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Cohen & Steers Reports Fourth Quarter And Full Year 2013 Results

NEW YORK, Jan. 22, 2014 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common shareholders of $19.4 million, or $0.43 per diluted share and $0.44 per basic share, for the quarter ended December 31, 2013, compared with $21.7 million, or $0.49 per diluted share and $0.50 per basic share, for the quarter ended December 31, 2012. Total revenue for the fourth quarter of 2013 was $73.4 million, an increase of 3.3% from $71.1 million for the fourth quarter of 2012.

For the year ended December 31, 2013, the company recorded net income attributable to common shareholders of $68.1 million, or $1.51 per diluted share and $1.54 per basic share, compared with $66.1 million, or $1.49 per diluted share and $1.51 per basic share, for the year ended December 31, 2012. The 2013 results included after-tax expenses of approximately $0.10 per share associated primarily with the offering of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc. ("MIE"), a closed-end mutual fund. After adjusting for these items, earnings per share would have been $1.61 for the year ended December 31, 2013. 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., 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.

Financial Highlights (Unaudited)

 









Three Months Ended



% Change


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



From


December 31,
2013



September 30,
2013



 

September 30,
2013


Revenue

$

73,432



$

74,026



(0.8%)


Expenses

$

44,076



$

46,307



(4.8%)


Operating income

$

29,356



$

27,719



5.9

%

Operating margin


40.0

%



37.4

%


253 bps


Total non-operating income

$

1,971



$

3,303



(40.3%)


Net income attributable to common shareholders

$

19,413



$

18,283



6.2

%

Diluted earnings per share attributable to common shareholders

$

0.43



$

0.41



5.6

%

Assets under management, end of period (in millions)

$

45,907



$

46,336



(0.9%)


Average assets under management for period (in millions)

$

46,970



$

46,978



0.0

%

December 31, 2013 Compared with September 30, 2013 

Revenue

Total revenue for the fourth quarter of 2013 was $73.4 million, a decrease of 0.8% from $74.0 million for the third quarter of 2013, primarily attributable to:

  • Portfolio consulting and other revenue decreased 17.7% to $2.2 million in the fourth quarter of 2013 from $2.7 million in the three months ended September 30, 2013, primarily due to lower average assets under advisement from model-based strategies;
  • Institutional account revenue decreased 0.9% to $19.5 million in the fourth quarter of 2013 from $19.7 million in the three months ended September 30, 2013 primarily due to lower average assets under management;
  • Open-end mutual fund revenue decreased 0.3% to $28.8 million in the fourth quarter of 2013 from $28.9 million in the three months ended September 30, 2013 primarily due to lower average assets under management;
  • Closed-end mutual fund revenue increased 1.2% to $19.3 million in the fourth quarter of 2013 from $19.1 million in the three months ended September 30, 2013 primarily due to higher average assets under management.

Expenses

Expenses for the fourth quarter of 2013 were $44.1 million, a decrease of 4.8% from $46.3 million for the third quarter of 2013, primarily due to the following:

  • Employee compensation and benefits decreased $1.7 million primarily due to a reduction in incentive compensation;
  • Distribution and service fees decreased $235,000 primarily due to lower average assets under management in open-end mutual funds;
  • General and administrative expenses decreased $270,000 primarily due to lower professional fees partially offset by higher marketing expenses.

Operating Margin

The company's operating margin increased to 40.0% for the fourth quarter of 2013 compared with 37.4% for the three months ended September 30, 2013. The 253bps increase is primarily due to a reduction in the compensation and benefits to revenue ratio.

Non-operating Income

Non-operating income, excluding net income attributable to redeemable noncontrolling interest, increased to $2.0 million for the three months ended December 31, 2013, primarily due to higher earnings from the company's seed investments, compared with non-operating income of $1.8 million for the three months ended September 30, 2013.

Assets Under Management

Assets under management were $45.9 billion as of December 31, 2013, a decrease of 0.9% from $46.3 billion at September 30, 2013 and an increase of 0.2% from $45.8 billion at December 31, 2012. The decrease from September 30, 2013 was due to net outflows of $927 million, primarily from the large cap value strategy, partially offset by market appreciation of $498 million. The increase from December 31, 2012 was due to market appreciation of $2.1 billion, partially offset by net outflows of $2.0 billion, primarily from the global/international real estate and large cap value strategies. Average assets under management was $47.0 billion for both of the quarters ended December 31, 2013 and September 30, 2013. Average assets under management for the quarter ended December 31, 2013 increased 4.7% from $44.9 billion for the quarter ended December 31, 2012.

