Cohen & Steers Reports First Quarter 2013 Results
Assets Under Management Reach Record $49.3 billion
NEW YORK, April 17, 2013 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported income attributable to common shareholders of $15.1 million, or $0.34 per share (diluted and basic), for the quarter ended March 31, 2013, compared with income attributable to common shareholders of $18.1 million, or $0.41 per share (diluted and basic), for the quarter ended March 31, 2012. Total revenue for the first quarter of 2013 was $72.5 million, an increase of 13.7% from $63.7 million for the first quarter of 2012.
The first quarter 2013 results include after-tax expenses of approximately $0.10 per share associated primarily with the offering of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc. ("MIE"), a closed-end mutual fund. After adjusting for these items, earnings per share would have been $0.44.
Assets Under Management
Assets under management were a record $49.3 billion as of March 31, 2013, an increase of 7.7% from $45.8 billion at December 31, 2012 and an increase of 9.9% from $44.9 billion at March 31, 2012. The increase from December 31, 2012 was due to market appreciation of $2.8 billion and net inflows of $773 million, primarily from preferred securities and global infrastructure strategies. The increase from March 31, 2012 was due to market appreciation of $5.8 billion, partially offset by net outflows of $1.4 billion. Average assets under management were a record $47.4 billion for the quarter ended March 31, 2013, an increase of 5.7% from $44.9 billion for the quarter ended December 31, 2012 and an increase of 10.2% from $43.0 billion for the quarter ended March 31, 2012.
Assets under management for institutional accounts were $26.1 billion as of March 31, 2013, an increase of 5.0% from $24.9 billion at December 31, 2012 and a decrease of 2.0% from $26.6 billion at March 31, 2012. The increase from December 31, 2012 was due to market appreciation of $1.6 billion, partially offset by net outflows of $344 million, primarily from global/international real estate strategies associated with subadvisory relationships. The decrease from March 31, 2012 was due to net outflows of $4.1 billion, primarily from global/international real estate strategies associated with subadvisory relationships, partially offset by market appreciation of $3.5 billion. Average assets under management for institutional accounts were $25.4 billion for the quarter ended March 31, 2013, an increase of 4.1% from $24.4 billion for the quarter ended December 31, 2012 and a decrease of 2.0% from $25.9 billion for the quarter ended March 31, 2012.
Assets under management for open-end mutual funds were a record $14.4 billion as of March 31, 2013, an increase of 11.5% from $13.0 billion at December 31, 2012 and an increase of 24.7% from $11.6 billion at March 31, 2012. The increase from December 31, 2012 was due to market appreciation of $826 million and net inflows of $659 million, primarily from preferred securities and U.S. real estate strategies. The increase from March 31, 2012 was due to market appreciation of $1.7 billion and net inflows of $1.2 billion, primarily from the preferred securities strategy. Average assets under management for open-end mutual funds were a record $13.8 billion for the quarter ended March 31, 2013, an increase of 9.5% from $12.6 billion for the quarter ended December 31, 2012 and an increase of 30.5% from $10.6 billion for the quarter ended March 31, 2012.
Assets under management for closed-end mutual funds were $8.8 billion as of March 31, 2013, an increase of 10.1% from $8.0 billion at December 31, 2012 and an increase of 31.4% from $6.7 billion at March 31, 2012. The increase from December 31, 2012 was due to inflows of $458 million from the launch of MIE and market appreciation of $350 million. The increase from March 31, 2012 was due to net inflows of $1.5 billion, primarily from the launches of Cohen & Steers Limited Duration Preferred and Income Fund, Inc. and MIE, and market appreciation of $637 million. Average assets under management for closed-end mutual funds were $8.3 billion for the quarter ended March 31, 2013, an increase of 4.4% from $7.9 billion for the quarter ended December 31, 2012 and an increase of 25.8% from $6.6 billion for the quarter ended March 31, 2012.
