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Cohen & Steers Reports Third Quarter 2012 Results

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NEW YORK, Oct. 24, 2012 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported income attributable to common shareholders of $10.3 million, or $0.23 per share (diluted and basic), for the quarter ended September 30, 2012, compared with income attributable to common shareholders of $9.6 million, or $0.22 per share (diluted and basic), for the quarter ended September 30, 2011. Total revenue for the third quarter of 2012 was $71.3 million, an increase of 15.7% from $61.6 million for the third quarter of 2011.

The third quarter 2012 results include 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 $0.44.

For the nine months ended September 30, 2012, the company recorded income attributable to common shareholders of $44.4 million, or $1.00 per diluted share and $1.01 per basic share, compared with income attributable to common shareholders of $38.3 million, or $0.87 per diluted share and $0.89 per basic share, for the nine months ended September 30, 2011. After adjusting for the offering of LDP, earnings per share would have been $1.21 for the nine months ended September 30, 2012.

Assets Under Management

Assets under management were a record $44.9 billion as of September 30, 2012, an increase of 1.2% from $44.4 billion at June 30, 2012 and an increase of 16.4% from $38.6 billion at September 30, 2011. The increase from June 30, 2012 was due to market appreciation of $1.2 billion, partially offset by net outflows of $629 million. The increase from September 30, 2011 was due to market appreciation of $9.6 billion, partially offset by net outflows of $3.3 billion. Average assets under management were a record $45.2 billion for the quarter ended September 30, 2012, an increase of 3.5% from $43.6 billion for the quarter ended June 30, 2012 and an increase of 5.5% from $42.9 billion for the quarter ended September 30, 2011.

Assets under management for institutional accounts were $24.6 billion as of September 30, 2012, a decrease of 3.7% from $25.6 billion at June 30, 2012 and an increase of 2.6% from $24.0 billion at September 30, 2011. The decrease from June 30, 2012 was due to net outflows of $1.7 billion, primarily from global/international real estate strategies associated with subadvisory relationships, partially offset by market appreciation of $727 million. The increase from September 30, 2011 was due to market appreciation of $6.3 billion, largely offset by net outflows of $5.6 billion, primarily from global/international real estate strategies associated with subadvisory relationships. Average assets under management for institutional accounts were $25.4 billion for the quarter ended September 30, 2012, a decrease of 0.4% from $25.5 billion for the quarter ended June 30, 2012 and a decrease of 5.3% from $26.8 billion for the quarter ended September 30, 2011.

Assets under management for open-end mutual funds were $12.5 billion as of September 30, 2012, an increase of 3.4% from $12.1 billion at June 30, 2012 and an increase of 45.5% from $8.6 billion at September 30, 2011. The increase from June 30, 2012 was due to market appreciation of $250 million and net inflows of $164 million. The increase from September 30, 2011 was due to market appreciation of $2.4 billion and net inflows of $1.5 billion. Average assets under management for open-end mutual funds were $12.5 billion for the quarter ended September 30, 2012, an increase of 8.2% from $11.5 billion for the quarter ended June 30, 2012 and an increase of 30.5% from $9.6 billion for the quarter ended September 30, 2011.

Assets under management for closed-end mutual funds were $7.8 billion as of September 30, 2012, an increase of 16.4% from $6.7 billion at June 30, 2012 and an increase of 30.0% from $6.0 billion at September 30, 2011. The increase from June 30, 2012 was due to inflows of $889 million from the launch of LDP and market appreciation of $206 million. The increase from September 30, 2011 was due to market appreciation of $964 million and net inflows of $830 million, primarily from the launch of LDP. Average assets under management for closed-end mutual funds were $7.3 billion for the quarter ended September 30, 2012, an increase of 10.7% from $6.6 billion for the quarter ended June 30, 2012 and an increase of 12.9% from $6.5 billion for the quarter ended September 30, 2011.

