COHEN & STEERS, INC. 
By NEW YORK, Jan. 25, 2012 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported income attributable to common shareholders of $16.0 million, or $0.36 per diluted share and $0.37 per basic share, for the quarter ended December 31, 2011, compared with income attributable to common shareholders of $12.8 million, or $0.29 per diluted share and $0.30 per basic share, for the quarter ended December 31, 2010. Total revenue for the fourth quarter of 2011 was $59.4 million, an increase of 14.7% from $51.8 million for the fourth quarter of 2010.
The fourth quarter 2010 results included an after-tax expense of approximately $0.06 per share associated primarily with the offering of Cohen & Steers Select Preferred and Income Fund, Inc., a closed-end mutual fund, and an after-tax gain of approximately $0.03 per share due to recoveries on the sale of securities. After adjusting for these items, earnings per share would have been $0.32 for the quarter ended December 31, 2010.
For the year ended December 31, 2011, the company recorded income attributable to common shareholders of $54.3 million, or $1.23 per diluted share and $1.26 per basic share, compared with income attributable to common shareholders of $46.4 million, or $1.07 per diluted share and $1.09 per basic share, for the year ended December 31, 2010. The 2010 results included after-tax gains of approximately $0.17 per share primarily due to recoveries on the sale of securities and the above mentioned after-tax expense of approximately $0.06 per share. After adjusting for these items, earnings per share would have been $0.96 for the year ended December 31, 2010.
Assets Under Management
Assets under management were $41.3 billion as of December 31, 2011, an increase of 6.9% from $38.6 billion at September 30, 2011 and an increase of 19.8% from $34.5 billion at December 31, 2010. The increase from September 30, 2011 was due to market appreciation of $3.7 billion, partially offset by net outflows of $1.1 billion, primarily from global/international real estate strategies. The increase from December 31, 2010 was due to net inflows of $7.4 billion, primarily into U.S. real estate strategies, partially offset by market depreciation of $598 million. Average assets under management were $40.3 billion for the quarter ended December 31, 2011, a decrease of 6.0% from $42.9 billion for the quarter ended September 30, 2011 and an increase of 22.8% from $32.8 billion for the quarter ended December 31, 2010.
Assets under management for institutional accounts were $25.4 billion as of December 31, 2011, an increase of 5.6% from $24.0 billion at September 30, 2011 and an increase of 29.3% from $19.6 billion at December 31, 2010. The increase from September 30, 2011 was due to market appreciation of $2.5 billion, partially offset by net outflows of $1.1 billion, primarily from subadvisory relationships. The increase from December 31, 2010 was due to net inflows of $6.0 billion, primarily from subadvisory relationships, partially offset by market depreciation of $284 million. Average assets under management for institutional accounts were $24.9 billion for the quarter ended December 31, 2011, a decrease of 7.0% from $26.8 billion for the quarter ended September 30, 2011 and an increase of 33.5% from $18.7 billion for the quarter ended December 31, 2010.
Assets under management for open-end mutual funds were $9.6 billion as of December 31, 2011, an increase of 11.7% from $8.6 billion at September 30, 2011 and an increase of 13.4% from $8.5 billion at December 31, 2010. The increase from September 30, 2011 was due to market appreciation of $916 million and net inflows of $91 million. The increase from December 31, 2010 was due to net inflows of $1.3 billion, partially offset by market depreciation of $152 million. Average assets under management for open-end mutual funds were $9.2 billion for the quarter ended December 31, 2011, a decrease of 4.2% from $9.6 billion for the quarter ended September 30, 2011 and an increase of 14.7% from $8.0 billion for the quarter ended December 31, 2010.
Assets under management for closed-end mutual funds were $6.3 billion as of December 31, 2011, an increase of 5.1% from $6.0 billion at September 30, 2011 and a decrease of 1.1% from $6.4 billion at December 31, 2010. The increase from September 30, 2011 was due to market appreciation of $365 million, partially offset by net outflows of $59 million. The decrease from December 31, 2010 was due to market depreciation of $162 million, partially offset by net inflows of $94 million. Average assets under management for closed-end mutual funds were $6.2 billion for the quarter ended December 31, 2011, a decrease of 4.5% from $6.5 billion for the quarter ended September 30, 2011 and an increase of 0.7% from $6.1 billion for the quarter ended December 31, 2010.
