Cohen & Steers Reports Fourth Quarter And Full Year 2012 Results

Jan 23, 2013, 16:30 ET from Cohen & Steers, Inc.

NEW YORK, Jan. 23, 2013 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported income attributable to common shareholders of $21.7 million, or $0.49 per diluted share and $0.50 per basic share, for the quarter ended December 31, 2012, compared with 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. Total revenue for the fourth quarter of 2012 was $71.1 million, an increase of 19.7% from $59.4 million for the fourth quarter of 2011.

For the year ended December 31, 2012, the company recorded income attributable to common shareholders of $66.1 million, or $1.49 per diluted share and $1.51 per basic share, compared with income attributable to common shareholders of $54.3 million, or $1.23 per diluted share and $1.26 per basic share, for the year ended December 31, 2011. The 2012 results included after-tax expenses of approximately $0.21 per share associated primarily with the offering of Cohen & Steers Limited Duration Preferred and Income Fund, Inc. ("LDP"), a closed-end mutual fund. After adjusting for these items, earnings per share would have been $1.70 for the year ended December 31, 2012.

Assets Under Management

Assets under management were a record $45.8 billion as of December 31, 2012, an increase of 1.9% from $44.9 billion at September 30, 2012 and an increase of 10.9% from $41.3 billion at December 31, 2011. The increase from September 30, 2012 was due to market appreciation of $1.2 billion, partially offset by net outflows of $339 million, primarily from global/international real estate strategies. The increase from December 31, 2011 was due to market appreciation of $7.1 billion, partially offset by net outflows of $2.6 billion, primarily from global/international real estate strategies. Average assets under management were $44.9 billion for the quarter ended December 31, 2012, a decrease of 0.7% from $45.2 billion for the quarter ended September 30, 2012 and an increase of 11.4% from $40.3 billion for the quarter ended December 31, 2011.

Assets under management for institutional accounts were $24.9 billion as of December 31, 2012, an increase of 0.8% from $24.6 billion at September 30, 2012 and a decrease of 2.1% from $25.4 billion at December 31, 2011. The increase from September 30, 2012 was due to market appreciation of $745 million, largely offset by net outflows of $539 million, primarily from global/international real estate strategies associated with subadvisory relationships. The decrease from December 31, 2011 was due to net outflows of $5.1 billion, primarily from global/international real estate strategies associated with subadvisory relationships, largely offset by market appreciation of $4.5 billion. Average assets under management for institutional accounts were $24.4 billion for the quarter ended December 31, 2012, a decrease of 4.1% from $25.4 billion for the quarter ended September 30, 2012 and a decrease of 2.3% from $24.9 billion for the quarter ended December 31, 2011.

Assets under management for open-end mutual funds were a record $13.0 billion as of December 31, 2012, an increase of 3.5% from $12.5 billion at September 30, 2012 and an increase of 34.8% from $9.6 billion at December 31, 2011. The increase from September 30, 2012 was due to market appreciation of $349 million and net inflows of $85 million, primarily from the preferred securities strategy. The increase from December 31, 2011 was due to market appreciation of $1.9 billion and net inflows of $1.5 billion, primarily from U.S. real estate and preferred securities strategies. Average assets under management for open-end mutual funds were $12.6 billion for the quarter ended December 31, 2012, an increase of 0.8% from $12.5 billion for the quarter ended September 30, 2012 and an increase of 37.3% from $9.2 billion for the quarter ended December 31, 2011.

Assets under management for closed-end mutual funds were $8.0 billion as of December 31, 2012, an increase of 2.7% from $7.8 billion at September 30, 2012 and an increase of 27.0% from $6.3 billion at December 31, 2011. The increase from September 30, 2012 was due to inflows of $115 million through an increase in the use of the funds' credit facilities and market appreciation of $97 million. The increase from December 31, 2011 was due to inflows of $1.0 billion from the launch of LDP and market appreciation of $696 million. Average assets under management for closed-end mutual funds were $7.9 billion for the quarter ended December 31, 2012, an increase of 8.1% from $7.3 billion for the quarter ended September 30, 2012 and an increase of 27.9% from $6.2 billion for the quarter ended December 31, 2011.