Financial Highlights (Unaudited)
| Three Months Ended |
|||||||||||||
| (in thousands, except per share data or as noted) |
|||||||||||||
| March 31, 2013 |
March 31, 2013 |
March 31, 2012 |
|||||||||||
| As Adjusted * |
|||||||||||||
| Revenue |
$ |
72,459 |
$ |
72,459 |
$ |
63,730 |
|||||||
| Expenses |
$ |
51,749 |
$ |
43,921 |
$ |
38,334 |
|||||||
| Operating income |
$ |
20,710 |
$ |
28,538 |
$ |
25,396 |
|||||||
| Operating margin |
28.6 |
% |
39.4 |
% |
39.8 |
% |
|||||||
| Total non-operating income |
$ |
2,926 |
$ |
2,926 |
$ |
3,017 |
|||||||
| Net income attributable to common shareholders |
$ |
15,141 |
$ |
19,596 |
$ |
18,054 |
|||||||
| Diluted earnings per share attributable to common shareholders |
$ |
0.34 |
$ |
0.44 |
$ |
0.41 |
|||||||
| Assets under management, end of period (in millions) |
$ |
49,321 |
$ |
49,321 |
$ |
44,890 |
|||||||
| Average assets under management for period (in millions) |
$ |
47,411 |
$ |
47,411 |
$ |
43,008 |
|||||||
| * Results exclude expenses of approximately $7.8 million, or $0.10 per diluted share, associated primarily with the offering of MIE. |
|||||||||||||
March 31, 2013, As Adjusted, Compared With March 31, 2012
Total revenue for the first quarter of 2013 was $72.5 million, an increase of 13.7% from $63.7 million for the first quarter of 2012, primarily due to higher average assets under management. Operating expenses for the first quarter of 2013 were $43.9 million, an increase of 14.6% from $38.3 million for the first quarter of 2012, primarily due to increases in employee compensation and benefits, distribution and service fees and general and administrative expenses. Operating income was $28.5 million for the three months ended March 31, 2013, compared with operating income of $25.4 million for the three months ended March 31, 2012. The company's operating margin decreased to 39.4% for the first quarter of 2013 compared with 39.8% for the three months ended March 31, 2012, primarily due to increases in the G&A to revenue and distribution and service fees to revenue ratios, partially offset by a decrease in the compensation to revenue ratio. Non-operating income, excluding net income attributable to redeemable noncontrolling interest, was $2.6 million for the three months ended March 31, 2013, compared with $2.8 million for the three months ended March 31, 2012, primarily due to a reduction in earnings from the company's seed investments.
Balance Sheet Information
As of March 31, 2013, cash, cash equivalents and investments were $166 million. As of March 31, 2013, stockholders' equity was $223 million and the company had no long-term or short-term debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, April 18, 2013 at 11:00 a.m. (ET) to discuss the company's first quarter results. Investors and analysts can access the live conference call by dialing (800) 769-9015 (U.S.) or (212) 231-2915 (international); passcode: 21654566. 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 April 18, 2013 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21654566. 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 with a long history of innovation and a focus on real assets, including real estate, infrastructure and commodities. 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 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, 2012, 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 |
||||||||||||||||
| March 31, 2013 |