Financial Highlights (Unaudited)
(in thousands, except per
share data or as noted) Three Months Ended Year Ended
------------------ ----------
December 31, September December December 31,
2011 30, 2011 31, 2010
------------- ---------- 2011 -------------
---
Revenue $59,416 $61,616 $237,246 $183,738
Expenses $36,617 $39,219 $150,242 $130,952
Operating income $22,799 $22,397 $87,004 $52,786
Operating margin 38.4% 36.3% 36.7% 28.7%
Total non-operating
income (loss) $2,409 $(4,833) $(143) $12,708
Net income attributable to
common shareholders $16,047 $9,606 $54,307 $46,397
Diluted earnings per share
attributable to common
shareholders $0.36 $0.22 $1.23 $1.07
Assets under management,
end of period (in
millions) $41,284 $38,617 $41,284 $34,462
Average assets under
management for period (in
millions) $40,286 $42,852 $40,039 $28,428
Total revenue for the fourth quarter of 2011 was $59.4 million, a decrease of 3.6% from $61.6 million for the third quarter of 2011, as lower average assets under management were partially offset by an increase in the effective fee rate. Operating expenses for the fourth quarter of 2011 were $36.6 million, a decrease of 6.6% from $39.2 million for the third quarter of 2011, primarily due to decreases in employee compensation and benefits, distribution and service fees and general and administrative expenses. Operating income was $22.8 million for the three months ended December 31, 2011, compared with operating income of $22.4 million for the three months ended September 30, 2011. The company's operating margin increased to 38.4% for the fourth quarter of 2011, compared with 36.3% for the three months ended September 30, 2011, due to decreases in operating expenses. Non-operating income was $2.4 million for the three months ended December 31, 2011, compared with a non-operating loss of $4.8 million for the three months ended September 30, 2011, primarily due to gains from the company's seed investments.
Balance Sheet Information
As of December 31, 2011, cash, cash equivalents and investments were $184 million. As of December 31, 2011, stockholders' equity was $231 million and the company had no long-term or short-term debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, January 26, 2012 at 11:00 a.m. (ET) to discuss the company's fourth quarter and full year results. Investors and analysts can access the live conference call by dialing (800) 769-9015 (U.S.) or (212) 231-2912 (international); passcode: 21574301. Participants should plan to register at least 10 minutes before the conference call begins.
A replay of the call will be available for two weeks starting at approximately 1:00 p.m. (ET) on January 26, 2012 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21574301. 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
Cohen & Steers is a manager of portfolios specializing in U.S. and international real estate securities, large cap value stocks, listed infrastructure and utilities, 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 individual and institutional 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, 2010, 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 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
------------------ -------------
December September December September December
31, 30, 31, 30, 31,
--------- ---------- --------- ---------- ---------
2011 2011 2010 2011 2010
---- ---- ---- ---- ----
Revenue
Investment
advisory and
administration
fees $55,310 $58,048 $48,008
Distribution
and service
fees 2,260 2,457 2,419
Portfolio
consulting and
other 1,846 1,111 1,363
----- ----- -----
Total revenue 59,416 61,616 51,790 (3.6%) 14.7%
------ ------ ------
Expenses
Employee
compensation
and benefits 20,694 21,873 20,198