Financial Highlights (Unaudited)

(in thousands, except per share data or as noted)

Three Months Ended

Year Ended

December 31, 2012

December 31, 2011

December 31, 2012

December 31, 2011

Revenue

$

71,095

$

59,416

$

273,553

$

237,246

Expenses

$

38,362

$

36,617

$

177,121

$

150,242

Operating income

$

32,733

$

22,799

$

96,432

$

87,004

Operating margin

46.0

%

38.4

%

35.3

%

36.7

%

Total non-operating income (loss)

$

1,531

$

2,409

$

7,871

$

(143)

Net income attributable to common shareholders

$

21,723

$

16,047

$

66,117

$

54,307

Diluted earnings per share attributable to common shareholders

$

0.49

$

0.36

$

1.49

$

1.23

Assets under management, end of period (in millions)

$

45,797

$

41,284

$

45,797

$

41,284

Average assets under management for period (in millions)

$

44,863

$

40,286

$

44,178

$

40,039

December 31, 2012 Compared with December 31, 2011

Total revenue for the fourth quarter of 2012 was $71.1 million, an increase of 19.7% from $59.4 million for the fourth quarter of 2011, primarily due to higher average assets under management. Operating expenses for the fourth quarter of 2012 were $38.4 million, an increase of 4.8% from $36.6 million for the fourth quarter of 2011, primarily due to higher general and administrative and distribution and service fees expenses, partially offset by lower employee compensation and benefits. Operating income was $32.7 million for the three months ended December 31, 2012, compared with operating income of $22.8 million for the three months ended December 31, 2011. The company's operating margin increased to 46.0% for the fourth quarter of 2012 compared with 38.4% for the three months ended December 31, 2011 primarily due to a decrease in the compensation to revenue ratio. Non-operating income was $1.5 million for the three months ended December 31, 2012, compared with non-operating income of $2.4 million for the three months ended December 31, 2011, primarily due to less earnings from the company's seed investments.

Balance Sheet Information

As of December 31, 2012, cash, cash equivalents and investments were $175 million. As of December 31, 2012, stockholders' equity was $217 million and the company had no long-term or short-term debt.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, January 24, 2013 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) 769-9015 (U.S.) or (212) 231-2915 (international); passcode: 21644440. 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 24, 2013 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21644440. 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 two weeks.

About Cohen & Steers

Founded in 1986, Cohen & Steers is a leading global investment manager focused on global real estate securities, global listed infrastructure, real assets, large cap value stocks and preferred securities. The company also manages alternative investment strategies for qualified investors such as hedged real estate securities portfolios and private real estate strategies. Headquartered in New York City, with offices in London, Brussels, 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 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, 2011, 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 31, 2012

September 30, 2012

December 31, 2011

September 30, 2012

December 31, 2011

Revenue

Investment advisory and administration fees

$

63,463

$

63,224

$

55,310

Distribution and service fees

3,205

2,881

2,260

Portfolio consulting and other

4,427

5,191

1,846

Total revenue

71,095

71,296

59,416

(0.3)

%

19.7

%

Expenses

Employee compensation and benefits

18,821

25,101

20,694

Distribution and service fees

7,122

21,376

5,758

General and administrative

10,370

10,601

8,380

Depreciation and amortization

1,344

1,384

1,296

Amortization, deferred commissions

705

595

489

Total expenses

38,362

59,057

36,617

(35.0)

%

4.8

%

Operating income

32,733

12,239

22,799

167.4

%

43.6

%

Non-operating income

Interest and dividend income - net

762

478

269

Gain from trading securities - net

831

3,999

495

Gain from available-for-sale securities - net

197

437

154

Equity in earnings of affiliates

336

71

1,614

Other

(595)

330

(123)

Total non-operating income

1,531

5,315

2,409

(71.2)

%

(36.4)

