Cohen & Steers Reports Fourth Quarter And Full Year 2015 Results

20 Jan, 2016, 17:20 ET from Cohen & Steers, Inc.

NEW YORK, Jan. 20, 2016 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $5.9 million, or $0.13 per share (diluted and basic), for the quarter ended December 31, 2015, compared with $15.7 million, or $0.34 per diluted share and $0.35 per basic share, for the quarter ended December 31, 2014. Total revenue for the fourth quarter of 2015 was $81.7 million, compared with $81.8 million for the fourth quarter of 2014.

The fourth quarter 2015 results included an unrealized, non-operating loss of $8.2 million that, due to a change in accounting classification, has been reflected on the condensed consolidated statements of operations. In addition, the fourth quarter 2015 results included a $2.8 million other-than-temporary impairment.

For the year ended December 31, 2015, the company recorded net income attributable to common stockholders of $64.6 million, or $1.41 per diluted share and $1.42 per basic share, compared with $75.5 million, or $1.65 per diluted share and $1.69 per basic share, for the year ended December 31, 2014.

 

Financial Highlights (Unaudited)

For the Periods

(in thousands, except per share data)

 Three Months Ended

Years Ended

December 31, 2015

September 30, 2015

% Change

December 31, 2015

December 31, 2014

% Change

Revenue

$

81,671

$

79,667

2.5

%

$

328,655

$

313,934

4.7

%

Expenses

$

51,319

$

48,190

6.5

%

$

201,106

$

191,993

4.7

%

Operating income

$

30,352

$

31,477

(3.6)

%

$

127,549

$

121,941

4.6

%

Operating margin

37.2

%

39.5

%

(235) bps

38.8

%

38.8

%

(3) bps

Total non-operating (loss) income (1)

$

(12,078)

$

(2,972)

*

$

(14,805)

$

73

*

Net income attributable to common stockholders

$

5,879

$

17,093

(65.6)

%

$

64,551

$

75,510

(14.5)

%

Diluted earnings per share attributable to common stockholders

$

0.13

$

0.37

(65.7)

%

$

1.41

$

1.65

(15.0)

%

 

________________________

 *     

Not meaningful

(1)

Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented.

 

Revenue

Revenue for the fourth quarter of 2015 was $81.7 million, an increase of $2.0 million from $79.7 million for the third quarter of 2015. Higher average assets under management in the quarter resulted in the following increases in investment advisory and administration fees:

  • Open-end mutual fund revenue increased $1.3 million to $34.2 million for the fourth quarter of 2015; and
  • Institutional account revenue increased $0.9 million to $21.5 million for the fourth quarter of 2015.

Revenue for the year ended December 31, 2015 was $328.7 million, an increase of $14.7 million from $313.9 million for the year ended December 31, 2014.

Expenses

Expenses for the fourth quarter of 2015 were $51.3 million, an increase of $3.1 million from $48.2 million for the third quarter of 2015. The change was primarily due to:

  • Higher employee compensation and benefits expenses of $1.5 million, primarily attributable to higher incentive and production compensation; and
  • Higher general and administrative expenses of $1.2 million, primarily due to increased hosted and sponsored conferences and organizational expenses related to the launch of the Cohen & Steers Low Duration Preferred and Income Fund (LPX) during the fourth quarter of 2015.

Expenses for the year ended December 31, 2015 were $201.1 million, an increase of $9.1 million from $192.0 million for the year ended December 31, 2014.

Operating Margin

The company's operating margin decreased to 37.2% for the fourth quarter of 2015 compared with 39.5% for the three months ended September 30, 2015. The operating margin was 38.8% for each of the years ended December 31, 2015 and December 31, 2014, respectively.

Non-operating Income

Non-operating loss for the fourth quarter of 2015 was $12.1 million, compared with a non-operating loss of $3.0 million for the third quarter of 2015. The change was primarily due to an unrealized loss of $8.2 million on a seed investment that, due to third-party shareholder redemptions, was reclassified from available-for-sale investments to equity method investments during the quarter. In addition, non-operating loss for the quarter included a $2.8 million other-than-temporary impairment.

The non-operating loss for the year ended December 31, 2015 was $14.8 million, compared with non-operating income of $73,000 for the year ended December 31, 2014.