Distribution
and service
fees 5,758 6,205 8,425
General and
administrative 8,380 9,365 8,683
Depreciation
and
amortization 1,296 1,279 1,138
Amortization,
deferred
commissions 489 497 293
--- --- ---
Total expenses 36,617 39,219 38,737 (6.6%) (5.5%)
------ ------ ------
Operating
income 22,799 22,397 13,053 1.8% 74.7%
------ ------ ------
Non-operating income
Interest and
dividend
income -net 269 260 182
Gain from
trading
securities -
net 495 21 -
Gain (loss)
from
available-
for-sale
securities -
net 154 (368) 1,961
Equity in
earnings
(losses) of
affiliates 1,614 (5,248) 2,825
Other (123) 502 166
---- --- ---
Total non-
operating
income (loss) 2,409 (4,833) 5,134 * (53.1%)
----- ------ -----
Income before
provision for
income taxes 25,208 17,564 18,187 43.5% 38.6%
Provision for
income taxes 9,134 8,022 5,436
----- ----- -----
Net income 16,074 9,542 12,751 68.5% 26.1%
Less: Net
(income) loss
attributable
to redeemable
noncontrolling
interest (27) 64 -
--- --- ---
Net income
attributable
to common
shareholders $16,047 $9,606 $12,751 67.1% 25.8%
======= ====== =======
Earnings per share
attributable to common
shareholders
Basic $0.37 $0.22 $0.30 67.0% 24.5%
===== ===== =====
Diluted $0.36 $0.22 $0.29 67.0% 24.3%
===== ===== =====
Weighted average shares
outstanding
Basic 43,249 43,237 42,770
====== ====== ======
Diluted 44,141 44,133 43,608
====== ====== ======
* Not meaningful
Cohen & Steers, Inc.
and Subsidiaries
Condensed Consolidated Statements
of Operations (Unaudited)
For the Periods Ended
(in thousands, except
per share data)
Year Ended
----------
December December
31, 31, % Change
--------- --------- --------
2011 2010
---- ----
Revenue
Investment advisory and
administration fees $221,879 $169,844
Distribution and
service fees 9,718 9,078
Portfolio consulting
and other 5,649 4,816
----- -----
Total revenue 237,246 183,738 29.1%
------- -------
Expenses
Employee compensation
and benefits 84,371 71,658
Distribution and
service fees 23,867 22,631
General and
administrative 35,204 31,173
Depreciation and
amortization 5,056 4,531
Amortization, deferred
commissions 1,744 959
----- ---
Total expenses 150,242 130,952 14.7%
------- -------
Operating income 87,004 52,786 64.8%
------ ------
Non-operating income
Interest and dividend
income -net 1,068 1,453
Gain (loss) from
trading securities -
net 39 (182)
Gain from available-
for-sale securities -
net 376 7,564
Equity in (losses)
earnings of affiliates (3,021) 3,010
Other 1,395 863
----- ---
Total non-operating
(loss) income (143) 12,708 *
---- ------
Income before provision
for income taxes 86,861 65,494 32.6%
Provision for income
taxes 32,584 19,089
------ ------
Net income 54,277 46,405 17.0%
Less: Net loss (income)
attributable to
redeemable
noncontrolling
interest 30 (8)
--- ---
Net income attributable
to common shareholders $54,307 $46,397 17.0%
======= =======
Earnings per share
attributable to common
shareholders
Basic $1.26 $1.09 15.8%
===== =====
Diluted $1.23 $1.07 15.1%
===== =====
Weighted average shares
outstanding
Basic 43,190 42,715
====== ======
Diluted 43,975 43,227
====== ======
* 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
------------------ -------------
December September December September December
31, 30, 31, 30, 31,
--------- ---------- --------- ---------- ---------
2011 2011 2010 2011 2010
---- ---- ---- ---- ----
Institutional Accounts
----------------------
Assets under
management,
beginning of
period $24,026 $27,292 $17,698
------- ------- -------
Inflows 498 2,817 1,411
Outflows (1,598) (1,453) (592)
------ ------ ----
Net (outflows)
inflows (1,100) 1,364 819
Market
appreciation
(depreciation) 2,454 (4,630) 1,108
----- ------ -----
Total increase
(decrease) 1,354 (3,266) 1,927
----- ------ -----