%

Income before provision for income taxes

34,264

17,554

25,208

95.2

%

35.9

%

Provision for income taxes

12,220

4,987

9,134

Net income

22,044

12,567

16,074

75.4

%

37.1

%

Less: Net income attributable to redeemable noncontrolling interest

(321)

(2,306)

(27)

Net income attributable to common shareholders

$

21,723

$

10,261

$

16,047

111.7

%

35.4

%

Earnings per share attributable to common shareholders

Basic

$

0.50

$

0.23

$

0.37

111.7

%

33.6

%

Diluted

$

0.49

$

0.23

$

0.36

111.4

%

34.0

%

Weighted average shares outstanding

Basic

43,832

43,822

43,249

Diluted

44,609

44,537

44,141

Cohen & Steers, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

For the Periods Ended

(in thousands, except per share data)

Year Ended

December 31, 2012

December 31, 2011

% Change

Revenue

Investment advisory and administration fees

$

244,529

$

221,879

Distribution and service fees

11,334

9,718

Portfolio consulting and other

17,690

5,649

Total revenue

273,553

237,246

15.3

%

Expenses

Employee compensation and benefits

88,517

84,371

Distribution and service fees

41,270

23,867

General and administrative

39,431

35,204

Depreciation and amortization

5,562

5,056

Amortization, deferred commissions

2,341

1,744

Total expenses

177,121

150,242

17.9

%

Operating income

96,432

87,004

10.8

%

Non-operating income

Interest and dividend income - net

2,530

1,068

Gain from trading securities - net

4,082

39

Gain from available-for-sale securities - net

1,237

376

Equity in earnings (losses) of affiliates

1,050

(3,021)

Other

(1,028)

1,395

Total non-operating income (loss)

7,871

(143)

*

Income before provision for income taxes

104,303

86,861

20.1

%

Provision for income taxes

36,407

32,584

Net income

67,896

54,277

25.1

%

Less: Net (income) loss attributable to redeemable noncontrolling interest

(1,779)

30

Net income attributable to common shareholders

$

66,117

$

54,307

21.7

%

Earnings per share attributable to common shareholders

Basic

$

1.51

$

1.26

20.1

%

Diluted

$

1.49

$

1.23

20.4

%

Weighted average shares outstanding

Basic

43,766

43,190

Diluted

44,482

43,975

* 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 31, 2012

September 30,

2012

December 31, 2011

September 30,

2012

December 31, 2011

Institutional Accounts

Assets under management, beginning of period

$

24,644

$

25,599

$

24,026

Inflows

385

362

498

Outflows

(924)

(2,044)

(1,598)

Net outflows

(539)

(1,682)

(1,100)

Market appreciation

745

727

2,454

Total increase (decrease)

206

(955)

1,354

Assets under management, end of period

$

24,850

$

24,644

$

25,380

0.8

%

(2.1)

%

Average assets under management for period

$

24,362

$

25,393

$

24,932

(4.1)

%

(2.3)

%

Open-End Mutual Funds

Assets under management, beginning of period

$

12,528

$

12,114

$

8,612

Inflows

1,165

1,225

908

Outflows

(1,080)

(1,061)

(817)

Net inflows

85

164

91

Market appreciation

349

250

916

Total increase

434

414

1,007

Assets under management, end of period

$

12,962

$

12,528

$

9,619

3.5

%

34.8

%

Average assets under management for period

$

12,594

$

12,490

$

9,170

0.8

%

37.3

%

Closed-End Mutual Funds

Assets under management, beginning of period

$

7,773

$

6,678

$

5,979

Inflows

115

889

--

Outflows

--

--

(59)

Net inflows (outflows)

115

889

(59)

Market appreciation

97

206

365

Total increase

212

1,095

306

Assets under management, end of period

$

7,985

$

7,773

$

6,285

2.7

%

27.0

%

Average assets under management for period

$

7,907

$

7,312

$

6,184

8.1

%

27.9

%

Total

Assets under management, beginning of period

$

44,945

$

44,391

$

38,617

Inflows

1,665

2,476

1,406

Outflows

(2,004)

(3,105)

(2,474)

Net outflows

(339)

(629)

(1,068)