Assets under management for institutional accounts were $22.9 billion as of December 31, 2013, a decrease of 1.6% from $23.3 billion at September 30, 2013 and a decrease of 7.7% from $24.9 billion at December 31, 2012. The decrease from September 30, 2013 was due to net outflows of $683 million, primarily from the large cap value strategy partially offset by inflows into commodities, and partially offset by market appreciation of $318 million. The decrease from December 31, 2012 was due to net outflows of $3.4 billion, primarily from the global/international real estate and large cap value strategies, and market appreciation of $1.5 billion. Average assets under management for institutional accounts was $23.6 billion for the quarter ended December 31, 2013, a decrease of 0.4% from $23.7 billion for the quarter ended September 30, 2013 and a decrease of 3.0% from $24.4 billion for the quarter ended December 31, 2012.

Assets under management for open-end mutual funds were $14.0 billion as of December 31, 2013, a decrease of 1.7% from $14.3 billion at September 30, 2013 and an increase of 8.1% from $13.0 billion at December 31, 2012. The decrease from September 30, 2013 was due to net outflows of $270 million, primarily from the preferred securities and U.S. real estate strategies, partially offset by market appreciation of $24 million. The increase from December 31, 2012 was due to net inflows of $702 million, primarily from the U.S. real estate and preferred securities strategies, and market appreciation of $352 million. Average assets under management for open-end mutual funds was $14.3 billion for the quarter ended December 31, 2013, a decrease of 0.3% from $14.4 billion for the quarter ended September 30, 2013 and an increase of 13.8% from $12.6 billion for the quarter ended December 31, 2012.

Assets under management for closed-end mutual funds were $9.0 billion as of December 31, 2013, an increase of 2.1% from $8.8 billion at September 30, 2013 and an increase of 12.3% from $8.0 billion at December 31, 2012. The increase from September 30, 2013 was primarily due to market appreciation of $156 million. The increase from December 31, 2012 was due to net inflows of $765 million, primarily from the launch of MIE, and market appreciation of $215 million. Average assets under management for closed-end mutual funds was $9.0 billion for the quarter ended December 31, 2013, an increase of 1.4% from $8.9 billion for the quarter ended September 30, 2013 and an increase of 13.7% from $7.9 billion for the quarter ended December 31, 2012.

Balance Sheet Information

As of December 31, 2013, cash, cash equivalents and investments were $182 million. As of December 31, 2013, stockholders' equity was $224 million and the company had no long-term or short-term debt.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, January 23, 2014 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) 747-9564 (U.S.) or (212) 231-2907 (international); passcode: 21704214. 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 23, 2014 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21704214. 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


December 31,
2013


September 30, 2013


December 31,
2012


September 30,
2013



December 31,
2012


Revenue










Investment advisory and administration fees

$

67,658



$

67,704



$

63,463






Distribution and service fees

3,557



3,627



3,205






Portfolio consulting and other

2,217



2,695



4,427






Total revenue

73,432



74,026



71,095



(0.8%)



3.3

%

Expenses










Employee compensation and benefits

22,377



24,058



18,821






Distribution and service fees

8,127



8,362



7,122






General and administrative

11,418



11,688



10,370






Depreciation and amortization

1,496



1,423



1,344






Amortization, deferred commissions

658



776



705






Total expenses

44,076



46,307



38,362



(4.8%)



14.9

%

Operating income

29,356



27,719



32,733



5.9

%


(10.3%)


Non-operating income










Interest and dividend income—net

773



218



762






Gain from trading securities—net

344



2,383



831






Gain from available-for-sale securities—net

751



180



197






Equity in earnings of affiliates

418



313



336






Other (loss) gain

(315)



209



(595)






Total non-operating income

1,971



3,303



1,531



(40.3%)



28.7

%

Income before provision for income taxes

31,327



31,022



34,264



1.0

%


(8.6%)


Provision for income taxes

11,899



11,205



12,220






Net income

19,428



19,817



22,044



(2.0%)



(11.9%)


Less: Net income attributable to redeemable noncontrolling interest

(15)



(1,534)



(321)






Net income attributable to common shareholders

$

19,413



$

18,283



$

21,723



6.2

%


(10.6%)












