Cohen & Steers Reports Fourth Quarter And Full Year 2012 Results

       Cohen & Steers Reports Fourth Quarter And Full Year 2012 Results

PR Newswire

NEW YORK, Jan. 23, 2013

NEW YORK, Jan. 23, 2013 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS)
reported income attributable to common shareholders of $21.7 million, or $0.49
per diluted share and $0.50 per basic share, for the quarter ended December
31, 2012, compared with income attributable to common shareholders of $16.0
million, or $0.36 per diluted share and $0.37 per basic share, for the quarter
ended December 31, 2011. Total revenue for the fourth quarter of 2012 was
$71.1 million, an increase of 19.7% from $59.4 million for the fourth quarter
of 2011.

For the year ended December 31, 2012, the company recorded income attributable
to common shareholders of $66.1 million, or $1.49 per diluted share and $1.51
per basic share, compared with income attributable to common shareholders of
$54.3 million, or $1.23 per diluted share and $1.26 per basic share, for the
year ended December 31, 2011. The 2012 results included after-tax expenses of
approximately $0.21 per share associated primarily with the offering of Cohen
& Steers Limited Duration Preferred and Income Fund, Inc. ("LDP"), a
closed-end mutual fund. After adjusting for these items, earnings per share
would have been $1.70 for the year ended December 31, 2012.

Assets Under Management

Assets under management were a record $45.8 billion as of December 31, 2012,
an increase of 1.9% from $44.9 billion at September 30, 2012 and an increase
of 10.9% from $41.3 billion at December 31, 2011. The increase from September
30, 2012 was due to market appreciation of $1.2 billion, partially offset by
net outflows of $339 million, primarily from global/international real estate
strategies. The increase from December 31, 2011 was due to market appreciation
of $7.1 billion, partially offset by net outflows of $2.6 billion, primarily
from global/international real estate strategies. Average assets under
management were $44.9 billion for the quarter ended December 31, 2012, a
decrease of 0.7% from $45.2 billion for the quarter ended September 30, 2012
and an increase of 11.4% from $40.3 billion for the quarter ended December 31,
2011.

Assets under management for institutional accounts were $24.9 billion as of
December 31, 2012, an increase of 0.8% from $24.6 billion at September 30,
2012 and a decrease of 2.1% from $25.4 billion at December 31, 2011. The
increase from September 30, 2012 was due to market appreciation of $745
million, largely offset by net outflows of $539 million, primarily from
global/international real estate strategies associated with subadvisory
relationships. The decrease from December 31, 2011 was due to net outflows of
$5.1 billion, primarily from global/international real estate strategies
associated with subadvisory relationships, largely offset by market
appreciation of $4.5 billion. Average assets under management for
institutional accounts were $24.4 billion for the quarter ended December 31,
2012, a decrease of 4.1% from $25.4 billion for the quarter ended September
30, 2012 and a decrease of 2.3% from $24.9 billion for the quarter ended
December 31, 2011.

Assets under management for open-end mutual funds were a record $13.0 billion
as of December 31, 2012, an increase of 3.5% from $12.5 billion at September
30, 2012 and an increase of 34.8% from $9.6 billion at December 31, 2011. The
increase from September 30, 2012 was due to market appreciation of $349
million and net inflows of $85 million, primarily from the preferred
securities strategy. The increase from December 31, 2011 was due to market
appreciation of $1.9 billion and net inflows of $1.5 billion, primarily from
U.S. real estate and preferred securities strategies. Average assets under
management for open-end mutual funds were $12.6 billion for the quarter ended
December 31, 2012, an increase of 0.8% from $12.5 billion for the quarter
ended September 30, 2012 and an increase of 37.3% from $9.2 billion for the
quarter ended December 31, 2011.

Assets under management for closed-end mutual funds were $8.0 billion as of
December 31, 2012, an increase of 2.7% from $7.8 billion at September 30, 2012
and an increase of 27.0% from $6.3 billion at December 31, 2011. The increase
from September 30, 2012 was due to inflows of $115 million through an increase
in the use of the funds' credit facilities and market appreciation of $97
million. The increase from December 31, 2011 was due to inflows of $1.0
billion from the launch of LDP and market appreciation of $696 million.
Average assets under management for closed-end mutual funds were $7.9 billion
for the quarter ended December 31, 2012, an increase of 8.1% from $7.3 billion
for the quarter ended September 30, 2012 and an increase of 27.9% from $6.2
billion for the quarter ended December 31, 2011.