Market appreciation

1,191

1,183

3,735

Total increase

852

554

2,667

Assets under management,

end of period

$

45,797

$

44,945

$

41,284

1.9

%

10.9

%

Average assets under management for period

$

44,863

$

45,195

$

40,286

(0.7)

%

11.4

%

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management (Unaudited)

By Investment Vehicle

For the Periods Ended

(in millions)

Year Ended

December 31, 2012

December 31, 2011

% Change

Institutional Accounts

Assets under management, beginning of period

$

25,380

$

19,625

Inflows

2,113

9,841

Outflows

(7,186)

(3,802)

Net (outflows) inflows

(5,073)

6,039

Market appreciation (depreciation)

4,543

(284)

Total (decrease) increase

(530)

5,755

Assets under management, end of period

$

24,850

$

25,380

(2.1)

%

Average assets under management for period

$

25,284

$

24,175

4.6

%

Open-End Mutual Funds

Assets under management, beginning of period

$

9,619

$

8,484

Inflows

5,149

4,278

Outflows

(3,669)

(2,991)

Net inflows

1,480

1,287

Market appreciation (depreciation)

1,863

(152)

Total increase

3,343

1,135

Assets under management, end of period

$

12,962

$

9,619

34.8

%

Average assets under management for period

$

11,798

$

9,342

26.3

%

Closed-End Mutual Funds

Assets under management, beginning of period

$

6,285

$

6,353

Inflows

1,004

153

Outflows

--

(59)

Net inflows

1,004

94

Market appreciation (depreciation)

696

(162)

Total increase (decrease)

1,700

(68)

Assets under management, end of period

$

7,985

$

6,285

27.0

%

Average assets under management for period

$

7,096

$

6,522

8.8

%

Total

Assets under management, beginning of period

$

41,284

$

34,462

Inflows

8,266

14,272

Outflows

(10,855)

(6,852)

Net (outflows) inflows

(2,589)

7,420

Market appreciation (depreciation)

7,102

(598)

Total increase

4,513

6,822

Assets under management,

end of period

$

45,797

$

41,284

10.9

%

Average assets under management for period

$

44,178

$

40,039

10.3

%

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 31,

2012

September 30,

2012

December 31,

 2011

September 30,

2012

December 31,

 2011

Subadvisory

Assets under management,

beginning of period

$

17,712

$

18,639

$

18,266

Inflows

145

149

349

Outflows

(735)

(1,549)

(1,429)

Net outflows

(590)

(1,400)

(1,080)

Market appreciation

460

473

1,887

Total (decrease) increase

(130)

(927)

807

Assets under management, end of period

$

17,582

$

17,712

$

19,073

(0.7)

%

(7.8)

%

Average assets under management for period

$

17,273

$

18,492

$

18,795

(6.6)

%

(8.1)

%

Advisory

Assets under management, beginning of period

$

6,932

$

6,960

$

5,760

Inflows

240

213

149

Outflows

(189)

(495)

(169)

Net inflows (outflows)

51

(282)

(20)

Market appreciation

285

254

567

Total increase (decrease)

336

(28)

547

Assets under management, end of period

$

7,268

$

6,932

$

6,307

4.8

%

15.2

%

Average assets under management for period

$

7,089

$

6,901

$

6,137

2.7

%

15.5

%

Total Institutional Accounts

Assets under management, beginning of period

$

24,644

$

25,599

$

24,026

Inflows

385

362

498

Outflows

(924)

(2,044)

(1,598)

Net outflows

(539)

(1,682)

(1,100)

Market appreciation

745

727

2,454

Total increase (decrease)

206

(955)

1,354

Assets under management, end of period

$

24,850

$

24,644

$

25,380

0.8

%

(2.1)

%

Average assets under management for period

$

24,362

$

25,393

$

24,932

(4.1)

%

(2.3)

%

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management - Institutional Accounts (Unaudited)

By Investment Relationship

For the Periods Ended

(in millions)

Year Ended

December 31, 2012

December 31, 2011

% Change

Subadvisory

Assets under management, beginning of period

$

19,073

$

13,334

Inflows

850

9,018

Outflows

(5,559)