Assets under
management, end
of period $25,380 $24,026 $19,625 5.6% 29.3%
======= ======= =======
Average assets
under
management for
period $24,932 $26,804 $18,671 (7.0%) 33.5%
======= ======= =======
Open-End Mutual Funds
---------------------
Assets under
management,
beginning of
period $8,612 $10,213 $7,638
------ ------- ------
Inflows 908 1,048 880
Outflows (817) (892) (547)
---- ---- ----
Net inflows 91 156 333
Market
appreciation
(depreciation) 916 (1,757) 513
--- ------ ---
Total increase
(decrease) 1,007 (1,601) 846
----- ------ ---
Assets under
management, end
of period $9,619 $8,612 $8,484 11.7% 13.4%
====== ====== ======
Average assets
under
management for
period $9,170 $9,574 $7,994 (4.2%) 14.7%
====== ====== ======
Closed-End Mutual Funds
-----------------------
Assets under
management,
beginning of
period $5,979 $6,809 $5,903
------ ------ ------
Inflows - - 299
Outflows (59) - (60)
--- --- ---
Net (outflows)
inflows (59) - 239
Market
appreciation
(depreciation) 365 (830) 211
--- ---- ---
Total increase
(decrease) 306 (830) 450
--- ---- ---
Assets under
management, end
of period $6,285 $5,979 $6,353 5.1% (1.1%)
====== ====== ======
Average assets
under
management for
period $6,184 $6,474 $6,144 (4.5%) 0.7%
====== ====== ======
Total
-----
Assets under
management,
beginning of
period $38,617 $44,314 $31,239
------- ------- -------
Inflows 1,406 3,865 2,590
Outflows (2,474) (2,345) (1,199)
------ ------ ------
Net (outflows)
inflows (1,068) 1,520 1,391
Market
appreciation
(depreciation) 3,735 (7,217) 1,832
----- ------ -----
Total increase
(decrease) 2,667 (5,697) 3,223
----- ------ -----
Assets under
management, end
of period $41,284 $38,617 $34,462 6.9% 19.8%
======= ======= =======
Average assets
under
management for
period $40,286 $42,852 $32,809 (6.0%) 22.8%
======= ======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods Ended
(in millions)
Year Ended
----------
December December
31, 31, % Change
--------- --------- --------
2011 2010
---- ----
Institutional Accounts
----------------------
Assets under management, beginning
of period $19,625 $12,954
------- -------
Inflows 9,841 6,116
Outflows (3,802) (2,327)
------ ------
Net inflows 6,039 3,789
Market (depreciation) appreciation (284) 2,882
---- -----
Total increase 5,755 6,671
----- -----
Assets under management, end of
period $25,380 $19,625 29.3%
======= =======
Average assets under management for
period $24,175 $15,690 54.1%
======= =======
Open-End Mutual Funds
---------------------
Assets under management, beginning
of period $8,484 $6,285
------ ------
Inflows 4,278 2,915
Outflows (2,991) (2,117)
------ ------
Net inflows 1,287 798
Market (depreciation) appreciation (152) 1,401
---- -----
Total increase 1,135 2,199
----- -----
Assets under management, end of
period $9,619 $8,484 13.4%
====== ======
Average assets under management for
period $9,342 $6,984 33.8%
====== ======
Closed-End Mutual Funds
-----------------------
Assets under management, beginning
of period $6,353 $5,546
------ ------
Inflows 153 340
Outflows (59) (79)
--- ---
Net inflows 94 261
Market (depreciation) appreciation (162) 546
---- ---
Total (decrease) increase (68) 807
--- ---
Assets under management, end of
period $6,285 $6,353 (1.1%)
====== ======
Average assets under management for
period $6,522 $5,754 13.3%
====== ======
Total
-----
Assets under management, beginning
of period $34,462 $24,785
------- -------
Inflows 14,272 9,371
Outflows (6,852) (4,523)
------ ------
Net inflows 7,420 4,848
Market (depreciation) appreciation (598) 4,829
---- -----
Total increase 6,822 9,677
----- -----
Assets under management, end of
period $41,284 $34,462 19.8%
======= =======
Average assets under management for
period $40,039 $28,428 40.8%