Financial Highlights (Unaudited)



Three Months Ended


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


September 30, 2012


September 30, 2012


September 30, 2011




As Adjusted *



Revenue

$

71,296



$

71,296



$

61,616


Expenses

$

59,057



$

43,407



$

39,219


Operating income

$

12,239



$

27,889



$

22,397


Operating margin

17.2

%


39.1

%


36.3

%

Total non-operating income (loss)

$

5,315



$

5,315



$

(4,833)


Net income attributable to common shareholders

$

10,261



$

19,775



$

9,606


Diluted earnings per share attributable to common shareholders

$

0.23



$

0.44



$

0.22


Assets under management, end of period (in millions)

$

44,945



$

44,945



$

38,617


Average assets under management for period (in millions)

$

45,195



$

45,195



$

42,852








* Results excluded the aforementioned expenses of approximately $15.7 million, or $0.21 per diluted share, associated primarily with the offering of LDP.

September 30, 2012, As Adjusted, Compared With September 30, 2011

Total revenue for the third quarter of 2012 was $71.3 million, an increase of 15.7% from $61.6 million for the third quarter of 2011, primarily due to higher average assets under management. Operating expenses for the third quarter of 2012 were $43.4 million, an increase of 10.7% from $39.2 million for the third quarter of 2011, primarily due to increases in employee compensation and benefits, distribution and service fees and general and administrative expenses. Operating income was $27.9 million for the three months ended September 30, 2012, compared with operating income of $22.4 million for the three months ended September 30, 2011. The company's operating margin increased to 39.1% for the third quarter of 2012 compared with 36.3% for the three months ended September 30, 2011 primarily due to decreases in the compensation to revenue and G&A to revenue ratios. Non-operating income was $5.3 million for the three months ended September 30, 2012, compared with non-operating loss of $4.8 million for the three months ended September 30, 2011, primarily due to earnings from the company's seed investments.

Balance Sheet Information

As of September 30, 2012, cash, cash equivalents and investments were $199 million. As of September 30, 2012, stockholders' equity was $261 million and the company had no long-term or short-term debt.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, October 25, 2012 at 11:00 a.m. (ET) to discuss the company's third quarter results. Investors and analysts can access the live conference call by dialing (800) 769-9015 (U.S.) or (212) 231-2915 (international); passcode: 21607728. 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 October 25, 2012 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21607728. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Corporate Info."  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 such as hedged real estate securities portfolios and private real estate multimanager strategies for qualified investors. 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


September 30,
2012


June 30, 2012


September 30,
2011


June 30, 2012


September 30,
2011

Revenue










Investment advisory and administration fees

$

63,224


$

59,687


$

58,048





Distribution and service fees

2,881


2,747


2,457





Portfolio consulting and other

5,191


4,998


1,111





Total revenue

71,296


67,432


61,616


5.7%


15.7%

Expenses










Employee compensation and benefits

25,101


22,927


21,873





Distribution and service fees

21,376


6,535


6,205





General and administrative

10,601


9,923


9,365





Depreciation and amortization

1,384


1,438


1,279





Amortization, deferred commissions

595


545


497





Total expenses

59,057


41,368


39,219


42.8%


50.6%

Operating income

12,239


26,064


22,397


(53.0%)


(45.4%)

Non-operating income










Interest and dividend income - net

478


669


260





Gain (loss) from trading securities - net

3,999


(2,469)


21





Gain (loss) from available-for-sale securities - net

437


(84)


(368)





Equity in earnings (losses) of affiliates

71


(129)


(5,248)





Other

330


21


502





Total non-operating income (loss)

5,315


(1,992)


(4,833)


*


*

Income before provision for income taxes

17,554


24,072


17,564


(27.1%)


(0.1%)

Provision for income taxes

4,987


9,045


8,022





Net income

12,567


15,027


9,542


(16.4%)


31.7%

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

(2,306)


1,052


64





Net income attributable to common shareholders

$

10,261


$

16,079


$

9,606


(36.2%)


6.8%











Earnings per share attributable to common shareholders










Basic

$

0.23


$

0.37


$

0.22


(36.2%)


5.4%

Diluted

$

0.23


$

0.36


$

0.22


(36.4%)


5.8%

Weighted average shares outstanding










Basic

43,822


43,808


43,237





Diluted

44,537


44,393


44,133















* Not meaningful











 