December 31, 2012 |
March 31, 2012 |
December 31, 2012 |
March 31, 2012 |
|||||||||||||
| Revenue |
|||||||||||||||||
| Investment advisory and administration fees |
$ |
65,394 |
$ |
63,463 |
$ |
58,155 |
|||||||||||
| Distribution and service fees |
3,434 |
3,205 |
2,501 |
||||||||||||||
| Portfolio consulting and other |
3,631 |
4,427 |
3,074 |
||||||||||||||
| Total revenue |
72,459 |
71,095 |
63,730 |
1.9 |
% |
13.7 |
% |
||||||||||
| Expenses |
|||||||||||||||||
| Employee compensation and benefits |
23,377 |
18,821 |
21,668 |
||||||||||||||
| Distribution and service fees |
15,081 |
7,122 |
6,237 |
||||||||||||||
| General and administrative |
11,179 |
10,370 |
8,537 |
||||||||||||||
| Depreciation and amortization |
1,347 |
1,344 |
1,396 |
||||||||||||||
| Amortization, deferred commissions |
765 |
705 |
496 |
||||||||||||||
| Total expenses |
51,749 |
38,362 |
38,334 |
34.9 |
% |
35.0 |
% |
||||||||||
| Operating income |
20,710 |
32,733 |
25,396 |
(36.7) |
% |
(18.5) |
% |
||||||||||
| Non-operating income |
|||||||||||||||||
| Interest and dividend income - net |
546 |
762 |
621 |
||||||||||||||
| Gain from trading securities - net |
1,624 |
831 |
1,721 |
||||||||||||||
| Gain from available-for-sale securities - net |
491 |
197 |
687 |
||||||||||||||
| Equity in earnings of affiliates |
536 |
336 |
772 |
||||||||||||||
| Other |
(271) |
(595) |
(784) |
||||||||||||||
| Total non-operating income |
2,926 |
1,531 |
3,017 |
91.1 |
% |
(3.0) |
% |
||||||||||
| Income before provision for income taxes |
23,636 |
34,264 |
28,413 |
(31.0) |
% |
(16.8) |
% |
||||||||||
| Provision for income taxes |
8,135 |
12,220 |
10,155 |
||||||||||||||
| Net income |
15,501 |
22,044 |
18,258 |
(29.7) |
% |
(15.1) |
% |
||||||||||
| Less: Net income attributable to redeemable noncontrolling interest |
(360) |
(321) |
(204) |
||||||||||||||
| Net income attributable to common shareholders |
$ |
15,141 |
$ |
21,723 |
$ |
18,054 |
(30.3) |
% |
(16.1) |
% |
|||||||
| Earnings per share attributable to common shareholders |
|||||||||||||||||
| Basic |
$ |
0.34 |
$ |
0.50 |
$ |
0.41 |
(30.8) |
% |
(17.2) |
% |
|||||||
| Diluted |
$ |
0.34 |
$ |
0.49 |
$ |
0.41 |
(30.7) |
% |
(17.1) |
% |
|||||||
| Weighted average shares outstanding |
|||||||||||||||||
| Basic |
44,137 |
43,832 |
43,601 |
||||||||||||||
| Diluted |
44,882 |
44,609 |
44,386 |
||||||||||||||
| Cohen & Steers, Inc. and Subsidiaries |
|||||||||||||||||
| Assets Under Management (Unaudited) |
|||||||||||||||||
| By Investment Vehicle |
|||||||||||||||||
| For the Periods Ended |
|||||||||||||||||
| (in millions) |
|||||||||||||||||
| Three Months Ended |
% Change From |
||||||||||||||||
| March 31, 2013 |
December 31, 2012 |
March 31, 2012 |
December 31, 2012 |
March 31, 2012 |
|||||||||||||
| Institutional Accounts |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
24,850 |
$ |
24,644 |
$ |
25,380 |
|||||||||||
| Inflows |
246 |
385 |
1,070 |
||||||||||||||
| Outflows |
(590) |
(924) |
(2,433) |
||||||||||||||
| Net outflows |
(344) |
(539) |
(1,363) |
||||||||||||||
| Market appreciation |
1,575 |
745 |
2,591 |
||||||||||||||
| Total increase |
1,231 |
206 |
1,228 |
||||||||||||||
| Assets under management, end of period |
$ |
26,081 |
$ |
24,850 |
$ |
26,608 |
5.0 |
% |
(2.0) |
% |
|||||||
| Percentage of total assets under management |
52.9 |
% |
54.3 |
% |
59.3 |
% |
|||||||||||
| Average assets under management for period |
