COHEN & STEERS, INC. NEW YORK, Jan. 21, 2015 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $15.7 million, or $0.34 per diluted share and $0.35 per basic share, for the quarter ended December 31, 2014, compared with $19.4 million, or $0.43 per diluted share and $0.44 per basic share, for the quarter ended December 31, 2013. Total revenue for the fourth quarter of 2014 was $81.8 million, an increase of 11.5% from $73.4 million for the fourth quarter of 2013.
For the year ended December 31, 2014, the company recorded net income attributable to common stockholders of $75.5 million, or $1.65 per diluted share and $1.69 per basic share, compared with $68.1 million, or $1.51 per diluted share and $1.54 per basic share, for the year ended December 31, 2013.
The results for the year ended December 31, 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 fund. After adjusting for these items, diluted earnings per share would have been $1.61 for the year ended December 31, 2013.
Financial Highlights (Unaudited)
For the Periods
(in thousands, except per share data) Three Months Ended Year Ended
------------------ ----------
December 31, September 30, % Change December 31, December 31, % Change
2014 2014 2014 2013
---- ---- ---- ----
$
$ 5.4%
Revenue $81,842 80,845 1.2% 313,934 $297,713
$
$ 0.3%
Expenses $49,492 48,518 2.0% 191,993 $191,371
$
$ 14.7%
Operating income $32,350 32,327 0.1% 121,941 $106,342
38.8% 35.7%
Operating margin 39.5% 40.0% (46) bps 312 bps
$
$
Total non-operating (loss) income $(4,541) (3,557) * 73 $(1,978) *
$ 10.9%
Net income attributable to common stockholders $15,698 $18,184 (13.7)% 75,510 $68,119
$
$ 9.5%
Diluted earnings per share attributable to common stockholders $0.34 0.40 (14.0)% 1.65 $1.51
* Not meaningful
Revenue
Revenue for the fourth quarter of 2014 was $81.8 million, an increase of $997,000 from $80.8 million for the third quarter of 2014. Higher average assets under management in institutional accounts and open-end mutual funds resulted in the following revenue increases:
-- $665,000 from institutional accounts; and
-- $429,000 from open-end mutual funds.
Revenue for the year ended December 31, 2014 was $313.9 million, an increase of $16.2 million from $297.7 million for the year ended December 31, 2013.
Expenses
Expenses for the fourth quarter of 2014 were $49.5 million, an increase of $974,000 from $48.5 million for the third quarter of 2014. The change was primarily due to:
-- Higher general and administrative expenses of $1.6 million, primarily
due to higher fund-related expenses as well as increases in hosted and
sponsored conference expenses, including travel; and
-- Lower employee compensation and benefits expenses of $537,000 primarily
attributable to lower production compensation.
Expenses for the year ended December 31, 2014 were $192.0 million, an increase of $622,000 from $191.4 million for the year ended December 31, 2013.
Operating Margin
The company's operating margin decreased to 39.5% for the fourth quarter of 2014 compared with 40.0% for the three months ended September 30, 2014. The operating margin for the year ended December 31, 2014 was 38.8% compared with 35.7% for the year ended December 31, 2013.
Non-operating Income
Non-operating loss for the fourth quarter of 2014 was $4.5 million, an increase of $984,000 from a loss of $3.6 million for the third quarter of 2014, primarily due to unrealized losses on the company's seed investments. The non-operating loss included net losses attributable to redeemable noncontrolling interest of $525,000 and $147,000 for the quarter ended December 31, 2014 and September 30, 2014, respectively. Non-operating income for the year ended December 31, 2014 was $73,000, compared with a non-operating loss of $2.0 million for the year ended December 31, 2013. The non-operating income for the year ended December 31, 2014 included net income attributable to redeemable noncontrolling interest of $224,000 and the non-operating loss for the year ended December 31, 2013 included a net loss attributable to redeemable noncontrolling interest of $4.9 million.