Earnings per share attributable to common shareholders










Basic

$

0.44



$

0.41



$

0.50



6.2

%


(11.6%)


Diluted

$

0.43



$

0.41



$

0.49



5.6

%


(12.1%)












Dividends declared per share










Quarterly

$

0.20



$

0.20



$

0.18



%


11.1

%

Special

$

1.00



$



$

1.50



*



(33.3%)












Weighted average shares outstanding










Basic

44,325



44,317



43,832






Diluted

45,338



45,106



44,609


























* Not meaningful










 

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, 2013


December 31, 2012


% Change


Revenue






Investment advisory and administration fees

$

271,109



$

244,529




Distribution and service fees

14,359



11,334




Portfolio consulting and other

12,245



17,690




Total revenue

297,713



273,553



8.8

%

Expenses






Employee compensation and benefits

94,707



88,517




Distribution and service fees

41,247



41,270




General and administrative

46,802



39,431




Depreciation and amortization

5,606



5,562




Amortization, deferred commissions

3,009



2,341




Total expenses

191,371



177,121



8.0

%

Operating income

106,342



96,432



10.3

%

Non-operating income






Interest and dividend income—net

2,280



2,530




(Loss) gain from trading securities—net

(6,612)



4,082




Gain from available-for-sale securities—net

2,259



1,237




Equity in earnings of affiliates

840



1,050




Other loss

(745)



(1,028)




Total non-operating (loss) income

(1,978)



7,871



*

Income before provision for income taxes

104,364



104,303



0.1

%

Provision for income taxes

41,109



36,407




Net income

63,255



67,896



(6.8%)


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

4,864



(1,779)




Net income attributable to common shareholders

$

68,119



$

66,117



3.0

%







Earnings per share attributable to common shareholders






Basic

$

1.54



$

1.51



1.9

%

Diluted

$

1.51



$

1.49



1.7

%







Dividends declared per share






Quarterly

$

0.80



$

0.72



11.1

%

Special

$

1.00



$

1.50



(33.3%)








Weighted average shares outstanding






Basic

44,272



43,766




Diluted

45,083



44,482










* 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,
2013


September 30, 2013


December 31,
2012


September 30,
2013



December 31,
2012


Institutional Accounts










Assets under management, beginning of period

$

23,291



$

24,538



$

24,644






Inflows

549



91



385






Outflows

(1,232)



(1,395)



(924)






Net outflows

(683)



(1,304)



(539)






Market appreciation

318



57



745






Total (decrease) increase

(365)



(1,247)



206






Assets under management, end of period

$

22,926



$

23,291



$

24,850



(1.6%)



(7.7%)


Percentage of total assets under management

49.9

%


50.3

%


54.3

%





Average assets under management for period

$

23,643



$

23,729



$

24,362



(0.4%)



(3.0%)












Open-End Mutual Funds










Assets under management, beginning of period

$

14,262



$

14,442



$

12,528






Inflows

1,103



1,121



1,165






Outflows

(1,373)



(1,167)



(1,080)






Net (outflows) inflows

(270)



(46)



85






Market appreciation (depreciation)

24



(134)



349






Total (decrease) increase

(246)



(180)



434






Assets under management, end of period

$

14,016



$

14,262



$

12,962



(1.7%)



8.1

%

Percentage of total assets under management

30.5

%


30.8

%


28.3

%





Average assets under management for period

$

14,336



$

14,385



$

12,594



(0.3%)



13.8

%











Closed-End Mutual Funds










Assets under management, beginning of period

$

8,783



$

8,843



$

7,773






Inflows

50





115






Outflows

(24)










Net inflows

26





115






Market appreciation (depreciation)

156



(60)



97






Total increase (decrease)

182



(60)



212






Assets under management, end of period

$

8,965



$

8,783



$

7,985



2.1

%


12.3

%

Percentage of total assets under management

19.5

%


19.0

%


17.4

%





Average assets under management for period

$

8,991



$

8,864



$

7,907



1.4

%


13.7

%











Total










Assets under management, beginning of period

$

46,336



$

47,823



$

44,945






Inflows

1,702



1,212



1,665






Outflows

(2,629)



(2,562)



(2,004)






Net outflows

(927)



(1,350)



(339)






Market appreciation (depreciation)

498



(137)



1,191






Total (decrease) increase

(429)