$ |
25,372 |
$ |
24,362 |
$ |
25,884 |
4.1 |
% |
(2.0) |
% |
|||||||
| Open-End Mutual Funds |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
12,962 |
$ |
12,528 |
$ |
9,619 |
|||||||||||
| Inflows |
1,508 |
1,165 |
1,682 |
||||||||||||||
| Outflows |
(849) |
(1,080) |
(744) |
||||||||||||||
| Net inflows |
659 |
85 |
938 |
||||||||||||||
| Market appreciation |
826 |
349 |
1,031 |
||||||||||||||
| Total increase |
1,485 |
434 |
1,969 |
||||||||||||||
| Assets under management, end of period |
$ |
14,447 |
$ |
12,962 |
$ |
11,588 |
11.5 |
% |
24.7 |
% |
|||||||
| Percentage of total assets under management |
29.3 |
% |
28.3 |
% |
25.8 |
% |
|||||||||||
| Average assets under management for period |
$ |
13,788 |
$ |
12,594 |
$ |
10,567 |
9.5 |
% |
30.5 |
% |
|||||||
| Closed-End Mutual Funds |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
7,985 |
$ |
7,773 |
$ |
6,285 |
|||||||||||
| Inflows |
458 |
115 |
— |
||||||||||||||
| Outflows |
— |
— |
— |
||||||||||||||
| Net inflows |
458 |
115 |
— |
||||||||||||||
| Market appreciation |
350 |
97 |
409 |
||||||||||||||
| Total increase |
808 |
212 |
409 |
||||||||||||||
| Assets under management, end of period |
$ |
8,793 |
$ |
7,985 |
$ |
6,694 |
10.1 |
% |
31.4 |
% |
|||||||
| Percentage of total assets under management |
17.8 |
% |
17.4 |
% |
14.9 |
% |
|||||||||||
| Average assets under management for period |
$ |
8,251 |
$ |
7,907 |
$ |
6,557 |
4.4 |
% |
25.8 |
% |
|||||||
| Total |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
45,797 |
$ |
44,945 |
$ |
41,284 |
|||||||||||
| Inflows |
2,212 |
1,665 |
2,752 |
||||||||||||||
| Outflows |
(1,439) |
(2,004) |
(3,177) |
||||||||||||||
| Net inflows (outflows) |
773 |
(339) |
(425) |
||||||||||||||
| Market appreciation |
2,751 |
1,191 |
4,031 |
||||||||||||||
| Total increase |
3,524 |
852 |
3,606 |
||||||||||||||
| Assets under management, end of period |
$ |
49,321 |
$ |
45,797 |
$ |
44,890 |
7.7 |
% |
9.9 |
% |
|||||||
| Average assets under management for period |
$ |
47,411 |
$ |
44,863 |
$ |
43,008 |
5.7 |
% |
10.2 |
% |
|||||||
| 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 |
||||||||||||||||
| March 31, 2013 |
December 31, 2012 |
March 31, 2012 |
December 31, 2012 |
March 31, 2012 |
|||||||||||||
| Subadvisory |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
17,582 |
$ |
17,712 |
$ |
19,073 |
|||||||||||
| Inflows |
147 |
145 |
365 |
||||||||||||||
| Outflows |
(504) |
(735) |
(1,735) |
||||||||||||||
| Net outflows |
(357) |
(590) |
(1,370) |
||||||||||||||
| Market appreciation |
1,096 |
460 |
1,902 |
||||||||||||||
| Total increase (decrease) |
739 |
(130) |
532 |
||||||||||||||
| Assets under management, end of period |
$ |
18,321 |
$ |
17,582 |
$ |
19,605 |
4.2 |
% |
(6.5) |
% |
|||||||
| Percentage of total assets under management |
70.2 |
% |
70.8 |
% |
73.7 |
% |
|||||||||||
| Average assets under management for period |
$ |
17,910 |
$ |
17,273 |
$ |
19,476 |
3.7 |
% |
(8.0) |
% |
|||||||
| Advisory |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
7,268 |
$ |
6,932 |
$ |
6,307 |
|||||||||||
| Inflows |
99 |
240 |
705 |
||||||||||||||
| Outflows |
(86) |
(189) |
(698) |
||||||||||||||
| Net inflows |
13 |
51 |
7 |
||||||||||||||
| Market appreciation |
479 |
285 |
689 |
||||||||||||||
| Total increase |
492 |
336 |
696 |
||||||||||||||
| Assets under management, end of period |
$ |
7,760 |
$ |
7,268 |
$ |
7,003 |
6.8 |
% |