Assets Under Management Highlights (Unaudited)
December 31, 2014 Compared with September 30, 2014
(in millions) Assets Under Management
As of
-----
By Investment Vehicle December 31, September 30, % Change
2014 2014
--- ---- ----
Institutional accounts $26,201 $23,941 9.4%
Open-end mutual funds 17,131 16,116 6.3%
Closed-end funds 9,805 9,638 1.7%
----- -----
Total $53,137 $49,695 6.9%
======= =======
By Investment Strategy
----------------------
U.S. real estate $28,357 $26,226 8.1%
Global/international real
estate 10,184 9,677 5.2%
Preferred securities 6,342 5,766 10.0%
Global listed infrastructure 5,697 5,611 1.5%
Large cap value 1,288 1,260 2.2%
Other 1,269 1,155 9.9%
----- -----
Total $53,137 $49,695 6.9%
======= =======
Assets under management were $53.1 billion as of December 31, 2014, an increase of $3.4 billion from $49.7 billion at September 30, 2014. The increase from September 30, 2014 was attributable to market appreciation of $4.2 billion, partially offset by net outflows of $794 million.
Institutional Accounts
Assets under management in institutional accounts were $26.2 billion as of December 31, 2014, an increase of 9.4% from $23.9 billion at September 30, 2014. The change from September 30, 2014 was due to the following:
-- Market appreciation of $2.5 billion, including $1.9 billion from U.S.
real estate and $577 million from global/international real estate;
-- Net outflows of $169 million from subadvisory relationships, including
net outflows of $713 million from U.S. real estate, partially offset by
net inflows of $254 million into preferred securities, $176 million into
commodities (included in "Other" in the above table) and $114 million
into global listed infrastructure; and
-- Net outflows of $99 million from advisory relationships, including net
outflows of $129 million from global/international real estate,
partially offset by net inflows of $34 million into commodities.
Open-end Mutual Funds
Assets under management for open-end mutual funds were $17.1 billion as of December 31, 2014, an increase of 6.3% from $16.1 billion at September 30, 2014. The change from September 30, 2014 was due to the following:
-- Market appreciation of $1.5 billion, including $1.4 billion from U.S.
real estate and $105 million from global/international real estate; and
-- Net outflows of $526 million, including net outflows of $768 million
from U.S. real estate, partially offset by net inflows of $241 million
into preferred securities.
Closed-end Funds
Assets under management for closed-end funds were $9.8 billion as of December 31, 2014, an increase of 1.7% from $9.6 billion at September 30, 2014. The increase from September 30, 2014 was due to market appreciation of $167 million.
Balance Sheet Information
As of December 31, 2014, cash, cash equivalents and investments were $185 million. As of December 31, 2014, stockholders' equity was $228 million and the company had no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, January 22, 2015 at 11:00 a.m. (ET) to discuss the company's fourth quarter results. Investors and analysts can access the live conference call by dialing 800-758-5606 (U.S.) or +1-212-231-2935 (international); passcode: 21759725. 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 22, 2015 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21759725. 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, along with preferred securities and other income solutions. 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 the company'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
(in thousands, except per share data)
Three Months Ended % Change From
------------------ -------------
December 31, September 30, December 31, September 30, December 31,
2014 2014 2013 2014 2013
---- ---- ---- ---- ----
Revenue
Investment advisory and administration fees $76,063 $75,210 $67,658
Distribution and service fees 3,715 3,738 3,557
Portfolio consulting and other 2,064 1,897 2,217
Total revenue 81,842 80,845 73,432 1.2% 11.5%