(1,487)



852






Assets under management, end of period

$

45,907



$

46,336



$

45,797



(0.9%)



0.2

%

Average assets under management for period

$

46,970



$

46,978



$

44,863



0.0

%


4.7

%




Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods Ended
(in millions)


Year Ended



December 31, 2013


December 31, 2012


% Change


Institutional Accounts






Assets under management, beginning of period

$

24,850



$

25,380




Inflows

1,163



2,113




Outflows

(4,583)



(7,186)




Net outflows

(3,420)



(5,073)




Market appreciation

1,496



4,543




Total decrease

(1,924)



(530)




Assets under management, end of period

$

22,926



$

24,850



(7.7%)


Percentage of total assets under management

49.9

%


54.3

%



Average assets under management for period

$

24,706



$

25,284



(2.3%)








Open-End Mutual Funds






Assets under management, beginning of period

$

12,962



$

9,619




Inflows

5,521



5,149




Outflows

(4,819)



(3,669)




Net inflows

702



1,480




Market appreciation

352



1,863




Total increase

1,054



3,343




Assets under management, end of period

$

14,016



$

12,962



8.1

%

Percentage of total assets under management

30.5

%


28.3

%



Average assets under management for period

$

14,382



$

11,798



21.9

%







Closed-End Mutual Funds






Assets under management, beginning of period

$

7,985



$

6,285




Inflows

789



1,004




Outflows

(24)






Net inflows

765



1,004




Market appreciation

215



696




Total increase

980



1,700




Assets under management, end of period

$

8,965



$

7,985



12.3

%

Percentage of total assets under management

19.5

%


17.4

%



Average assets under management for period

$

8,790



$

7,096



23.9

%







Total






Assets under management, beginning of period

$

45,797



$

41,284




Inflows

7,473



8,266




Outflows

(9,426)



(10,855)




Net outflows

(1,953)



(2,589)




Market appreciation

2,063



7,102




Total increase

110



4,513




Assets under management, end of period

$

45,907



$

45,797



0.2

%

Average assets under management for period

$

47,878



$

44,178



8.4

%

 



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,
2013


September 30, 2013


December 31,
2012


September 30,
2013


December 31,
2012

Subadvisory










Assets under management, beginning of period

$

16,833



$

17,162



$

17,712






Inflows

385



77



145






Outflows

(745)



(388)



(735)






Net outflows

(360)



(311)



(590)






Market appreciation (depreciation)

220



(18)



460






Total decrease

(140)



(329)



(130)






Assets under management, end of period

$

16,693



$

16,833



$

17,582



(0.8%)



(5.1%)


Percentage of total assets under management

72.8

%


72.3

%


70.8

%





Average assets under management for period

$

17,077



$

17,008



$

17,273



0.4

%


(1.1%)












Advisory










Assets under management, beginning of period

$

6,458



$

7,376



$

6,932






Inflows

164



14



240






Outflows

(487)



(1,007)



(189)






Net (outflows) inflows

(323)



(993)



51






Market appreciation

98



75



285






Total (decrease) increase

(225)



(918)



336






Assets under management, end of period

$

6,233



$

6,458



$

7,268



(3.5%)



(14.2%)


Percentage of total assets under management

27.2

%


27.7

%


29.2

%





Average assets under management for period

$

6,566



$

6,721



$

7,089



(2.3%)



(7.4%)












Total Institutional Accounts










Assets under management, beginning of period

$

23,291



$

24,538



$

24,644






Inflows

549



91



385






Outflows

(1,232)



(1,395)



(924)






Net outflows

(683)



(1,304)



(539)






Market appreciation

318



57



745






Total (decrease) increase

(365)



(1,247)



206






Assets under management, end of period

$

22,926



$

23,291



$

24,850



(1.6%)



(7.7%)


Average assets under management for period

$

23,643



$

23,729



$

24,362



(0.4%)



(3.0%)


 



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Investment Relationship
For the Periods Ended
(in millions)


Year Ended



December 31,
2013


December 31,
2012


% Change


Subadvisory






Assets under management, beginning of period

$

17,582



$

19,073




Inflows

728



850




Outflows

(2,646)



(5,559)




Net outflows

(1,918)



(4,709)




Market appreciation

1,029



3,218




Total decrease

(889)



(1,491)




Assets under management, end of period

$

16,693



$

17,582



(5.1%)