Cohen & Steers, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

For the Periods Ended

(in thousands, except per share data)








Nine Months Ended


% Change


September 30, 2012


September 30, 2011


September 30, 2011

Revenue






Investment advisory and administration fees

$

181,066


$

166,569



Distribution and service fees

8,129


7,458



Portfolio consulting and other

13,263


3,803



Total revenue

202,458


177,830


13.8%

Expenses






Employee compensation and benefits

69,696


63,677



Distribution and service fees

34,148


18,109



General and administrative

29,061


26,824



Depreciation and amortization

4,218


3,760



Amortization, deferred commissions

1,636


1,255



Total expenses

138,759


113,625


22.1%

Operating income

63,699


64,205


(0.8%)

Non-operating income






Interest and dividend income - net

1,768


799



Gain (loss) from trading securities - net

3,251


(456)



Gain from available-for-sale securities - net

1,040


222



Equity in earnings (losses) of affiliates

714


(4,635)



Other

(433)


1,518



Total non-operating income (loss)

6,340


(2,552)


*

Income before provision for income taxes

70,039


61,653


13.6%

Provision for income taxes

24,187


23,450



Net income

45,852


38,203


20.0%

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

(1,458)


57



Net income attributable to common shareholders

$

44,394


$

38,260


16.0%







Earnings per share attributable to common shareholders






Basic

$

1.01


$

0.89


14.5%

Diluted

$

1.00


$

0.87


14.7%

Weighted average shares outstanding






Basic

43,744


43,170



Diluted

44,439


43,919



 


Cohen & Steers, Inc. and Subsidiaries

Assets Under Management (Unaudited)

By Investment Vehicle

For the Periods Ended

(in millions)


Three Months Ended


% Change From


September 30,
 2012


June 30, 2012


September 30,
 2011


June 30, 2012


September 30,
 2011

Institutional Accounts










Assets under management, beginning of period

$

25,599


$

26,608


$

27,292





Inflows

362


296


2,817





Outflows

(2,044)


(1,785)


(1,453)





Net (outflows) inflows

(1,682)


(1,489)


1,364





Market appreciation (depreciation)

727


480


(4,630)





Total decrease

(955)


(1,009)


(3,266)





Assets under management, end of period

$

24,644


$

25,599


$

24,026


(3.7%)


2.6%

Average assets under management for period

$

25,393


$

25,496


$

26,804


(0.4%)


(5.3%)











Open-End Mutual Funds










Assets under management, beginning of period

$

12,114


$

11,588


$

10,213





Inflows

1,225


1,077


1,048





Outflows

(1,061)


(784)


(892)





Net inflows

164


293


156





Market appreciation (depreciation)

250


233


(1,757)





Total increase (decrease)

414


526


(1,601)





Assets under management, end of period

$

12,528


$

12,114


$

8,612


3.4%


45.5%

Average assets under management for period

$

12,490


$

11,543


$

9,574


8.2%


30.5%











Closed-End Mutual Funds










Assets under management, beginning of period

$

6,678


$

6,694


$

6,809





Inflows

889







Outflows







Net inflows

889







Market appreciation (depreciation)

206


(16)


(830)





Total increase (decrease)

1,095


(16)


(830)





Assets under management, end of period

$

7,773


$

6,678


$

5,979


16.4%


30.0%

Average assets under management for period

$

7,312


$

6,608


$

6,474


10.7%


12.9%











Total










Assets under management, beginning of period

$

44,391


$

44,890


$

44,314





Inflows

2,476


1,373


3,865





Outflows

(3,105)


(2,569)


(2,345)





Net (outflows) inflows

(629)


(1,196)


1,520





Market appreciation (depreciation)

1,183


697


(7,217)





Total increase (decrease)

554


(499)


(5,697)





Assets under management, end of period

$

44,945


$

44,391


$

38,617


1.2%


16.4%

Average assets under management for period

$

45,195


$

43,647


$

42,852


3.5%


5.5%


 

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management (Unaudited)

By Investment Vehicle

For the Periods Ended

(in millions)


