 | ) | ||||||
Market appreciation | 294 | 786 | ||||||||
Total increase | 108 | 653 | ||||||||
Assets under management, end of period | $ | 7,376 | $ | 6,960 | 6.0 | % | ||||
Percentage of total assets under management | 30.1 | % | 27.2 | % | ||||||
Average assets under management for period | $ | 7,609 | $ | 6,599 | 15.3 | % | ||||
Total Institutional Accounts | ||||||||||
Assets under management, beginning of period | $ | 24,850 | $ | 25,380 | ||||||
Inflows | 523 | 1,366 | ||||||||
Outflows | (1,956 | ) | (4,218 | ) | ||||||
Net outflows | (1,433 | ) | (2,852 | ) | ||||||
Market appreciation | 1,121 | 3,071 | ||||||||
Total (decrease) increase | (312 | ) | 219 | |||||||
Assets under management, end of period | $ | 24,538 | $ | 25,599 | (4.1 | %) | ||||
Average assets under management for period | $ | 25,727 | $ | 25,690 | 0.1 | % |
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, 2013 | March 31, 2013 | June 30, 2012 | March 31, 2013 | June 30, 2012 | |||||||||||||
U.S. Real Estate | |||||||||||||||||
Assets under management, beginning of period | $ | 24,455 | $ | 22,613 | $ | 21,571 | |||||||||||
Inflows | 793 | 753 | 659 | ||||||||||||||
Outflows | (642 | ) | (450 | ) | (685 | ) | |||||||||||
Net inflows (outflows) | 151 | 303 | (26 | ) | |||||||||||||
Market (depreciation) appreciation | (433 | ) | 1,539 | 633 | |||||||||||||
Total (decrease) increase | (282 | ) | 1,842 | 607 | |||||||||||||
Assets under management, end of period | $ | 24,173 | $ | 24,455 | $ | 22,178 | (1.2 | %) | 9.0 | % | |||||||
Percentage of total assets under management | 50.5 | % | 49.6 | % | 50.0 | % | |||||||||||
Average assets under management for period | $ | 25,118 | $ | 23,541 | $ | 21,701 | 6.7 | % | 15.7 | % | |||||||
Global/International Real Estate | |||||||||||||||||
Assets under management, beginning of period | $ | 11,277 | $ | 11,155 | $ | 13,239 | |||||||||||
Inflows | 555 | 317 | 290 | ||||||||||||||
Outflows | (1,493 | ) | (748 | ) | (1,207 | ) | |||||||||||
Net outflows | (938 | ) | (431 | ) | (917 | ) | |||||||||||
Market (depreciation) appreciation | (416 | ) | 553 | 210 | |||||||||||||
Total (decrease) increase | (1,354 | ) | 122 | (707 | ) | ||||||||||||
Assets under management, end of period | $ | 9,923 | $ | 11,277 | $ | 12,532 | (12.0 | %) | (20.8 | %) | |||||||
Percentage of total assets under management | 20.7 | % | 22.9 | % | 28.2 | % | |||||||||||
Average assets under management for period | $ | 11,116 | $ | 11,239 | $ | 12,326 | (1.1 | %) | (9.8 | %) | |||||||
Preferred Securities | |||||||||||||||||
Assets under management, beginning of period | $ | 4,929 | $ | 4,364 | $ | 2,344 | |||||||||||
Inflows | 655 | 594 | 237 | ||||||||||||||
Outflows | (388 | ) | (147 | ) | (67 | ) | |||||||||||
Net inflows | 267 | 447 | 170 | ||||||||||||||
Market (depreciation) appreciation | (128 | ) | 118 | 34 | |||||||||||||
Total increase | 139 | 565 | 204 | ||||||||||||||
Assets under management, end of period | $ | 5,068 | $ | 4,929 | $ | 2,548 | 2.8 | % | 98.9 | % | |||||||
Percentage of total assets under management | 10.6 | % | 10.0 | % | 5.7 | % | |||||||||||
Average assets under management for period | $ | 5,131 | $ | 4,626 | $ | 2,396 | 10.9 | % | 114.1 | % | |||||||
Global Infrastructure | |||||||||||||||||
Assets under management, beginning of period | $ | 4,176 | $ | 3,509 | $ | 3,160 | |||||||||||
Inflows | 321 | 488 | 22 | ||||||||||||||
Outflows | (41 | ) | (18 | ) | (30 | ) | |||||||||||
Net inflows (outflows) | 280 | 470 | (8 | ) | |||||||||||||
Market (depreciation) appreciation | (132 | ) | 197 | (30 | ) | ||||||||||||
Total increase (decrease) | 148 | 667 | (38 | ) | |||||||||||||
Assets under management, end of period | $ | 4,324 | $ | 4,176 | $ | 3,122 | 3.5 | % | 38.5 | % | |||||||