Income Taxes

The effective tax rate for the fourth quarter of 2015 was 67.9%, compared with 40.3% for the third quarter of 2015. The increase in the effective tax rate was primarily attributable to the recording of a valuation allowance on the tax benefit associated with the unrealized losses on the company's seed investments during the quarter.

The effective tax rate for the year ended December 31, 2015 was 42.9%, compared with 38.0% for the year ended December 31, 2014.

 

Assets Under Management Highlights (Unaudited)

December 31, 2015 Compared with September 30, 2015

(in millions)

Assets Under Management

As of

By Investment Vehicle

December 31, 2015

September 30, 2015

% Change

    Institutional accounts

$

26,105

$

24,645

5.9

%

    Open-end mutual funds

17,460

16,141

8.2

%

    Closed-end funds

9,029

8,958

0.8

%

Total

$

52,594

$

49,744

5.7

%

By Investment Strategy

    U.S. real estate

$

27,814

$

25,812

7.8

%

    Global/international real estate

9,476

9,379

1.0

%

    Preferred securities

7,705

6,877

12.0

%

    Global listed infrastructure

5,147

5,212

(1.2%)

    Other

2,452

2,464

(0.5%)

Total

$

52,594

$

49,744

5.7

%

 

Assets under management were $52.6 billion as of December 31, 2015, an increase of $2.9 billion from $49.7 billion at September 30, 2015. The increase from September 30, 2015 was attributable to market appreciation of $2.4 billion and net inflows of $450 million.

Institutional Accounts

Assets under management in institutional accounts were $26.1 billion as of December 31, 2015, an increase of 5.9% from $24.6 billion at September 30, 2015. The change from September 30, 2015 was due to the following:

  • Market appreciation of $1.5 billion, including $1.1 billion from U.S. real estate and $387 million from global/international real estate;
  • Net outflows of $95 million from subadvisory relationships, including net outflows of $143 million from global/international real estate, partially offset by net inflows of $43 million into commodities (included in "Other" in the table above); and
  • Net inflows of $60 million into advisory relationships, including net inflows of $106 million into global listed infrastructure and $69 million into preferred securities, partially offset by net outflows of $113 million from global/international real estate.

Open-end Mutual Funds

Assets under management for open-end mutual funds were $17.5 billion as of December 31, 2015, an increase of 8.2% from $16.1 billion at September 30, 2015. The change from September 30, 2015 was due to the following:

  • Market appreciation of $800 million, including $657 million from U.S. real estate, $86 million from preferred securities and $58 million from global/international real estate; and
  • Net inflows of $519 million, including net inflows of $608 million into preferred securities, partially offset by net outflows of $92 million from global/international real estate.

Closed-end Funds

Assets under management for closed-end funds were $9.0 billion at both December 31, 2015 and September 30, 2015.

Balance Sheet Information

As of December 31, 2015, cash, cash equivalents and seed investments were $202 million. As of December 31, 2015, stockholders' equity was $232 million and the company had no debt.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, January 21, 2016 at 11:00 a.m. (ET) to discuss the company's fourth quarter and full year 2015 financial results. Investors and analysts can access the live conference call by dialing 800-954-0628 (U.S.) or +1-415-226-5359 (international); passcode: 21802857. Participants should plan to register at least 10 minutes before the conference call begins. The presentation that will be reviewed as part of the conference call will be available on the company's website at www.cohenandsteers.com under "Company - Investor Relations."

A replay of the call will be available for two weeks starting at approximately 1:00 p.m. (ET) on January 21, 2016 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21802857. 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

Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle.

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, 2014 (the 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, 2015

September 30, 2015

December 31, 2014

September 30, 2015

December 31, 2014

 Revenue

 Investment advisory and administration fees

$

75,269

$

73,487

$

76,063

 Distribution and service fees

4,120

3,961

3,715

 Portfolio consulting and other

2,282

2,219

2,064

 Total revenue

81,671

79,667

81,842

2.5

%

(0.2%)

 Expenses

 Employee compensation and benefits

27,440

25,892

26,142

 Distribution and service fees

8,976

8,578

8,862

 General and administrative

13,390

12,175

12,866

 Depreciation and amortization

1,513

1,545

1,622

 Total expenses

51,319

48,190

49,492

6.5

%

3.7

%

 Operating income

30,352

31,477

32,350

(3.6%)

(6.2%)

 Non-operating income

 Interest and dividend income—net

560

291

617

 Loss from seed investments—net

(12,587)