======= =======
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
------------------ -------------
December September December September December
31, 30, 31, 30, 31,
--------- ---------- --------- ---------- ---------
2011 2011 2010 2011 2010
---- ---- ---- ---- ----
Subadvisory
-----------
Assets under
management,
beginning of
period $18,266 $20,132 $11,886
------- ------- -------
Inflows 349 2,718 1,196
Outflows (1,429) (1,161) (444)
------ ------ ----
Net (outflows)
inflows (1,080) 1,557 752
Market
appreciation
(depreciation) 1,887 (3,423) 696
----- ------ ---
Total increase
(decrease) 807 (1,866) 1,448
--- ------ -----
Assets under
management, end
of period $19,073 $18,266 $13,334 4.4% 43.0%
======= ======= =======
Average assets
under
management for
period $18,795 $20,233 $12,712 (7.1%) 47.9%
======= ======= =======
Advisory
--------
Assets under
management,
beginning of
period $5,760 $7,160 $5,812
------ ------ ------
Inflows 149 99 215
Outflows (169) (292) (148)
---- ---- ----
Net (outflows)
inflows (20) (193) 67
Market
appreciation
(depreciation) 567 (1,207) 412
--- ------ ---
Total increase
(decrease) 547 (1,400) 479
--- ------ ---
Assets under
management, end
of period $6,307 $5,760 $6,291 9.5% 0.3%
====== ====== ======
Average assets
under
management for
period $6,137 $6,571 $5,959 (6.6%) 3.0%
====== ====== ======
Total Institutional
Accounts
-------------------
Assets under
management,
beginning of
period $24,026 $27,292 $17,698
------- ------- -------
Inflows 498 2,817 1,411
Outflows (1,598) (1,453) (592)
------ ------ ----
Net (outflows)
inflows (1,100) 1,364 819
Market
appreciation
(depreciation) 2,454 (4,630) 1,108
----- ------ -----
Total increase
(decrease) 1,354 (3,266) 1,927
----- ------ -----
Assets under
management, end
of period $25,380 $24,026 $19,625 5.6% 29.3%
======= ======= =======
Average assets
under
management for
period $24,932 $26,804 $18,671 (7.0%) 33.5%
======= ======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management -Institutional Accounts
(Unaudited)
By Investment Relationship
For the Periods Ended
(in millions)
Year Ended
----------
December December
31, 31, % Change
--------- --------- --------
2011 2010
---- ----
Subadvisory
-----------
Assets under
management, beginning
of period $13,334 $8,024
------- ------
Inflows 9,018 4,976
Outflows (3,074) (1,567)
------ ------
Net inflows 5,944 3,409
Market (depreciation)
appreciation (205) 1,901
---- -----
Total increase 5,739 5,310
----- -----
Assets under
management, end of
period $19,073 $13,334 43.0%
======= =======
Average assets under
management for period $17,515 $10,029 74.6%
======= =======
Advisory
--------
Assets under
management, beginning
of period $6,291 $4,930
------ ------
Inflows 823 1,140
Outflows (728) (760)
---- ----
Net inflows 95 380
Market (depreciation)
appreciation (79) 981
--- ---
Total increase 16 1,361
--- -----
Assets under
management, end of
period $6,307 $6,291 0.3%
====== ======
Average assets under
management for period $6,660 $5,661 17.6%
====== ======
Total Institutional Accounts
----------------------------
Assets under
management, beginning
of period $19,625 $12,954
------- -------
Inflows 9,841 6,116
Outflows (3,802) (2,327)
------ ------
Net inflows 6,039 3,789
Market (depreciation)
appreciation (284) 2,882
---- -----
Total increase 5,755 6,671
----- -----
Assets under
management, end of
period $25,380 $19,625 29.3%
======= =======
Average assets under
management for period $24,175 $15,690 54.1%
======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods Ended
(in millions)
Three Months Ended % Change From
------------------ -------------
December September December September December
31, 30, 31, 30, 31,