------ ------ ------
Expenses
Employee compensation and benefits 26,142 26,679 22,377
Distribution and service fees 8,862 9,048 8,127
General and administrative 12,866 11,313 11,418
Depreciation and amortization 1,169 1,090 1,496
Amortization, deferred commissions 453 388 658
--- --- ---
Total expenses 49,492 48,518 44,076 2.0% 12.3%
------ ------ ------
Operating income 32,350 32,327 29,356 0.1% 10.2%
------ ------ ------
Non-operating income
Interest and dividend income-net 617 610 773
(Loss) gain from trading securities-net (2,622) (2,690) 344
Gain from available-for-sale securities-net 153 760 751
Equity in (losses) earnings of affiliates (2,748) (1,571) 418
Other income (losses) 59 (666) (315)
--- ---- ----
Total non-operating (loss) income (4,541) (3,557) 1,971 * *
------ ------ -----
Income before provision for income taxes 27,809 28,770 31,327 (3.3%) (11.2%)
Provision for income taxes 12,636 10,733 11,899
------ ------ ------
Net income 15,173 18,037 19,428 (15.9%) (21.9%)
Less: Net loss (income) attributable to 525 147 (15)
redeemable noncontrolling interest
Net income attributable to common stockholders $15,698 $18,184 $19,413 (13.7%) (19.1%)
======= ======= =======
Earnings per share attributable to common
stockholders
Basic $0.35 $0.41 $0.44 (13.7%) (20.1%)
===== ===== =====
Diluted $0.34 $0.40 $0.43 (14.0%) (20.1%)
===== ===== =====
Dividends declared per share
Quarterly $0.22 $0.22 $0.20 -% 10.0%
===== ===== =====
Special $1.00 $ - $1.00 * -%
===== === === =====
Weighted average shares outstanding
Basic 44,852 44,839 44,325
====== ====== ======
Diluted 45,866 45,689 45,338
====== ====== ======
* Not meaningful
Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Periods
(in thousands, except per share data)
Year Ended
----------
December 31, December 31, % Change
2014 2013
---- ----
Revenue
Investment advisory and administration fees $291,744 $271,109
Distribution and service fees 14,667 14,359
Portfolio consulting and other 7,523 12,245
Total revenue 313,934 297,713 5.4%
------- -------
Expenses
Employee compensation and benefits 102,732 94,707
Distribution and service fees 35,470 41,247
General and administrative 47,337 46,802
Depreciation and amortization 4,624 5,606
Amortization, deferred commissions 1,830 3,009
----- -----
Total expenses 191,993 191,371 0.3%
------- -------
Operating income 121,941 106,342 14.7%
------- -------
Non-operating income
Interest and dividend income-net 2,058 2,280
Loss from trading securities-net (1,567) (6,612)
Gain from available-for-sale securities-net 2,041 2,259
Equity in (losses) earnings of affiliates (1,955) 840
Other losses (504) (745)
---- ----
Total non-operating income (loss) 73 (1,978) *
--- ------
Income before provision for income taxes 122,014 104,364 16.9%
Provision for income taxes 46,280 41,109
------ ------
Net income 75,734 63,255 19.7%
Less: Net (income) loss attributable to redeemable noncontrolling interest (224) 4,864
---- -----
Net income attributable to common stockholders $75,510 $68,119 10.9%
======= =======
Earnings per share attributable to common stockholders
Basic $1.69 $1.54 9.6%
===== =====
Diluted $1.65 $1.51 9.5%
===== =====
Dividends declared per share
Quarterly $0.88 $0.80 10.0%
===== =====
Special $1.00 $1.00 -%
===== =====
Weighted average shares outstanding
Basic 44,788 44,272
====== ======
Diluted 45,643 45,083
====== ======
* Not meaningful
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods
(in millions)
Three Months Ended % Change From
------------------ -------------
December 31, September 30, December 31, September 30, December 31,
2014 2014 2013 2014 2013
---- ---- ---- ---- ----
Institutional Accounts
----------------------
Assets under management, beginning of period $23,941 $25,728 $23,291
------- ------- -------
Inflows 1,077 893 549
Outflows (1,345) (1,962) (1,232)
------ ------ ------
Net outflows (268) (1,069) (683)
Market appreciation (depreciation) 2,528 (831) 318
Transfers * - 113 -
--- --- ---