(2,993)

(5,217)

 Other (losses) income

(51)

(270)

59

Total non-operating loss

(12,078)

(2,972)

(4,541)

*

*

 Income before provision for income taxes

18,274

28,505

27,809

(35.9%)

(34.3%)

 Provision for income taxes

12,446

11,541

12,636

 Net income

5,828

16,964

15,173

(65.6%)

(61.6%)

    Less: Net loss attributable to redeemable noncontrolling interest

51

129

525

 Net income attributable to common stockholders

$

5,879

$

17,093

$

15,698

(65.6%)

(62.5%)

 Earnings per share attributable to common stockholders

 Basic

$

0.13

$

0.38

$

0.35

(65.6%)

(63.1%)

 Diluted

$

0.13

$

0.37

$

0.34

(65.7%)

(62.6%)

 Dividends declared per share

 Quarterly

$

0.25

$

0.25

$

0.22

%

13.6

%

 Special

$

0.50

$

$

1.00

*

(50.0%)

 Weighted average shares outstanding

 Basic

45,524

45,500

44,852

 Diluted

45,969

45,830

45,866

* Not meaningful

 

 

 Cohen & Steers, Inc. and Subsidiaries

 Condensed Consolidated Statements of Operations (Unaudited)

 For the Periods

 (in thousands, except per share data)

Years Ended

December 31, 2015

December 31, 2014

 % Change

 Revenue

 Investment advisory and administration fees

$

303,729

$

291,744

 Distribution and service fees

16,001

14,667

 Portfolio consulting and other

8,925

7,523

 Total revenue

328,655

313,934

4.7

%

 Expenses

 Employee compensation and benefits

107,710

102,732

 Distribution and service fees

36,330

35,470

 General and administrative

50,853

47,337

 Depreciation and amortization

6,213

6,454

 Total expenses

201,106

191,993

4.7

%

 Operating income

127,549

121,941

4.6

%

 Non-operating income

 Interest and dividend income—net

1,600

2,058

 Loss from seed investments—net

(15,402)

(1,481)

 Other losses

(1,003)

(504)

Total non-operating (loss) income

(14,805)

73

*

 Income before provision for income taxes

112,744

122,014

(7.6%)

 Provision for income taxes

48,407

46,280

 Net income

64,337

75,734

(15.0%)

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

214

(224)

 Net income attributable to common stockholders

$

64,551

$

75,510

(14.5%)

 Earnings per share attributable to common stockholders

 Basic

$

1.42

$

1.69

(15.7%)

 Diluted

$

1.41

$

1.65

(15.0%)

 Dividends declared per share

 Quarterly

$

1.00

$

0.88

13.6

%

 Special

$

0.50

$

1.00

(50.0%)

 Weighted average shares outstanding

 Basic

45,433

44,788

 Diluted

45,897

45,643

* 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, 2015

September 30, 2015

December 31, 2014

September 30, 2015

December 31, 2014

Institutional Accounts

Assets under management, beginning of period

$

24,645

$

24,545

$

23,941

    Inflows

567

652

1,077

    Outflows

(602)

(689)

(1,345)

    Net outflows

(35)

(37)

(268)

    Market appreciation

1,495

137

2,528

    Total increase

1,460

100

2,260

Assets under management, end of period

$

26,105

$

24,645

$

26,201

5.9

%

(0.4%)

Percentage of total assets under management

49.6

%

49.5

%

49.3

%

Average assets under management for period

$

25,655

$

24,885

$

25,589

3.1

%

0.3

%

Open-end Mutual Funds

Assets under management, beginning of period

$

16,141

$

16,236

$

16,116

    Inflows

1,838

1,145

1,368

    Outflows

(1,319)

(1,347)

(1,894)

    Net inflows (outflows)

519

(202)

(526)

    Market appreciation

800

107

1,541

    Total increase (decrease)

1,319

(95)

1,015

Assets under management, end of period

$

17,460

$

16,141

$

17,131

8.2

%

1.9

%

Percentage of total assets under management

33.2

%

32.5

%

32.2

%

Average assets under management for period

$

17,114

$

16,433

$

16,986

4.1

%

0.8

%

Closed-end Funds

Assets under management, beginning of period

$

8,958

$

9,367

$

9,638

    Inflows

    Outflows

(34)

    Net outflows

(34)

    Market appreciation (depreciation)

105

(409)