Nine Months Ended


% Change


September 30, 2012


September 30, 2011


September 30, 2011

Institutional Accounts






Assets under management, beginning of period

$

25,380



$

19,625




Inflows

1,728



9,343




Outflows

(6,262)



(2,204)




Net (outflows) inflows

(4,534)



7,139




Market appreciation (depreciation)

3,798



(2,738)




Total (decrease) increase

(736)



4,401




Assets under management, end of period

$

24,644



$

24,026



2.6%

Average assets under management for period

$

25,591



$

23,923



7.0%







Open-End Mutual Funds






Assets under management, beginning of period

$

9,619



$

8,484




Inflows

3,984



3,370




Outflows

(2,589)



(2,174)




Net inflows

1,395



1,196




Market appreciation (depreciation)

1,514



(1,068)




Total increase

2,909



128




Assets under management, end of period

$

12,528



$

8,612



45.5%

Average assets under management for period

$

11,533



$

9,399



22.7%







Closed-End Mutual Funds






Assets under management, beginning of period

$

6,285



$

6,353




Inflows

889



153




Outflows






Net inflows

889



153




Market appreciation (depreciation)

599



(527)




Total increase (decrease)

1,488



(374)




Assets under management, end of period

$

7,773



$

5,979



30.0%

Average assets under management for period

$

6,826



$

6,635



2.9%







Total






Assets under management, beginning of period

$

41,284



$

34,462




Inflows

6,601



12,866




Outflows

(8,851)



(4,378)




Net (outflows) inflows

(2,250)



8,488




Market appreciation (depreciation)

5,911



(4,333)




Total increase

3,661



4,155




Assets under management, end of period

$

44,945



$

38,617



16.4%

Average assets under management for period

$

43,950



$

39,957



10.0%

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


September 30,
2012


June 30, 2012


September 30,
2011


June 30, 2012


September 30,
2011

Subadvisory










Assets under management, beginning of period

$

18,639



$

19,605



$

20,132






Inflows

149



191



2,718






Outflows

(1,549)



(1,540)



(1,161)






Net (outflows) inflows

(1,400)



(1,349)



1,557






Market appreciation (depreciation)

473



383



(3,423)






Total decrease

(927)



(966)



(1,866)






Assets under management, end of period

$

17,712



$

18,639



$

18,266



(5.0%)


(3.0%)

Average assets under management for period

$

18,492



$

18,705



$

20,233



(1.1%)


(8.6%)











Advisory










Assets under management, beginning of period

$

6,960



$

7,003



$

7,160






Inflows

213



105



99






Outflows

(495)



(245)



(292)






Net outflows

(282)



(140)



(193)






Market appreciation (depreciation)

254



97



(1,207)






Total decrease

(28)



(43)



(1,400)






Assets under management, end of period

$

6,932



$

6,960



$

5,760



(0.4%)


20.3%

Average assets under management for period

$

6,901



$

6,791



$

6,571



1.6%


5.0%











Total Institutional Accounts










Assets under management, beginning of period

$

25,599



$

26,608



$

27,292






Inflows

362



296



2,817






Outflows

(2,044)



(1,785)



(1,453)






Net (outflows) inflows

(1,682)



(1,489)



1,364






Market appreciation (depreciation)

727



480



(4,630)






Total decrease

(955)



(1,009)



(3,266)






Assets under management, end of period

$

24,644



$

25,599



$

24,026



(3.7%)


2.6%

Average assets under management for period

$

25,393



$

25,496



$

26,804



(0.4%)


(5.3%)



Cohen & Steers, Inc. and Subsidiaries

Assets Under Management - Institutional Accounts (Unaudited)

By Investment Relationship

For the Periods Ended

(in millions)


Nine Months Ended


% Change


September 30, 2012


September 30, 2011


September 30, 2011

Subadvisory






Assets under management, beginning of period

$

19,073



$

13,334




Inflows

705



8,669




Outflows

(4,824)



(1,645)




Net (outflows) inflows

(4,119)



7,024




Market appreciation (depreciation)

2,758



(2,092)




Total (decrease) increase

(1,361)



4,932




Assets under management, end of period

$

17,712



$

18,266



(3.0%)