Total increase (decrease) 2,260 (1,787) (365)
----- ------ ----
Assets under management, end of period $26,201 $23,941 $22,926 9.4% 14.3%
======= ======= =======
Percentage of total assets under management 49.3% 48.2% 49.9%
==== ==== ====
Average assets under management for period $25,589 $24,944 $23,643 2.6% 8.2%
======= ======= =======
Open-end Mutual Funds
---------------------
Assets under management, beginning of period $16,116 $16,629 $14,262
------- ------- -------
Inflows 1,368 1,542 1,103
Outflows (1,894) (1,439) (1,373)
------ ------ ------
Net (outflows) inflows (526) 103 (270)
Market appreciation (depreciation) 1,541 (503) 24
Transfers * - (113) -
--- ---- ---
Total increase (decrease) 1,015 (513) (246)
----- ---- ----
Assets under management, end of period $17,131 $16,116 $14,016 6.3% 22.2%
======= ======= =======
Percentage of total assets under management 32.2% 32.4% 30.5%
==== ==== ====
Average assets under management for period $16,986 $16,768 $14,336 1.3% 18.5%
======= ======= =======
Closed-end Funds
----------------
Assets under management, beginning of period $9,638 $9,928 $8,783
------ ------ ------
Inflows - - 50
Outflows - - (24)
--- --- ---
Net inflows - - 26
Market appreciation (depreciation) 167 (290) 156
--- ---- ---
Total increase (decrease) 167 (290) 182
--- ---- ---
Assets under management, end of period $9,805 $9,638 $8,965 1.7% 9.4%
====== ====== ======
Percentage of total assets under management 18.5% 19.4% 19.5%
==== ==== ====
Average assets under management for period $9,830 $9,922 $8,991 (0.9%) 9.3%
====== ====== ======
Total
-----
Assets under management, beginning of period $49,695 $52,285 $46,336
------- ------- -------
Inflows 2,445 2,435 1,702
Outflows (3,239) (3,401) (2,629)
------ ------ ------
Net outflows (794) (966) (927)
Market appreciation (depreciation) 4,236 (1,624) 498
----- ------ ---
Total increase (decrease) 3,442 (2,590) (429)
----- ------ ----
Assets under management, end of period $53,137 $49,695 $45,907 6.9% 15.7%
======= ======= =======
Average assets under management for period $52,405 $51,634 $46,970 1.5% 11.6%
======= ======= =======
* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods
(in millions)
Year Ended
----------
December 31, December 31, % Change
2014 2013
---- ----
Institutional Accounts
----------------------
Assets under management, beginning of period $22,926 $24,850
------- -------
Inflows 2,777 1,163
Outflows (4,855) (4,583)
------ ------
Net outflows (2,078) (3,420)
Market appreciation 5,240 1,496
Transfers * 113 -
--- ---
Total increase (decrease) 3,275 (1,924)
----- ------
Assets under management, end of period $26,201 $22,926 14.3%
======= =======
Percentage of total assets under management 49.3% 49.9%
==== ====
Average assets under management for period $24,856 $24,706 0.6%
======= =======
Open-end Mutual Funds
---------------------
Assets under management, beginning of period $14,016 $12,962
------- -------
Inflows 5,897 5,521
Outflows (5,701) (4,819)
------ ------
Net inflows 196 702
Market appreciation 3,032 352
Transfers * (113) -
---- ---
Total increase 3,115 1,054
----- -----
Assets under management, end of period $17,131 $14,016 22.2%
======= =======
Percentage of total assets under management 32.2% 30.5%
==== ====
Average assets under management for period $16,097 $14,382 11.9%
======= =======
Closed-end Funds
----------------
Assets under management, beginning of period $8,965 $7,985
------ ------
Inflows - 789
Outflows - (24)
--- ---
Net inflows - 765
Market appreciation 840 215
--- ---
Total increase 840 980
--- ---
Assets under management, end of period $9,805 $8,965 9.4%
====== ======
Percentage of total assets under management 18.5% 19.5%
==== ====
Average assets under management for period $9,680 $8,790 10.1%
====== ======
Total
-----
Assets under management, beginning of period $45,907 $45,797
------- -------
Inflows 8,674 7,473
Outflows (10,556) (9,426)
------- ------
Net outflows (1,882) (1,953)
Market appreciation 9,112 2,063
----- -----