Percentage of total assets under management | 9.0 | % | 8.5 | % | 7.0 | % | |||||||||||
Average assets under management for period | $ | 4,337 | $ | 3,630 | $ | 3,141 | 19.5 | % | 38.1 | % |
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, 2013 | March 31, 2013 | June 30, 2012 | March 31, 2013 | June 30, 2012 | |||||||||||||
Large Cap Value Stocks | |||||||||||||||||
Assets under management, beginning of period | $ | 3,746 | $ | 3,465 | $ | 3,983 | |||||||||||
Inflows | 5 | 30 | 110 | ||||||||||||||
Outflows | (192 | ) | (64 | ) | (580 | ) | |||||||||||
Net outflows | (187 | ) | (34 | ) | (470 | ) | |||||||||||
Market appreciation (depreciation) | 94 | 315 | (124 | ) | |||||||||||||
Total (decrease) increase | (93 | ) | 281 | (594 | ) | ||||||||||||
Assets under management, end of period | $ | 3,653 | $ | 3,746 | $ | 3,389 | (2.5 | %) | 7.8 | % | |||||||
Percentage of total assets under management | 7.6 | % | 7.6 | % | 7.6 | % | |||||||||||
Average assets under management for period | $ | 3,720 | $ | 3,654 | $ | 3,486 | 1.8 | % | 6.7 | % | |||||||
Other | |||||||||||||||||
Assets under management, beginning of period | $ | 738 | $ | 691 | $ | 593 | |||||||||||
Inflows | 18 | 30 | 55 | ||||||||||||||
Outflows | (40 | ) | (12 | ) | — | ||||||||||||
Net (outflows) inflows | (22 | ) | 18 | 55 | |||||||||||||
Market (depreciation) appreciation | (34 | ) | 29 | (26 | ) | ||||||||||||
Total (decrease) increase | (56 | ) | 47 | 29 | |||||||||||||
Assets under management, end of period | $ | 682 | $ | 738 | $ | 622 | (7.6 | %) | 9.6 | % | |||||||
Percentage of total assets under management | 1.4 | % | 1.5 | % | 1.4 | % | |||||||||||
Average assets under management for period | $ | 732 | $ | 721 | $ | 597 | 1.5 | % | 22.6 | % | |||||||
Total | |||||||||||||||||
Assets under management, beginning of period | $ | 49,321 | $ | 45,797 | $ | 44,890 | |||||||||||
Inflows | 2,347 | 2,212 | 1,373 | ||||||||||||||
Outflows | (2,796 | ) | (1,439 | ) | (2,569 | ) | |||||||||||
Net (outflows) inflows | (449 | ) | 773 | (1,196 | ) | ||||||||||||
Market (depreciation) appreciation | (1,049 | ) | 2,751 | 697 | |||||||||||||
Total (decrease) increase | (1,498 | ) | 3,524 | (499 | ) | ||||||||||||
Assets under management, end of period | $ | 47,823 | $ | 49,321 | $ | 44,391 | (3.0 | %) | 7.7 | % | |||||||
Average assets under management for period | $ | 50,154 | $ | 47,411 | $ | 43,647 | 5.8 | % | 14.9 | % |
Cohen & Steers, Inc. and Subsidiaries | ||||||||||
Assets Under Management (Unaudited) | ||||||||||
By Investment Strategy | ||||||||||
For the Periods Ended | ||||||||||
(in millions) | ||||||||||
Six Months Ended | ||||||||||
June 30, 2013 | June 30, 2012 | % Change | ||||||||
U.S. Real Estate | ||||||||||
Assets under management, beginning of period | $ | 22,613 | $ | 18,505 | ||||||
Inflows | 1,546 | 2,349 | ||||||||
Outflows | (1,092 | ) | (1,173 | ) | ||||||
Net inflows | 454 | 1,176 | ||||||||
Market appreciation | 1,106 | 2,497 | ||||||||
Total increase | 1,560 | 3,673 | ||||||||
Assets under management, end of period | $ | 24,173 | $ | 22,178 | 9.0 | % | ||||
Percentage of total assets under management | 50.5 | % | 50.0 | % | ||||||
Average assets under management for period | $ | 24,330 | $ | 20,777 | 17.1 | % | ||||
Global/International Real Estate | ||||||||||
Assets under management, beginning of period | $ | 11,155 | $ | 13,409 | ||||||
Inflows | 872 | 991 | ||||||||
Outflows | (2,241 | ) | (3,473 | ) | ||||||
Net outflows | (1,369 | ) | (2,482 | ) | ||||||
Market appreciation | 137 | 1,605 | ||||||||
Total decrease | (1,232 | ) | (877 | ) | ||||||
Assets under management, end of period | $ | 9,923 | $ | 12,532 | (20.8 | %) | ||||
Percentage of total assets under management | 20.7 | % | 28.2 | % | ||||||