Average assets under management for period

$

18,824



$

17,155



9.7%







Advisory






Assets under management, beginning of period

$

6,307



$

6,291




Inflows

1,023



674




Outflows

(1,438)



(559)




Net (outflows) inflows

(415)



115




Market appreciation (depreciation)

1,040



(646)




Total increase (decrease)

625



(531)




Assets under management, end of period

$

6,932



$

5,760



20.3%

Average assets under management for period

$

6,767



$

6,768



0.0%







Total Institutional Accounts






Assets under management, beginning of period

$

25,380



$

19,625




Inflows

1,728



9,343




Outflows

(6,262)



(2,204)




Net (outflows) inflows

(4,534)



7,139




Market appreciation (depreciation)

3,798



(2,738)




Total (decrease) increase

(736)



4,401




Assets under management, end of period

$

24,644



$

24,026



2.6%

Average assets under management for period

$

25,591



$

23,923



7.0%


 

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management (Unaudited)

By Investment Strategy

For the Periods Ended

(in millions)


Three Months Ended


% Change From


September 30, 2012


June 30, 2012


September 30, 2011


June 30, 2012


September 30, 2011

U.S. Real Estate










Assets under management, beginning of period

$

22,178



$

21,571



$

16,545






Inflows

774



659



3,041






Outflows

(552)



(685)



(645)






Net inflows (outflows)

222



(26)



2,396






Market appreciation (depreciation)

30



633



(2,842)






Total increase (decrease)

252



607



(446)






Assets under management, end of period

$

22,430



$

22,178



$

16,099



1.1%


39.3%

Average assets under management for period

$

22,527



$

21,701



$

17,286



3.8%


30.3%











Global/International Real Estate










Assets under management, beginning of period

$

12,532



$

13,239



$

17,973






Inflows

249



290



384






Outflows

(2,301)



(1,207)



(1,400)






Net outflows

(2,052)



(917)



(1,016)






Market appreciation (depreciation)

634



210



(3,223)






Total decrease

(1,418)



(707)



(4,239)






Assets under management, end of period

$

11,114



$

12,532



$

13,734



(11.3%)


(19.1%)

Average assets under management for period

$

12,097



$

12,326



$

16,274



(1.9%)


(25.7%)











Preferred Securities










Assets under management, beginning of period

$

2,548



$

2,344



$

1,775






Inflows

1,331



237



246






Outflows

(183)



(67)



(73)






Net inflows

1,148



170



173






Market appreciation (depreciation)

147



34



(145)






Total increase

1,295



204



28






Assets under management, end of period

$

3,843



$

2,548



$

1,803



50.8%


113.1%

Average assets under management for period

$

3,236



$

2,396



$

1,819



35.1%


77.9%











Large Cap Value Stocks










Assets under management, beginning of period

$

3,389



$

3,983



$

4,073






Inflows

50



110



144






Outflows

(31)



(580)



(172)






Net inflows (outflows)

19



(470)



(28)






Market appreciation (depreciation)

194



(124)



(575)






Total increase (decrease)

213



(594)



(603)






Assets under management, end of period

$

3,602



$

3,389



$

3,470



6.3%


3.8%

Average assets under management for period

$

3,473



$

3,486



$

3,739



(0.4%)


(7.1%)











Global Infrastructure










Assets under management, beginning of period

$

3,122



$

3,160



$

3,260






Inflows

27



22



14






Outflows

(35)



(30)



(22)






Net outflows

(8)



(8)



(8)






Market appreciation (depreciation)

144



(30)



(333)






Total increase (decrease)

136



(38)



(341)






Assets under management, end of period

$

3,258



$

3,122



$

2,919



4.4%


11.6%

Average assets under management for period

$

3,210



$

3,141



$

3,073



2.2%


4.5%











Other










Assets under management, beginning of period

$

622



$

593



$

688






Inflows

45



55



36






Outflows

(3)





(33)






Net inflows

42



55



3






Market appreciation (depreciation)

34



(26)



(99)






Total increase (decrease)

76



29



(96)