--------- ---------- --------- ---------- ---------
2011 2011 2010 2011 2010
---- ---- ---- ---- ----
U.S. Real Estate
----------------
Assets under
management,
beginning of
period $16,099 $16,545 $9,343
------- ------- ------
Inflows 749 3,041 854
Outflows (513) (645) (375)
---- ---- ----
Net inflows 236 2,396 479
Market
appreciation
(depreciation) 2,170 (2,842) 684
----- ------ ---
Total increase
(decrease) 2,406 (446) 1,163
----- ---- -----
Assets under
management, end
of period $18,505 $16,099 $10,506 14.9% 76.1%
======= ======= =======
Average assets
under
management for
period $17,339 $17,286 $9,924 0.3% 74.7%
======= ======= ======
Global /International
Real Estate
---------------------
Assets under
management,
beginning of
period $13,734 $17,973 $14,203
------- ------- -------
Inflows 343 384 953
Outflows (1,624) (1,400) (448)
------ ------ ----
Net (outflows)
inflows (1,281) (1,016) 505
Market
appreciation
(depreciation) 956 (3,223) 730
--- ------ ---
Total (decrease)
increase (325) (4,239) 1,235
---- ------ -----
Assets under
management, end
of period $13,409 $13,734 $15,438 (2.4%) (13.1%)
======= ======= =======
Average assets
under
management for
period $13,822 $16,274 $14,780 (15.1%) (6.5%)
======= ======= =======
Large Cap Value Stocks
----------------------
Assets under
management,
beginning of
period $3,470 $4,073 $3,394
------ ------ ------
Inflows 145 144 209
Outflows (116) (172) (222)
---- ---- ----
Net inflows
(outflows) 29 (28) (13)
Market
appreciation
(depreciation) 377 (575) 292
--- ---- ---
Total increase
(decrease) 406 (603) 279
--- ---- ---
Assets under
management, end
of period $3,876 $3,470 $3,673 11.7% 5.5%
====== ====== ======
Average assets
under
management for
period $3,718 $3,739 $3,534 (0.6%) 5.2%
====== ====== ======
Global Infrastructure
---------------------
Assets under
management,
beginning of
period $2,919 $3,260 $2,641
------ ------ ------
Inflows 17 14 203
Outflows (73) (22) (69)
--- --- ---
Net (outflows)
inflows (56) (8) 134
Market
appreciation
(depreciation) 147 (333) 95
--- ---- ---
Total increase
(decrease) 91 (341) 229
--- ---- ---
Assets under
management, end
of period $3,010 $2,919 $2,870 3.1% 4.9%
====== ====== ======
Average assets
under
management for
period $2,970 $3,073 $2,756 (3.4%) 7.8%
====== ====== ======
Preferred Securities
--------------------
Assets under
management,
beginning of
period $1,803 $1,775 $928
------ ------ ---
Inflows 152 246 371
Outflows (52) (73) (21)
--- --- ---
Net inflows 100 173 350
Market
appreciation
(depreciation) 61 (145) 14
--- ---- ---
Total increase 161 28 364
--- --- ---
Assets under
management, end
of period $1,964 $1,803 $1,292 8.9% 52.0%
====== ====== ======
Average assets
under
management for
period $1,894 $1,819 $1,110 4.1% 70.6%
====== ====== ======
Other
-----
Assets under
management,
beginning of
period $592 $688 $730
--- --- ---
Inflows - 36 -
Outflows (96) (33) (64)
--- --- ---
Net (outflows)
inflows (96) 3 (64)
Market
appreciation
(depreciation) 24 (99) 17
--- --- ---
Total decrease (72) (96) (47)
--- --- ---
Assets under
management, end
of period $520 $592 $683 (12.2%) (23.9%)
==== ==== ====
Average assets
under
management for
period $543 $661 $705 (17.9%) (23.0%)
==== ==== ====
Total
-----
Assets under
management,
beginning of
period $38,617 $44,314 $31,239
------- ------- -------
Inflows 1,406 3,865 2,590
Outflows (2,474) (2,345) (1,199)
------ ------ ------
Net (outflows)
inflows (1,068) 1,520 1,391
Market
appreciation
(depreciation) 3,735 (7,217) 1,832
----- ------ -----
Total increase
(decrease) 2,667 (5,697) 3,223
----- ------ -----
Assets under
management, end
of period $41,284 $38,617 $34,462 6.9% 19.8%
======= ======= =======
Average assets
under
management for
period $40,286 $42,852 $32,809 (6.0%) 22.8%