167

    Total increase (decrease)

71

(409)

167

Assets under management, end of period

$

9,029

$

8,958

$

9,805

0.8

%

(7.9%)

Percentage of total assets under management

17.2

%

18.0

%

18.5

%

Average assets under management for period

$

9,198

$

9,349

$

9,830

(1.6%)

(6.4%)

Total

Assets under management, beginning of period

$

49,744

$

50,148

$

49,695

    Inflows

2,405

1,797

2,445

    Outflows

(1,955)

(2,036)

(3,239)

    Net inflows (outflows)

450

(239)

(794)

    Market appreciation (depreciation)

2,400

(165)

4,236

    Total increase (decrease)

2,850

(404)

3,442

Assets under management, end of period

$

52,594

$

49,744

$

53,137

5.7

%

(1.0%)

Average assets under management for period

$

51,967

$

50,667

$

52,405

2.6

%

(0.8%)

 

 

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management (Unaudited)

By Investment Vehicle

For the Periods

(in millions)

Years Ended

December 31, 2015

December 31, 2014

 % Change

Institutional Accounts

Assets under management, beginning of period

$

26,201

$

22,926

    Inflows

2,317

2,777

    Outflows

(3,275)

(4,855)

    Net outflows

(958)

(2,078)

    Market appreciation

862

5,240

    Transfers *

113

    Total (decrease) increase

(96)

3,275

Assets under management, end of period

$

26,105

$

26,201

(0.4%)

Percentage of total assets under management

49.6

%

49.3

%

Average assets under management for period

$

25,884

$

24,856

4.1

%

Open-end Mutual Funds

Assets under management, beginning of period

$

17,131

$

14,016

    Inflows

5,932

5,897

    Outflows

(5,902)

(5,701)

    Net inflows

30

196

    Market appreciation

299

3,032

    Transfers *

(113)

    Total increase

329

3,115

Assets under management, end of period

$

17,460

$

17,131

1.9

%

Percentage of total assets under management

33.2

%

32.2

%

Average assets under management for period

$

17,252

$

16,097

7.2

%

Closed-end Funds

Assets under management, beginning of period

$

9,805

$

8,965

    Inflows

    Outflows

(53)

    Net outflows

(53)

    Market (depreciation) appreciation

(723)

840

    Total (decrease) increase

(776)

840

Assets under management, end of period

$

9,029

$

9,805

(7.9%)

Percentage of total assets under management

17.2

%

18.5

%

Average assets under management for period

$

9,586

$

9,680

(1.0%)

Total

Assets under management, beginning of period

$

53,137

$

45,907

    Inflows

8,249

8,674

    Outflows

(9,230)

(10,556)

    Net outflows

(981)

(1,882)

    Market appreciation

438

9,112

    Total (decrease) increase

(543)

7,230

Assets under management, end of period

$

52,594

$

53,137

(1.0%)

Average assets under management for period

$

52,722

$

50,633

4.1

%

* 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, 2015

September 30, 2015

December 31, 2014

September 30, 2015

December 31, 2014

Subadvisory

Assets under management, beginning of period

$

17,500

$

17,523

$

17,092

    Inflows

385

481

969

    Outflows

(480)

(668)

(1,138)

    Net outflows

(95)

(187)

(169)

    Market appreciation

1,135

164

1,934

    Total increase (decrease)

1,040

(23)

1,765

Assets under management, end of period

$

18,540

$

17,500

$

18,857

5.9

%

(1.7%)

Percentage of institutional assets under management

71.0

%

71.0

%

72.0

%

Average assets under management for period

$

18,180

$

17,774

$

18,371

2.3

%

(1.0%)

Advisory

Assets under management, beginning of period

$

7,145

$

7,022

$

6,849

    Inflows

182

171

108

    Outflows

(122)

(21)

(207)

    Net inflows (outflows)

60

150

(99)

    Market appreciation (depreciation)

360

(27)

594

    Total increase

420

123

495

Assets under management, end of period

$

7,565

$

7,145

$

7,344

5.9

%

3.0

%

Percentage of institutional assets under management

29.0

%

29.0

%

28.0

%

Average assets under management for period

$

7,475

$

7,111

$

7,218

5.1

%

3.6

%

Total Institutional Accounts

Assets under management, beginning of period

$

24,645

$

24,545

$

23,941

    Inflows

567

652

1,077

    Outflows

(602)