Total increase 7,230 110
----- ---
Assets under management, end of period $53,137 $45,907 15.7%
======= =======
Average assets under management for period $50,633 $47,878 5.8%
======= =======
* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Account Type
For the Periods
(in millions)
Three Months Ended % Change From
------------------ -------------
December 31, September 30, December 31, September 30, December 31,
2014 2014 2013 2014 2013
---- ---- ---- ---- ----
Subadvisory
-----------
Assets under management, beginning of period $17,092 $18,558 $16,833
------- ------- -------
Inflows 969 529 385
Outflows (1,138) (1,374) (745)
------ ------ ----
Net outflows (169) (845) (360)
Market appreciation (depreciation) 1,934 (621) 220
----- ---- ---
Total increase (decrease) 1,765 (1,466) (140)
----- ------ ----
Assets under management, end of period $18,857 $17,092 $16,693 10.3% 13.0%
======= ======= =======
Percentage of institutional assets under management 72.0% 71.4% 72.8%
==== ==== ====
Average assets under management for period $18,371 $17,869 $17,077 2.8% 7.6%
======= ======= =======
Advisory
--------
Assets under management, beginning of period $6,849 $7,170 $6,458
------ ------ ------
Inflows 108 364 164
Outflows (207) (588) (487)
---- ---- ----
Net outflows (99) (224) (323)
Market appreciation (depreciation) 594 (210) 98
Transfers * - 113 -
--- --- ---
Total increase (decrease) 495 (321) (225)
--- ---- ----
Assets under management, end of period $7,344 $6,849 $6,233 7.2% 17.8%
====== ====== ======
Percentage of institutional assets under management 28.0% 28.6% 27.2%
==== ==== ====
Average assets under management for period $7,218 $7,075 $6,566 2.0% 9.9%
====== ====== ======
Total Institutional Accounts
----------------------------
Assets under management, beginning of period $23,941 $25,728 $23,291
------- ------- -------
Inflows 1,077 893 549
Outflows (1,345) (1,962) (1,232)
------ ------ ------
Net outflows (268) (1,069) (683)
Market appreciation (depreciation) 2,528 (831) 318
Transfers * - 113 -
--- --- ---
Total increase (decrease) 2,260 (1,787) (365)
----- ------ ----
Assets under management, end of period $26,201 $23,941 $22,926 9.4% 14.3%
======= ======= =======
Average assets under management for period $25,589 $24,944 $23,643 2.6% 8.2%
======= ======= =======
* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Account Type
For the Periods
(in millions)
Year Ended
----------
December 31, December 31, % Change
2014 2013
---- ----
Subadvisory
-----------
Assets under management, beginning of period $16,693 $17,582
------- -------
Inflows 2,027 728
Outflows (3,867) (2,646)
------ ------
Net outflows (1,840) (1,918)
Market appreciation 4,004 1,029
----- -----
Total increase (decrease) 2,164 (889)
----- ----
Assets under management, end of period $18,857 $16,693 13.0%
======= =======
Percentage of institutional assets under management 72.0% 72.8%
==== ====
Average assets under management for period $17,962 $17,580 2.2%
======= =======
Advisory
--------
Assets under management, beginning of period $6,233 $7,268
------ ------
Inflows 750 435
Outflows (988) (1,937)
---- ------
Net outflows (238) (1,502)
Market appreciation 1,236 467
Transfers * 113 -
--- ---
Total increase (decrease) 1,111 (1,035)
----- ------
Assets under management, end of period $7,344 $6,233 17.8%
====== ======
Percentage of institutional assets under management 28.0% 27.2%
==== ====
Average assets under management for period $6,894 $7,126 (3.3%)
====== ======
Total Institutional Accounts
----------------------------
Assets under management, beginning of period $22,926 $24,850
------- -------
Inflows 2,777 1,163
Outflows (4,855) (4,583)
------ ------
Net outflows (2,078) (3,420)
Market appreciation 5,240 1,496
Transfers * 113 -
--- ---
Total increase (decrease) 3,275 (1,924)
----- ------
Assets under management, end of period $26,201 $22,926 14.3%
======= =======
Average assets under management for period $24,856 $24,706 0.6%
======= =======
* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods
(in millions)
Three Months Ended % Change From
------------------ -------------
December 31, September 30, December 31, September 30, December 31,
2014 2014 2013 2014 2013
---- ---- ---- ---- ----
U.S. Real Estate
----------------
Assets under management, beginning of period $26,226 $27,404 $23,237
------- ------- -------
Inflows 695 735 766
Outflows (2,183) (1,054) (813)
------ ------ ----
Net outflows (1,488) (319) (47)
Market appreciation (depreciation) 3,619 (859) (74)
----- ---- ---
Total increase (decrease) 2,131 (1,178) (121)
----- ------ ----
Assets under management, end of period $28,357 $26,226 $23,116 8.1% 22.7%
======= ======= =======
Percentage of total assets under management 53.4% 52.8% 50.4%
Average assets under management for period $27,998 $27,422 $23,614 2.1% 18.6%
======= ======= =======
Global/International Real Estate
--------------------------------
Assets under management, beginning of period $9,677 $10,161 $9,630
------ ------- ------
Inflows 408 620 345
Outflows (583) (651) (510)
---- ---- ----
Net outflows (175) (31) (165)
Market appreciation (depreciation) 682 (453) 33
--- ---- ---
Total increase (decrease) 507 (484) (132)
--- ---- ----
Assets under management, end of period $10,184 $9,677 $9,498 5.2% 7.2%
======= ====== ======
Percentage of total assets under management 19.2% 19.5% 20.7%
==== ==== ====
Average assets under management for period $10,021 $10,200 $9,694 (1.8%) 3.4%
======= ======= ======
Preferred Securities
--------------------
Assets under management, beginning of period $5,766 $5,672 $4,820
------ ------ ------
Inflows 783 597 194
Outflows (271) (445) (340)
---- ---- ----
Net inflows (outflows) 512 152 (146)
Market appreciation (depreciation) 64 (58) 48
--- --- ---
Total increase (decrease) 576 94 (98)
--- --- ---
Assets under management, end of period $6,342 $5,766 $4,722 10.0% 34.3%
====== ====== ======
Percentage of total assets under management 11.9% 11.6% 10.3%
==== ==== ====
Average assets under management for period $6,150 $5,675 $4,820 8.4% 27.6%
====== ====== ======
Global Listed Infrastructure
----------------------------
Assets under management, beginning of period $5,611 $5,616 $4,469
------ ------ ------
Inflows 251 326 134
Outflows (84) (144) (57)
--- ---- ---
Net inflows 167 182 77
Market (depreciation) appreciation (81) (187) 168
--- ---- ---
Total increase (decrease) 86 (5) 245
--- --- ---
Assets under management, end of period $5,697 $5,611 $4,714 1.5% 20.9%
====== ====== ======
Percentage of total assets under management 10.7% 11.3% 10.3%
==== ==== ====
Average assets under management for period $5,701 $5,703 $4,661 0.0% 22.3%
====== ====== ======
Large Cap Value
---------------
Assets under management, beginning of period $1,260 $2,285 $3,492
------ ------ ------
Inflows 45 30 8
Outflows (57) (1,064) (902)
--- ------ ----
Net outflows (12) (1,034) (894)
Market appreciation 40 9 309
--- --- ---
Total increase (decrease) 28 (1,025) (585)
--- ------ ----
Assets under management, end of period $1,288 $1,260 $2,907 2.2% (55.7%)
====== ====== ======
Percentage of total assets under management 2.4% 2.5% 6.3%
Average assets under management for period $1,251 $1,484 $3,279 (15.7%) (61.8%)
====== ====== ======
Other
-----
Assets under management, beginning of period $1,155 $1,147 $688
------ ------ ----
Inflows 263 127 255
Outflows (61) (43) (7)
--- --- ---
Net inflows 202 84 248
Market (depreciation) appreciation (88) (76) 14
--- --- ---
Total increase 114 8 262
--- --- ---
Assets under management, end of period $1,269 $1,155 $950 9.9% 33.6%
====== ====== ====
Percentage of total assets under management 2.4% 2.3% 2.1%
=== === ===
Average assets under management for period $1,284 $1,150 $902 11.7% 42.4%
====== ====== ====
Total
-----
Assets under management, beginning of period $49,695 $52,285 $46,336
------- ------- -------
Inflows 2,445 2,435 1,702
Outflows (3,239) (3,401) (2,629)
------ ------ ------
Net outflows (794) (966) (927)