======= ======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods Ended
(in millions)
Year Ended
----------
December December
31, 31, % Change
--------- --------- --------
2011 2010
---- ----
U.S. Real Estate
----------------
Assets under management, beginning
of period $10,506 $8,012
------- ------
Inflows 9,506 2,224
Outflows (1,979) (1,772)
------ ------
Net inflows 7,527 452
Market appreciation 472 2,042
--- -----
Total increase 7,999 2,494
----- -----
Assets under management, end of
period $18,505 $10,506 76.1%
======= =======
Average assets under management for
period $15,043 $8,847 70.0%
======= ======
Global / International Real Estate
----------------------------------
Assets under management, beginning
of period $15,438 $10,401
------- -------
Inflows 2,964 4,779
Outflows (4,010) (1,903)
------ ------
Net (outflows) inflows (1,046) 2,876
Market (depreciation) appreciation (983) 2,161
---- -----
Total (decrease) increase (2,029) 5,037
------ -----
Assets under management, end of
period $13,409 $15,438 (13.1%)
======= =======
Average assets under management for
period $15,789 $12,193 29.5%
======= =======
Large Cap Value Stocks
----------------------
Assets under management, beginning
of period $3,673 $2,550
------ ------
Inflows 710 1,454
Outflows (523) (632)
---- ----
Net inflows 187 822
Market appreciation 16 301
--- ---
Total increase 203 1,123
--- -----
Assets under management, end of
period $3,876 $3,673 5.5%
====== ======
Average assets under management for
period $3,805 $3,136 21.3%
====== ======
Global Infrastructure
---------------------
Assets under management, beginning
of period $2,870 $2,577
------ ------
Inflows 291 246
Outflows (120) (104)
---- ----
Net inflows 171 142
Market (depreciation) appreciation (31) 151
--- ---
Total increase 140 293
--- ---
Assets under management, end of
period $3,010 $2,870 4.9%
====== ======
Average assets under management for
period $3,057 $2,590 18.0%
====== ======
Preferred Securities
--------------------
Assets under management, beginning
of period $1,292 $745
------ ---
Inflows 887 468
Outflows (200) (37)
---- ---
Net inflows 687 431
Market (depreciation) appreciation (15) 116
--- ---
Total increase 672 547
--- ---
Assets under management, end of
period $1,964 $1,292 52.0%
====== ======
Average assets under management for
period $1,698 $878 93.4%
====== ====
Other
-----
Assets under management, beginning
of period $683 $500
--- ---
Inflows 46 200
Outflows (152) (75)
---- ---
Net (outflows) inflows (106) 125
Market (depreciation) appreciation (57) 58
--- ---
Total (decrease) increase (163) 183
---- ---
Assets under management, end of
period $520 $683 (23.9%)
==== ====
Average assets under management for
period $647 $784 (17.5%)
==== ====
Total
-----
Assets under management, beginning
of period $34,462 $24,785
------- -------
Inflows 14,404 9,371
Outflows (6,984) (4,523)
------ ------
Net inflows 7,420 4,848
Market (depreciation) appreciation (598) 4,829
---- -----
Total increase 6,822 9,677
----- -----
Assets under management, end of
period $41,284 $34,462 19.8%
======= =======
Average assets under management for
period $40,039 $28,428 40.8%
======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Advisement (Unaudited)
(in millions)
As of
-----
December September December
31, 30, 31,
--------- ---------- ---------
2011 2011 2010
---- ---- ----
Exchange Traded
Funds $2,380 $2,163 $2,284
------ ------ ------
Model-Based
Strategies $2,009 $902 $555
------ --- ---
Unit Investment
Trusts $1,233 $1,243 $1,428
------ ------ ------
Total $5,622 $4,308 $4,267
====== ====== ======
Note: Assets under advisement are defined as assets
for which the company does not provide active
management.
SOURCE Cohen & Steers, Inc.