(689)

(1,345)

    Net outflows

(35)

(37)

(268)

    Market appreciation

1,495

137

2,528

    Total increase

1,460

100

2,260

Assets under management, end of period

$

26,105

$

24,645

$

26,201

5.9

%

(0.4%)

Average assets under management for period

$

25,655

$

24,885

$

25,589

3.1

%

0.3

%

 

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management - Institutional Accounts (Unaudited)

By Account Type

For the Periods

(in millions)

Years Ended

December 31, 2015

December 31, 2014

 % Change

Subadvisory

Assets under management, beginning of period

$

18,857

$

16,693

    Inflows

1,564

2,027

    Outflows

(2,516)

(3,867)

    Net outflows

(952)

(1,840)

    Market appreciation

635

4,004

    Total (decrease) increase

(317)

2,164

Assets under management, end of period

$

18,540

$

18,857

(1.7%)

Percentage of institutional assets under management

71.0

%

72.0

%

Average assets under management for period

$

18,510

$

17,962

3.1

%

Advisory

Assets under management, beginning of period

$

7,344

$

6,233

    Inflows

753

750

    Outflows

(759)

(988)

    Net outflows

(6)

(238)

    Market appreciation

227

1,236

    Transfers *

113

    Total increase

221

1,111

Assets under management, end of period

$

7,565

$

7,344

3.0

%

Percentage of institutional assets under management

29.0

%

28.0

%

Average assets under management for period

$

7,374

$

6,894

7.0

%

Total Institutional Accounts

Assets under management, beginning of period

$

26,201

$

22,926

    Inflows

2,317

2,777

    Outflows

(3,275)

(4,855)

    Net outflows

(958)

(2,078)

    Market appreciation

862

5,240

    Transfers *

113

    Total (decrease) increase

(96)

3,275

Assets under management, end of period

$

26,105

$

26,201

(0.4%)

Average assets under management for period

$

25,884

$

24,856

4.1

%

* 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, 2015

September 30, 2015

December 31, 2014

September 30, 2015

December 31, 2014

U.S. Real Estate

Assets under management, beginning of period

$

25,812

$

25,604

$

26,226

    Inflows

861

618

695

    Outflows

(755)

(1,135)

(2,183)

    Net inflows (outflows)

106

(517)

(1,488)

    Market appreciation

1,896

725

3,619

    Total increase

2,002

208

2,131

Assets under management, end of period

$

27,814

$

25,812

$

28,357

7.8

%

(1.9%)

Percentage of total assets under management

52.9

%

51.9

%

53.4

%

Average assets under management for period

$

27,195

$

26,130

$

27,998

4.1

%

(2.9%)

Global/International Real Estate

Assets under management, beginning of period

$

9,379

$

9,654

$

9,677

    Inflows

140

170

408

    Outflows

(488)

(378)

(583)

    Net outflows

(348)

(208)

(175)

    Market appreciation (depreciation)

445

(67)

682

    Total increase (decrease)

97

(275)

507

Assets under management, end of period

$

9,476

$

9,379

$

10,184

1.0

%

(7.0%)

Percentage of total assets under management

18.0

%

18.9

%

19.2

%

Average assets under management for period

$

9,605

$

9,633

$

10,021

(0.3%)

(4.2%)

Preferred Securities

Assets under management, beginning of period

$

6,877

$

6,742

$

5,766

    Inflows

1,110

476

783

    Outflows

(432)

(309)

(271)

    Net inflows

678

167

512

    Market appreciation (depreciation)

150

(32)

64

    Total increase

828

135

576

Assets under management, end of period

$

7,705

$

6,877

$

6,342

12.0

%

21.5

%

Percentage of total assets under management

14.6

%

13.8

%

11.9

%

Average assets under management for period

$

7,343

$

6,843

$

6,150

7.3

%

19.4

%

Global Listed Infrastructure

Assets under management, beginning of period

$

5,212

$

5,422

$

5,611

    Inflows

193

418

251

    Outflows

(136)

(116)

(84)

    Net inflows

57

302

167

    Market depreciation

(122)

(512)

(81)

    Total (decrease) increase

(65)

(210)

86

Assets under management, end of period

$

5,147

$

5,212

$

5,697

(1.2%)

(9.7%)

Percentage of total assets under management

9.8

%

10.5

%

10.7

%

Average assets under management for period

$

5,324

$

5,464

$

5,701

(2.6%)

