Cohen & Steers Reports Fourth Quarter And Full Year 2012 Results

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


December 31,

2011







Model-Based Strategies

$

4,536



$

5,605



$

2,009








Exchange Traded Funds

$

2,804



$

2,948



$

2,380








Unit Investment Trusts

$

1,324



$

1,290



$

1,233








Total

$

8,664



$

9,843



$

5,622














Note: Assets under advisement are defined as assets for which the company does not provide active management.

SOURCE Cohen & Steers, Inc.



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