Market appreciation (depreciation) 4,236 (1,624) 498
----- ------ ---
Total increase (decrease) 3,442 (2,590) (429)
----- ------ ----
Assets under management, end of period $53,137 $49,695 $45,907 6.9% 15.7%
======= ======= =======
Average assets under management for period $52,405 $51,634 $46,970 1.5% 11.6%
======= ======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods
(in millions)
Year Ended
----------
December 31, December 31, % Change
2014 2013
---- ----
U.S. Real Estate
----------------
Assets under management, beginning of period $23,116 $22,613
------- -------
Inflows 2,920 3,005
Outflows (4,649) (2,881)
------ ------
Net (outflows) inflows (1,729) 124
Market appreciation 6,748 379
Transfers * 222 -
--- ---
Total increase 5,241 503
----- ---
Assets under management, end of period $28,357 $23,116 22.7%
======= =======
Percentage of total assets under management 53.4% 50.4%
Average assets under management for period $26,585 $23,977 10.9%
======= =======
Global/International Real Estate
--------------------------------
Assets under management, beginning of period $9,498 $11,155
------ -------
Inflows 1,746 1,456
Outflows (2,415) (3,622)
------ ------
Net outflows (669) (2,166)
Market appreciation 1,355 509
----- ---
Total increase (decrease) 686 (1,657)
--- ------
Assets under management, end of period $10,184 $9,498 7.2%
======= ======
Percentage of total assets under management 19.2% 20.7%
==== ====
Average assets under management for period $9,954 $10,429 (4.6%)
====== =======
Preferred Securities
--------------------
Assets under management, beginning of period $4,722 $4,364
------ ------
Inflows 2,258 1,684
Outflows (1,044) (1,251)
------ ------
Net inflows 1,214 433
Market appreciation (depreciation) 406 (75)
--- ---
Total increase 1,620 358
----- ---
Assets under management, end of period $6,342 $4,722 34.3%
====== ======
Percentage of total assets under management 11.9% 10.3%
==== ====
Average assets under management for period $5,550 $4,890 13.5%
====== ======
Global Listed Infrastructure
----------------------------
Assets under management, beginning of period $4,714 $3,509
------ ------
Inflows 1,048 957
Outflows (500) (136)
---- ----
Net inflows 548 821
Market appreciation 435 384
--- ---
Total increase 983 1,205
--- -----
Assets under management, end of period $5,697 $4,714 20.9%
====== ======
Percentage of total assets under management 10.7% 10.3%
==== ====
Average assets under management for period $5,440 $4,257 27.8%
====== ======
Large Cap Value
---------------
Assets under management, beginning of period $2,907 $3,465
------ ------
Inflows 150 51
Outflows (1,810) (1,466)
------ ------
Net outflows (1,660) (1,415)
Market appreciation 263 857
Transfers * (222) -
---- ---
Total decrease (1,619) (558)
------ ----
Assets under management, end of period $1,288 $2,907 (55.7%)
====== ======
Percentage of total assets under management 2.4% 6.3%
Average assets under management for period $1,984 $3,563 (44.3%)
====== ======
Other
-----
Assets under management, beginning of period $950 $691
---- ----
Inflows 552 320
Outflows (138) (70)
---- ---
Net inflows 414 250
Market (depreciation) appreciation (95) 9
--- ---
Total increase 319 259
--- ---
Assets under management, end of period $1,269 $950 33.6%
====== ====
Percentage of total assets under management 2.4% 2.1%
=== ===
Average assets under management for period $1,120 $762 47.0%
====== ====
Total
-----
Assets under management, beginning of period $45,907 $45,797
------- -------
Inflows 8,674 7,473
Outflows (10,556) (9,426)
------- ------
Net outflows (1,882) (1,953)
Market appreciation 9,112 2,063
----- -----
Total increase 7,230 110
----- ---
Assets under management, end of period $53,137 $45,907 15.7%
======= =======
Average assets under management for period $50,633 $47,878 5.8%
======= =======
* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cohen--steers-reports-fourth-quarter-and-full-year-2014-results-300023903.html
SOURCE Cohen & Steers, Inc.