(3,074)

Net (outflows) inflows

(4,709)

5,944

Market appreciation (depreciation)

3,218

(205)

Total (decrease) increase

(1,491)

5,739

Assets under management, end of period

$

17,582

$

19,073

(7.8)

%

Average assets under management for period

$

18,437

$

17,515

5.3

%

Advisory

Assets under management, beginning of period

$

6,307

$

6,291

Inflows

1,263

823

Outflows

(1,627)

(728)

Net (outflows) inflows

(364)

95

Market appreciation (depreciation)

1,325

(79)

Total increase

961

16

Assets under management, end of period

$

7,268

$

6,307

15.2

%

Average assets under management for period

$

6,847

$

6,660

2.8

%

Total Institutional Accounts

Assets under management, beginning of period

$

25,380

$

19,625

Inflows

2,113

9,841

Outflows

(7,186)

(3,802)

Net (outflows) inflows

(5,073)

6,039

Market appreciation (depreciation)

4,543

(284)

Total (decrease) increase

(530)

5,755

Assets under management, end of period

$

24,850

$

25,380

(2.1)

%

Average assets under management for period

$

25,284

$

24,175

4.6

%

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management (Unaudited)

By Investment Strategy

For the Periods Ended

(in millions)

Three Months Ended

% Change From

December 31,

 2012

September 30,

2012

December 31,

 2011

September 30,

2012

December 31,

 2011

U.S. Real Estate

Assets under management, beginning of period

$

22,430

$

22,178

$

16,099

Inflows

600

774

749

Outflows

(733)

(552)

(513)

Net (outflows) inflows

(133)

222

236

Market appreciation

316

30

2,170

Total increase

183

252

2,406

Assets under management, end of period

$

22,613

$

22,430

$

18,505

0.8

%

22.2

%

Average assets under management for period

$

22,088

$

22,527

$

17,339

(1.9)

%

27.4

%

Global/International Real Estate

Assets under management, beginning of period

$

11,114

$

12,532

$

13,734

Inflows

288

249

343

Outflows

(964)

(2,301)

(1,624)

Net outflows

(676)

(2,052)

(1,281)

Market appreciation

717

634

956

Total increase (decrease)

41

(1,418)

(325)

Assets under management, end of period

$

11,155

$

11,114

$

13,409

0.4

%

(16.8)

%

Average assets under management for period

$

10,978

$

12,097

$

13,822

(9.3)

%

(20.6)

%

Preferred Securities

Assets under management, beginning of period

$

3,843

$

2,548

$

1,803

Inflows

569

1,331

152

Outflows

(138)

(183)

(52)

Net inflows

431

1,148

100

Market appreciation

90

147

61

Total increase

521

1,295

161

Assets under management, end of period

$

4,364

$

3,843

$

1,964

13.6

%

122.2

%

Average assets under management for period

$

4,139

$

3,236

$

1,894

27.9

%

118.5

%

Global Infrastructure

Assets under management, beginning of period

$

3,258

$

3,122

$

2,919

Inflows

184

27

17

Outflows

(22)

(35)

(73)

Net inflows (outflows)

162

(8)

(56)

Market appreciation

89

144

147

Total increase

251

136

91

Assets under management, end of period

$

3,509

$

3,258

$

3,010

7.7

%

16.6

%

Average assets under management for period

$

3,422

$

3,210

$

2,970

6.6

%

15.2

%

Large Cap Value Stocks

Assets under management, beginning of period

$

3,602

$

3,389

$

3,470

Inflows

12

50

145

Outflows

(142)

(31)

(116)

Net (outflows) inflows

(130)

19

29

Market (depreciation) appreciation

(7)

194

377

Total (decrease) increase

(137)

213

406

Assets under management, end of period

$

3,465

$

3,602

$

3,876

(3.8)

%

(10.6)

%

Average assets under management for period

$

3,539

$

3,473

$

3,718

1.9

%

(4.8)

%

Other

Assets under management, beginning of period

$

698

$

622

$

592

Inflows

12

45

--

Outflows

(5)