Percentage of total assets under management

72.8

%


70.8

%



Average assets under management for period

$

17,580



$

18,437



(4.6%)








Advisory






Assets under management, beginning of period

$

7,268



$

6,307




Inflows

435



1,263




Outflows

(1,937)



(1,627)




Net outflows

(1,502)



(364)




Market appreciation

467



1,325




Total (decrease) increase

(1,035)



961




Assets under management, end of period

$

6,233



$

7,268



(14.2%)


Percentage of total assets under management

27.2

%


29.2

%



Average assets under management for period

$

7,126



$

6,847



4.1

%







Total Institutional Accounts






Assets under management, beginning of period

$

24,850



$

25,380




Inflows

1,163



2,113




Outflows

(4,583)



(7,186)




Net outflows

(3,420)



(5,073)




Market appreciation

1,496



4,543




Total decrease

(1,924)



(530)




Assets under management, end of period

$

22,926



$

24,850



(7.7%)


Average assets under management for period

$

24,706



$

25,284



(2.3%)


 


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,
2013


September 30, 2013


December 31,
2012


September 30,
2013


December 31,
2012

U.S. Real Estate










Assets under management, beginning of period

$

23,237



$

24,173



$

22,430






Inflows

766



693



600






Outflows

(813)



(976)



(733)






Net outflows

(47)



(283)



(133)






Market (depreciation) appreciation

(74)



(653)



316






Total (decrease) increase

(121)



(936)



183






Assets under management, end of period

$

23,116



$

23,237



$

22,613



(0.5%)



2.2

%

Percentage of total assets under management

50.4

%


50.1

%


49.4

%





Average assets under management for period

$

23,614



$

23,633



$

22,088



(0.1%)



6.9

%











Global/International Real Estate










Assets under management, beginning of period

$

9,630



$

9,923



$

11,114






Inflows

345



239



288






Outflows

(510)



(871)



(964)






Net outflows

(165)



(632)



(676)






Market appreciation

33



339



717






Total (decrease) increase

(132)



(293)



41






Assets under management, end of period

$

9,498



$

9,630



$

11,155



(1.4%)



(14.9%)


Percentage of total assets under management

20.7

%


20.8

%


24.4

%





Average assets under management for period

$

9,694



$

9,668



$

10,978



0.3

%


(11.7%)












Preferred Securities










Assets under management, beginning of period

$

4,820



$

5,068



$

3,843






Inflows

194



241



569






Outflows

(340)



(376)



(138)






Net (outflows) inflows

(146)



(135)



431






Market appreciation (depreciation)

48



(113)



90






Total (decrease) increase

(98)



(248)



521






Assets under management, end of period

$

4,722



$

4,820



$

4,364



(2.0%)



8.2

%

Percentage of total assets under management

10.3

%


10.4

%


9.5

%





Average assets under management for period

$

4,820



$

4,984



$

4,139



(3.3%)



16.5

%











Global Infrastructure










Assets under management, beginning of period

$

4,469



$

4,324



$

3,258






Inflows

134



14



184






Outflows

(57)



(20)



(22)






Net inflows (outflows)

77



(6)



162






Market appreciation

168



151



89






Total increase

245



145



251






Assets under management, end of period

$

4,714



$

4,469



$

3,509



5.5

%


34.3

%

Percentage of total assets under management

10.3

%


9.6

%


7.7

%





Average assets under management for period

$

4,661



$

4,400



$

3,422



5.9

%


36.2

%



















Large Cap Value Stocks










Assets under management, beginning of period

$

3,492



$

3,653



$

3,602






Inflows

8



8



12






Outflows

(902)



(308)



(142)






Net outflows

(894)



(300)



(130)






Market appreciation (depreciation)

309



139



(7)






Total decrease

(585)



(161)



(137)






Assets under management, end of period

$

2,907



$

3,492



$

3,465



(16.8%)



(16.1%)


Percentage of total assets under management

6.3

%


7.5

%


7.6

%





Average assets under management for period

$

3,279



$

3,601



$

3,539



(8.9%)



(7.3%)












Other










Assets under management, beginning of period

$

688



$

682



$

698






Inflows

255



17



12






Outflows

(7)



(11)



(5)






Net inflows

248



6



7






Market appreciation (depreciation)

14





(14)






Total increase (decrease)

262



6



(7)