(6.6%)

 

Other

Assets under management, beginning of period

$

2,464

$

2,726

$

2,415

    Inflows

101

115

308

    Outflows

(144)

(98)

(118)

    Net (outflows) inflows

(43)

17

190

    Market appreciation (depreciation)

31

(279)

(48)

    Total (decrease) increase

(12)

(262)

142

Assets under management, end of period

$

2,452

$

2,464

$

2,557

(0.5%)

(4.1%)

Percentage of total assets under management

4.7

%

4.9

%

4.8

%

Average assets under management for period

$

2,500

$

2,597

$

2,535

(3.7%)

(1.4%)

Total

Assets under management, beginning of period

$

49,744

$

50,148

$

49,695

    Inflows

2,405

1,797

2,445

    Outflows

(1,955)

(2,036)

(3,239)

    Net inflows (outflows)

450

(239)

(794)

    Market appreciation (depreciation)

2,400

(165)

4,236

    Total increase (decrease)

2,850

(404)

3,442

Assets under management, end of period

$

52,594

$

49,744

$

53,137

5.7

%

(1.0%)

Average assets under management for period

$

51,967

$

50,667

$

52,405

2.6

%

(0.8%)

 

 

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management (Unaudited)

By Investment Strategy

For the Periods

(in millions)

Years Ended

December 31, 2015

December 31, 2014

 % Change

U.S. Real Estate

Assets under management, beginning of period

$

28,357

$

23,116

    Inflows

2,860

2,920

    Outflows

(4,448)

(4,649)

    Net outflows

(1,588)

(1,729)

    Market appreciation

1,045

6,748

    Transfers *

222

    Total (decrease)  increase

(543)

5,241

Assets under management, end of period

$

27,814

$

28,357

(1.9%)

Percentage of total assets under management

52.9

%

53.4

%

Average assets under management for period

$

27,663

$

26,585

4.1

%

Global/International Real Estate

Assets under management, beginning of period

$

10,184

$

9,498

    Inflows

975

1,746

    Outflows

(2,063)

(2,415)

    Net outflows

(1,088)

(669)

    Market appreciation

380

1,355

    Total (decrease) increase

(708)

686

Assets under management, end of period

$

9,476

$

10,184

(7.0%)

Percentage of total assets under management

18.0

%

19.2

%

Average assets under management for period

$

9,938

$

9,954

(0.2%)

Preferred Securities

Assets under management, beginning of period

$

6,342

$

4,722

    Inflows

2,930

2,258

    Outflows

(1,715)

(1,044)

    Net inflows

1,215

1,214

    Market appreciation

148

406

    Total increase

1,363

1,620

Assets under management, end of period

$

7,705

$

6,342

21.5

%

Percentage of total assets under management

14.6

%

11.9

%

Average assets under management for period

$

6,915

$

5,550

24.6

%

Global Listed Infrastructure

Assets under management, beginning of period

$

5,697

$

4,714

    Inflows

905

1,048

    Outflows

(609)

(500)

    Net inflows

296

548

    Market (depreciation)  appreciation

(846)

435

    Total (decrease) increase

(550)

983

Assets under management, end of period

$

5,147

$

5,697

(9.7%)

Percentage of total assets under management

9.8

%

10.7

%

Average assets under management for period

$

5,559

$

5,440

2.2

%

 

Other

Assets under management, beginning of period

$

2,557

$

3,857

    Inflows

579

702

    Outflows

(395)

(1,948)

    Net inflows (outflows)

184

(1,246)

    Market (depreciation) appreciation

(289)

168

    Transfers *

(222)

    Total decrease

(105)

(1,300)

Assets under management, end of period

$

2,452

$

2,557

(4.1%)

Percentage of total assets under management

4.7

%

4.8

%

Average assets under management for period

$

2,647

$

3,104

(14.7%)

Total

Assets under management, beginning of period

$

53,137

$

45,907

    Inflows

8,249

8,674

    Outflows

(9,230)

(10,556)

    Net outflows

(981)

(1,882)

    Market appreciation

438

9,112

    Total (decrease) increase

(543)

7,230

Assets under management, end of period

$

52,594

$

53,137

(1.0%)

Average assets under management for period

$

52,722

$

50,633

4.1

%

* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).

 

SOURCE Cohen & Steers, Inc.



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