(3)

(96)

Net inflows (outflows)

7

42

(96)

Market (depreciation) appreciation

(14)

34

24

Total (decrease) increase

(7)

76

(72)

Assets under management, end of period

$

691

$

698

$

520

(1.0)

%

32.9

%

Average assets under management for period

$

697

$

652

$

543

6.9

%

28.4

%

Total

Assets under management, beginning of period

$

44,945

$

44,391

$

38,617

Inflows

1,665

2,476

1,406

Outflows

(2,004)

(3,105)

(2,474)

Net outflows

(339)

(629)

(1,068)

Market appreciation

1,191

1,183

3,735

Total increase

852

554

2,667

Assets under management, end of period

$

45,797

$

44,945

$

41,284

1.9

%

10.9

%

Average assets under management for period

$

44,863

$

45,195

$

40,286

(0.7)

%

11.4

%

 

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management (Unaudited)

By Investment Strategy

For the Periods Ended

(in millions)

Year Ended

December 31,

2012

December 31,

2011

% Change

U.S. Real Estate

Assets under management,

beginning of period

$

18,505

$

10,506

Inflows

3,723

9,506

Outflows

(2,458)

(1,979)

Net inflows

1,265

7,527

Market appreciation

2,843

472

Total increase

4,108

7,999

Assets under management, end of period

$

22,613

$

18,505

22.2

%

Average assets under management for period

$

21,453

$

15,043

42.6

%

Global/International Real Estate

Assets under management, beginning of period

$

13,409

$

15,438

Inflows

1,528

2,964

Outflows

(6,738)

(4,010)

Net outflows

(5,210)

(1,046)

Market appreciation (depreciation)

2,956

(983)

Total decrease

(2,254)

(2,029)

Assets under management, end of period

$

11,155

$

13,409

(16.8)

%

Average assets under management for period

$

12,277

$

15,789

(22.2)

%

Preferred Securities

Assets under management, beginning of period

$

1,964

$

1,292

Inflows

2,430

887

Outflows

(439)

(200)

Net inflows

1,991

687

Market appreciation (depreciation)

409

(15)

Total increase

2,400

672

Assets under management, end of period

$

4,364

$

1,964

122.2

%

Average assets under management for period

$

2,988

$

1,698

76.0

%

Global Infrastructure

Assets under management, beginning of period

$

3,010

$

2,870

Inflows

255

291

Outflows

(104)

(120)

Net inflows

151

171

Market appreciation (depreciation)

348

(31)

Total increase

499

140

Assets under management, end of period

$

3,509

$

3,010

16.6

%

Average assets under management for period

$

3,206

$

3,057

4.9

%

Large Cap Value Stocks

Assets under management, beginning of period

$

3,876

$

3,673

Inflows

182

710

Outflows

(1,108)

(523)

Net (outflows) inflows

(926)

187

Market appreciation

515

16

Total (decrease) increase

(411)

203

Assets under management, end of period

$

3,465

$

3,876

(10.6)

%

Average assets under management for period

$

3,625

$

3,805

(4.7)

%

Other

Assets under management, beginning of period

$

520

$

683

Inflows

148

46

Outflows

(8)

(152)

Net inflows (outflows)

140

(106)

Market appreciation (depreciation)

31

(57)

Total increase (decrease)

171

(163)

Assets under management, end of period

$

691

$

520

32.9

%

Average assets under management for period

$

629

$

647

(2.8)

%

Total

Assets under management, beginning of period

$

41,284

$

34,462

Inflows

8,266

14,404

Outflows

(10,855)

(6,984)

Net (outflows) inflows

(2,589)

7,420

Market appreciation (depreciation)

7,102

(598)

Total increase

4,513

6,822

Assets under management, end of period

$

45,797

$

41,284

10.9

%

Average assets under management for period

$

44,178

$

40,039

10.3

%

Cohen & Steers, Inc. and Subsidiaries

Assets Under Advisement (Unaudited)

(in millions)

As of

December 31,

2012

September 30,

2012