Assets under management, end of period

$

698



$

622



$

592



12.2%


17.9%

Average assets under management for period

$

652



$

597



$

661



9.2%


(1.4%)











Total










Assets under management, beginning of period

$

44,391



$

44,890



$

44,314






Inflows

2,476



1,373



3,865






Outflows

(3,105)



(2,569)



(2,345)






Net (outflows) inflows

(629)



(1,196)



1,520






Market appreciation (depreciation)

1,183



697



(7,217)






Total increase (decrease)

554



(499)



(5,697)






Assets under management, end of period

$

44,945



$

44,391



$

38,617



1.2%


16.4%

Average assets under management for period

$

45,195



$

43,647



$

42,852



3.5%


5.5%



 

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management (Unaudited)



By Investment Strategy

For the Periods Ended

(in millions)



Nine Months Ended


% Change


September 30, 2012


September 30, 2011


September 30, 2011

U.S. Real Estate






Assets under management, beginning of period

$

18,505



$

10,506




Inflows

3,123



8,757




Outflows

(1,725)



(1,466)




Net inflows

1,398



7,291




Market appreciation (depreciation)

2,527



(1,698)




Total increase

3,925



5,593




Assets under management, end of period

$

22,430



$

16,099



39.3%

Average assets under management for period

$

21,361



$

14,279



49.6%







Global/International Real Estate






Assets under management, beginning of period

$

13,409



$

15,438




Inflows

1,240



2,621




Outflows

(5,774)



(2,386)




Net (outflows) inflows

(4,534)



235




Market appreciation (depreciation)

2,239



(1,939)




Total decrease

(2,295)



(1,704)




Assets under management, end of period

$

11,114



$

13,734



(19.1%)

Average assets under management for period

$

12,597



$

16,444



(23.4%)







Preferred Securities






Assets under management, beginning of period

$

1,964



$

1,292




Inflows

1,861



735




Outflows

(301)



(148)




Net inflows

1,560



587




Market appreciation (depreciation)

319



(76)




Total increase

1,879



511




Assets under management, end of period

$

3,843



$

1,803



113.1%

Average assets under management for period

$

2,602



$

1,632



59.4%







Large Cap Value Stocks






Assets under management, beginning of period

$

3,876



$

3,673




Inflows

170



565




Outflows

(966)



(407)




Net (outflows) inflows

(796)



158




Market appreciation (depreciation)

522



(361)




Total decrease

(274)



(203)




Assets under management, end of period

$

3,602



$

3,470



3.8%

Average assets under management for period

$

3,626



$

3,834



(5.4%)







Global Infrastructure






Assets under management, beginning of period

$

3,010



$

2,870




Inflows

71



274




Outflows

(82)



(47)




Net (outflows) inflows

(11)



227




Market appreciation (depreciation)

259



(178)




Total increase

248



49




Assets under management, end of period

$

3,258



$

2,919



11.6%

Average assets under management for period

$

3,157



$

3,086



2.3%







Other






Assets under management, beginning of period

$

520



$

683




Inflows

136



46




Outflows

(3)



(56)




Net inflows (outflows)

133



(10)




Market appreciation (depreciation)

45



(81)




Total increase (decrease)

178



(91)




Assets under management, end of period

$

698



$

592



17.9%

Average assets under management for period

$

607



$

682



(11.0%)







Total






Assets under management, beginning of period

$

41,284



$

34,462




Inflows

6,601



12,998




Outflows

(8,851)



(4,510)




Net (outflows) inflows

(2,250)



8,488




Market appreciation (depreciation)

5,911



(4,333)




Total increase

3,661



4,155




Assets under management, end of period

$

44,945



$

38,617



16.4%

Average assets under management for period

$

43,950



$

39,957



10.0%


Cohen & Steers, Inc. and Subsidiaries

Assets Under Advisement (Unaudited)

(in millions)


As of


September 30,
2012


June 30, 2012


September 30,
2011







Model-Based Strategies

$

5,605



$

7,290



$

902








Exchange Traded Funds

$

2,948



$

3,001



$

2,163








Unit Investment Trusts

$

1,290



$

1,203



$

1,243








Total

$

9,843



$

11,494



$

4,308














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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