10.8 |
% |
|||||||
| Percentage of total assets under management |
29.8 |
% |
29.2 |
% |
26.3 |
% |
|||||||||||
| Average assets under management for period |
$ |
7,462 |
$ |
7,089 |
$ |
6,408 |
5.3 |
% |
16.4 |
% |
|||||||
| Total Institutional Accounts |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
24,850 |
$ |
24,644 |
$ |
25,380 |
|||||||||||
| Inflows |
246 |
385 |
1,070 |
||||||||||||||
| Outflows |
(590) |
(924) |
(2,433) |
||||||||||||||
| Net outflows |
(344) |
(539) |
(1,363) |
||||||||||||||
| Market appreciation |
1,575 |
745 |
2,591 |
||||||||||||||
| Total increase |
1,231 |
206 |
1,228 |
||||||||||||||
| Assets under management, end of period |
$ |
26,081 |
$ |
24,850 |
$ |
26,608 |
5.0 |
% |
(2.0) |
% |
|||||||
| Average assets under management for period |
$ |
25,372 |
$ |
24,362 |
$ |
25,884 |
4.1 |
% |
(2.0) |
% |
|||||||
| Cohen & Steers, Inc. and Subsidiaries |
|||||||||||||||||
| Assets Under Management (Unaudited) |
|||||||||||||||||
| By Investment Strategy |
|||||||||||||||||
| For the Periods Ended |
|||||||||||||||||
| (in millions) |
|||||||||||||||||
| Three Months Ended |
% Change From |
||||||||||||||||
| March 31, 2013 |
December 31, 2012 |
March 31, 2012 |
December 31, 2012 |
March 31, 2012 |
|||||||||||||
| U.S. Real Estate |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
22,613 |
$ |
22,430 |
$ |
18,505 |
|||||||||||
| Inflows |
753 |
600 |
1,690 |
||||||||||||||
| Outflows |
(450) |
(733) |
(488) |
||||||||||||||
| Net inflows (outflows) |
303 |
(133) |
1,202 |
||||||||||||||
| Market appreciation |
1,539 |
316 |
1,864 |
||||||||||||||
| Total increase |
1,842 |
183 |
3,066 |
||||||||||||||
| Assets under management, end of period |
$ |
24,455 |
$ |
22,613 |
$ |
21,571 |
8.1 |
% |
13.4 |
% |
|||||||
| Percentage of total assets under management |
49.6 |
% |
49.4 |
% |
48.1 |
% |
|||||||||||
| Average assets under management for period |
$ |
23,541 |
$ |
22,088 |
$ |
19,853 |
6.6 |
% |
18.6 |
% |
|||||||
| Global/International Real Estate |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
11,155 |
$ |
11,114 |
$ |
13,409 |
|||||||||||
| Inflows |
317 |
288 |
701 |
||||||||||||||
| Outflows |
(748) |
(964) |
(2,266) |
||||||||||||||
| Net outflows |
(431) |
(676) |
(1,565) |
||||||||||||||
| Market appreciation |
553 |
717 |
1,395 |
||||||||||||||
| Total increase (decrease) |
122 |
41 |
(170) |
||||||||||||||
| Assets under management, end of period |
$ |
11,277 |
$ |
11,155 |
$ |
13,239 |
1.1 |
% |
(14.8) |
% |
|||||||
| Percentage of total assets under management |
22.9 |
% |
24.4 |
% |
29.5 |
% |
|||||||||||
| Average assets under management for period |
$ |
11,239 |
$ |
10,978 |
$ |
13,367 |
2.4 |
% |
(15.9) |
% |
|||||||
| Preferred Securities |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
4,364 |
$ |
3,843 |
$ |
1,964 |
|||||||||||
| Inflows |
594 |
569 |
293 |
||||||||||||||
| Outflows |
(147) |
(138) |
(51) |
||||||||||||||
| Net inflows |
447 |
431 |
242 |
||||||||||||||
| Market appreciation |
118 |
90 |
138 |
||||||||||||||
| Total increase |
565 |
521 |
380 |
||||||||||||||
| Assets under management, end of period |
$ |
4,929 |
$ |
4,364 |
$ |
2,344 |
12.9 |
% |
110.3 |
% |
|||||||
| Percentage of total assets under management |
10.0 |
% |
9.5 |
% |
5.2 |
% |
|||||||||||
| Average assets under management for period |
$ |
4,626 |
$ |
4,139 |
$ |
2,174 |
11.8 |
% |
112.8 |
% |
|||||||