Assets under management, end of period

$

950



$

688



$

691



38.1

%


37.5

%

Percentage of total assets under management

2.1

%


1.5

%


1.5

%





Average assets under management for period

$

902



$

692



$

697



30.3

%


29.4

%











Total










Assets under management, beginning of period

$

46,336



$

47,823



$

44,945






Inflows

1,702



1,212



1,665






Outflows

(2,629)



(2,562)



(2,004)






Net outflows

(927)



(1,350)



(339)






Market appreciation (depreciation)

498



(137)



1,191






Total (decrease) increase

(429)



(1,487)



852






Assets under management, end of period

$

45,907



$

46,336



$

45,797



(0.9%)



0.2

%

Average assets under management for period

$

46,970



$

46,978



$

44,863



0.0

%


4.7

%

 



 



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods Ended
(in millions)


Year Ended



December 31,
2013


December 31,
2012


% Change


U.S. Real Estate






Assets under management, beginning of period

$

22,613



$

18,505




Inflows

3,005



3,723




Outflows

(2,881)



(2,458)




Net inflows

124



1,265




Market appreciation

379



2,843




Total increase

503



4,108




Assets under management, end of period

$

23,116



$

22,613



2.2

%

Percentage of total assets under management

50.4

%


49.4

%



Average assets under management for period

$

23,977



$

21,453



11.8

%







Global/International Real Estate






Assets under management, beginning of period

$

11,155



$

13,409




Inflows

1,456



1,528




Outflows

(3,622)



(6,738)




Net outflows

(2,166)



(5,210)




Market appreciation

509



2,956




Total decrease

(1,657)



(2,254)




Assets under management, end of period

$

9,498



$

11,155



(14.9%)


Percentage of total assets under management

20.7

%


24.4

%



Average assets under management for period

$

10,429



$

12,277



(15.1%)








Preferred Securities






Assets under management, beginning of period

$

4,364



$

1,964




Inflows

1,684



2,430




Outflows

(1,251)



(439)




Net inflows

433



1,991




Market (depreciation) appreciation

(75)



409




Total increase

358



2,400




Assets under management, end of period

$

4,722



$

4,364



8.2

%

Percentage of total assets under management

10.3

%


9.5

%



Average assets under management for period

$

4,890



$

2,988



63.7

%







Global Infrastructure






Assets under management, beginning of period

$

3,509



$

3,010




Inflows

957



255




Outflows

(136)



(104)




Net inflows

821



151




Market appreciation

384



348




Total increase

1,205



499




Assets under management, end of period

$

4,714



$

3,509



34.3

%

Percentage of total assets under management

10.3

%


7.7

%



Average assets under management for period

$

4,257



$

3,206



32.8

%












Large Cap Value Stocks






Assets under management, beginning of period

$

3,465



$

3,876




Inflows

51



182




Outflows

(1,466)



(1,108)




Net outflows

(1,415)



(926)




Market appreciation

857



515




Total decrease

(558)



(411)




Assets under management, end of period

$

2,907



$

3,465



(16.1%)


Percentage of total assets under management

6.3

%


7.6

%



Average assets under management for period

$

3,563



$

3,625



(1.7%)








Other






Assets under management, beginning of period

$

691



$

520




Inflows

320



148




Outflows

(70)



(8)




Net inflows

250



140




Market appreciation

9



31




Total increase

259



171




Assets under management, end of period

$

950



$

691



37.5

%

Percentage of total assets under management

2.1

%


1.5

%



Average assets under management for period

$

762



$

629



21.1

%







Total






Assets under management, beginning of period

$

45,797



$

41,284




Inflows

7,473



8,266




Outflows

(9,426)



(10,855)




Net outflows

(1,953)



(2,589)




Market appreciation

2,063



7,102




Total increase

110



4,513




Assets under management, end of period

$

45,907



$

45,797



0.2

%

Average assets under management for period

$

47,878



$

44,178



8.4

%

 



 



Cohen & Steers, Inc. and Subsidiaries
Assets Under Advisement (Unaudited)
(in millions)


As of


December 31,
2013


September 30,
2013


December 31,
2012

Exchange Traded Funds

$

2,506



$

2,732



$

2,804








Model-Based Strategies

$

1,661



$

2,425



$

4,536








Unit Investment Trusts

$

994



$

1,126



$

1,324








Total

$

5,161



$

6,283



$

8,664














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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