Average assets under management for period | $ | 11,177 | $ | 12,847 | (13.0 | %) | ||||
Preferred Securities | ||||||||||
Assets under management, beginning of period | $ | 4,364 | $ | 1,964 | ||||||
Inflows | 1,249 | 530 | ||||||||
Outflows | (535 | ) | (118 | ) | ||||||
Net inflows | 714 | 412 | ||||||||
Market (depreciation) appreciation | (10 | ) | 172 | |||||||
Total increase | 704 | 584 | ||||||||
Assets under management, end of period | $ | 5,068 | $ | 2,548 | 98.9 | % | ||||
Percentage of total assets under management | 10.6 | % | 5.7 | % | ||||||
Average assets under management for period | $ | 4,879 | $ | 2,285 | 113.5 | % | ||||
Global Infrastructure | ||||||||||
Assets under management, beginning of period | $ | 3,509 | $ | 3,010 | ||||||
Inflows | 809 | 44 | ||||||||
Outflows | (59 | ) | (47 | ) | ||||||
Net inflows (outflows) | 750 | (3 | ) | |||||||
Market appreciation | 65 | 115 | ||||||||
Total increase | 815 | 112 | ||||||||
Assets under management, end of period | $ | 4,324 | $ | 3,122 | 38.5 | % | ||||
Percentage of total assets under management | 9.0 | % | 7.0 | % | ||||||
Average assets under management for period | $ | 3,984 | $ | 3,131 | 27.2 | % |
Cohen & Steers, Inc. and Subsidiaries | ||||||||||
Assets Under Management (Unaudited) | ||||||||||
By Investment Strategy - continued | ||||||||||
For the Periods Ended | ||||||||||
(in millions) | ||||||||||
Six Months Ended | ||||||||||
June 30, 2013 | June 30, 2012 | % Change | ||||||||
Large Cap Value Stocks | ||||||||||
Assets under management, beginning of period | $ | 3,465 | $ | 3,876 | ||||||
Inflows | 35 | 120 | ||||||||
Outflows | (256 | ) | (935 | ) | ||||||
Net outflows | (221 | ) | (815 | ) | ||||||
Market appreciation | 409 | 328 | ||||||||
Total increase (decrease) | 188 | (487 | ) | |||||||
Assets under management, end of period | $ | 3,653 | $ | 3,389 | 7.8 | % | ||||
Percentage of total assets under management | 7.6 | % | 7.6 | % | ||||||
Average assets under management for period | $ | 3,687 | $ | 3,703 | (0.4 | %) | ||||
Other | ||||||||||
Assets under management, beginning of period | $ | 691 | $ | 520 | ||||||
Inflows | 48 | 91 | ||||||||
Outflows | (52 | ) | — | |||||||
Net (outflows) inflows | (4 | ) | 91 | |||||||
Market (depreciation) appreciation | (5 | ) | 11 | |||||||
Total (decrease) increase | (9 | ) | 102 | |||||||
Assets under management, end of period | $ | 682 | $ | 622 | 9.6 | % | ||||
Percentage of total assets under management | 1.4 | % | 1.4 | % | ||||||
Average assets under management for period | $ | 726 | $ | 585 | 24.1 | % | ||||
Total | ||||||||||
Assets under management, beginning of period | $ | 45,797 | $ | 41,284 | ||||||
Inflows | 4,559 | 4,125 | ||||||||
Outflows | (4,235 | ) | (5,746 | ) | ||||||
Net inflows (outflows) | 324 | (1,621 | ) | |||||||
Market appreciation | 1,702 | 4,728 | ||||||||
Total increase | 2,026 | 3,107 | ||||||||
Assets under management, end of period | $ | 47,823 | $ | 44,391 | 7.7 | % | ||||
Average assets under management for period | $ | 48,783 | $ | 43,328 | 12.6 | % |
Cohen & Steers, Inc. and Subsidiaries | |||||||||||
Assets Under Advisement (Unaudited) | |||||||||||
(in millions) | |||||||||||
As of | |||||||||||
June 30, 2013 | March 31, 2013 | June 30, 2012 | |||||||||
Model-Based Strategies | $ | 3,013 | $ | 3,531 | $ | 7,290 | |||||
Exchange Traded Funds | $ | 3,037 | $ | 3,047 | $ | 3,001 | |||||
Unit Investment Trusts | $ | 1,296 | $ | 1,402 | $ | 1,203 | |||||
Total | $ | 7,346 | $ | 7,980 | $ | 11,494 | |||||
Note: Assets under advisement are defined as assets for which the company does not provide active management and are not included in the company's reported assets under management. |
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