| Global Infrastructure |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
3,509 |
$ |
3,258 |
$ |
3,010 |
|||||||||||
| Inflows |
488 |
184 |
22 |
||||||||||||||
| Outflows |
(18) |
(22) |
(17) |
||||||||||||||
| Net inflows |
470 |
162 |
5 |
||||||||||||||
| Market appreciation |
197 |
89 |
145 |
||||||||||||||
| Total increase |
667 |
251 |
150 |
||||||||||||||
| Assets under management, end of period |
$ |
4,176 |
$ |
3,509 |
$ |
3,160 |
19.0 |
% |
32.2 |
% |
|||||||
| Percentage of total assets under management |
8.5 |
% |
7.7 |
% |
7.0 |
% |
|||||||||||
| Average assets under management for period |
$ |
3,630 |
$ |
3,422 |
$ |
3,121 |
6.1 |
% |
16.3 |
% |
|||||||
| Large Cap Value Stocks |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
3,465 |
$ |
3,602 |
$ |
3,876 |
|||||||||||
| Inflows |
30 |
12 |
10 |
||||||||||||||
| Outflows |
(64) |
(142) |
(355) |
||||||||||||||
| Net outflows |
(34) |
(130) |
(345) |
||||||||||||||
| Market appreciation (depreciation) |
315 |
(7) |
452 |
||||||||||||||
| Total increase (decrease) |
281 |
(137) |
107 |
||||||||||||||
| Assets under management, end of period |
$ |
3,746 |
$ |
3,465 |
$ |
3,983 |
8.1 |
% |
(6.0) |
% |
|||||||
| Percentage of total assets under management |
7.6 |
% |
7.6 |
% |
8.9 |
% |
|||||||||||
| Average assets under management for period |
$ |
3,654 |
$ |
3,539 |
$ |
3,920 |
3.2 |
% |
(6.8) |
% |
|||||||
| Other |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
691 |
$ |
698 |
$ |
520 |
|||||||||||
| Inflows |
30 |
12 |
36 |
||||||||||||||
| Outflows |
(12) |
(5) |
— |
||||||||||||||
| Net inflows |
18 |
7 |
36 |
||||||||||||||
| Market appreciation (depreciation) |
29 |
(14) |
37 |
||||||||||||||
| Total increase (decrease) |
47 |
(7) |
73 |
||||||||||||||
| Assets under management, end of period |
$ |
738 |
$ |
691 |
$ |
593 |
6.8 |
% |
24.5 |
% |
|||||||
| Percentage of total assets under management |
1.5 |
% |
1.5 |
% |
1.3 |
% |
|||||||||||
| Average assets under management for period |
$ |
721 |
$ |
697 |
$ |
573 |
3.4 |
% |
25.8 |
% |
|||||||
| Total |
|||||||||||||||||
| Assets under management, beginning of period |
$ |
45,797 |
$ |
44,945 |
$ |
41,284 |
|||||||||||
| Inflows |
2,212 |
1,665 |
2,752 |
||||||||||||||
| Outflows |
(1,439) |
(2,004) |
(3,177) |
||||||||||||||
| Net inflows (outflows) |
773 |
(339) |
(425) |
||||||||||||||
| Market appreciation |
2,751 |
1,191 |
4,031 |
||||||||||||||
| Total increase |
3,524 |
852 |
3,606 |
||||||||||||||
| Assets under management, end of period |
$ |
49,321 |
$ |
45,797 |
$ |
44,890 |
7.7 |
% |
9.9 |
% |
|||||||
| Average assets under management for period |
$ |
47,411 |
$ |
44,863 |
$ |
43,008 |
5.7 |
% |
10.2 |
% |
|||||||
| Cohen & Steers, Inc. and Subsidiaries |
|||||||||||
| Assets Under Advisement (Unaudited) |
|||||||||||
| (in millions) |
|||||||||||
| As of |
|||||||||||
| March 31, 2013 |
December 31, 2012 |
March 31, 2012 |
|||||||||
| Model-Based Strategies |
$ |
3,531 |
$ |
4,536 |
$ |
5,245 |
|||||
| Exchange Traded Funds |
$ |
3,047 |
$ |
2,804 |
$ |
2,835 |
|||||
| Unit Investment Trusts |
$ |
1,402 |
$ |
1,324 |
$ |
1,217 |
|||||
| Total |
$ |
7,980 |
$ |
8,664 |
$ |
9,297 |
|||||
| Note: Assets under advisement are defined as assets for which the company does not provide active management and are not included in the company's reported assets under management. |
|||||||||||
SOURCE Cohen & Steers, Inc.
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