Financial Highlights (Unaudited)
(in thousands, except
per share data or as  Three Months Ended            Year Ended
noted)
                      December  31,  December  31,  December 31,  December 31,
                      2012           2011           2012          2011
Revenue               $  71,095      $  59,416      $  273,553    $  237,246
Expenses              $  38,362      $  36,617      $  177,121    $  150,242
Operating income      $  32,733      $  22,799      $  96,432     $  87,004
Operating margin      46.0       %   38.4       %   35.3       %  36.7       %
Total non-operating   $  1,531       $  2,409       $  7,871      $  (143)
income (loss)
Net income
attributable to       $  21,723      $  16,047      $  66,117     $  54,307
common shareholders
Diluted earnings per
share attributable to $  0.49        $  0.36        $  1.49       $  1.23
common shareholders
Assets under
management, end of    $  45,797      $  41,284      $  45,797     $  41,284
period (in millions)
Average assets under
management for period $  44,863      $  40,286      $  44,178     $  40,039
(in millions)

December  31, 2012 Compared with December  31, 2011

Total revenue for the fourth quarter of 2012 was $71.1 million, an increase of
19.7% from $59.4 million for the fourth quarter of 2011, primarily due to
higher average assets under management. Operating expenses for the fourth
quarter of 2012 were $38.4 million, an increase of 4.8% from $36.6 million for
the fourth quarter of 2011, primarily due to higher general and administrative
and distribution and service fees expenses, partially offset by lower employee
compensation and benefits. Operating income was $32.7 million for the three
months ended December 31, 2012, compared with operating income of $22.8
million for the three months ended December 31, 2011. The company's operating
margin increased to 46.0% for the fourth quarter of 2012 compared with 38.4%
for the three months ended December 31, 2011 primarily due to a decrease in
the compensation to revenue ratio. Non-operating income was $1.5 million for
the three months ended December 31, 2012, compared with non-operating income
of $2.4 million for the three months ended December 31, 2011, primarily due to
less earnings from the company's seed investments.

Balance Sheet Information

As of December 31, 2012, cash, cash equivalents and investments were $175
million. As of December 31, 2012, stockholders' equity was $217 million and
the company had no long-term or short-term debt.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, January 24, 2013 at 11:00
a.m. (ET) to discuss the company's fourth quarter results. Investors and
analysts can access the live conference call by dialing (800) 769-9015 (U.S.)
or (212) 231-2915 (international); passcode: 21644440. Participants should
plan to register at least 10 minutes before the conference call begins.

A replay of the call will be available for two weeks starting at approximately
1:00 p.m. (ET) on January 24, 2013 and can be accessed at (800) 633-8284
(U.S.) or (402) 977-9140 (international); passcode: 21644440. Internet access
to the webcast, which includes audio (listen-only), will be available on the
company's website at www.cohenandsteers.com under "Company/Investor
Relations." The webcast will be archived on the website for two weeks.

About Cohen & Steers

Founded in 1986, Cohen & Steers is a leading global investment manager focused
on global real estate securities, global listed infrastructure, real assets,
large cap value stocks and preferred securities. The company also manages
alternative investment strategies for qualified investors such as hedged real
estate securities portfolios and private real estate strategies. Headquartered
in New York City, with offices in London, Brussels, Hong Kong, Tokyo and
Seattle, Cohen & Steers serves institutional and individual investors around
the world.

Forward-Looking Statements

This press release and other statements that Cohen & Steers may make may
contain forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934,
which reflect the company's current views with respect to, among other things,
its operations and financial performance. You can identify these
forward-looking statements by the use of words such as "outlook," "believes,"
"expects," "potential," "continues," "may," "will," "should," "seeks,"
"approximately," "predicts," "intends," "plans," "estimates," "anticipates" or
the negative versions of these words or other comparable words. Such
forward-looking statements are subject to various risks and uncertainties.

Accordingly, there are or will be important factors that could cause actual
outcomes or results to differ materially from those indicated in these
statements. The company believes that these factors include, but are not
limited to, those described in the "Risk Factors" section of the company's
Annual Report on Form 10-K for the year ended December 31, 2011, which is
accessible on the Securities and Exchange Commission's website at
www.sec.govand 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   September  December   September  December
                       31, 2012   30, 2012   31, 2011   30, 2012   31, 2011
Revenue
Investment advisory
and administration     $  63,463  $  63,224  $  55,310
fees
Distribution and       3,205      2,881      2,260
service fees
Portfolio consulting   4,427      5,191      1,846
and other
Total revenue          71,095     71,296     59,416     (0.3)   %  19.7   %
Expenses
Employee compensation  18,821     25,101     20,694
and benefits
Distribution and       7,122      21,376     5,758
service fees
General and            10,370     10,601     8,380
administrative
Depreciation and       1,344      1,384      1,296
amortization
Amortization, deferred 705        595        489
commissions
Total expenses         38,362     59,057     36,617     (35.0)  %  4.8    %
Operating income       32,733     12,239     22,799     167.4   %  43.6   %
Non-operating income
Interest and dividend  762        478        269
income - net
Gain from trading      831        3,999      495
securities - net
Gain from
available-for-sale     197        437        154
securities - net
Equity in earnings of  336        71         1,614
affiliates
Other                  (595)      330        (123)
Total non-operating    1,531      5,315      2,409      (71.2)  %  (36.4) %
income
Income before
provision for income   34,264     17,554     25,208     95.2    %  35.9   %
taxes
Provision for income   12,220     4,987      9,134
taxes
Net income             22,044     12,567     16,074     75.4    %  37.1   %
Less: Net income
attributable to
redeemable             (321)      (2,306)    (27)
noncontrolling
interest
Net income
attributable to common $  21,723  $  10,261  $  16,047  111.7   %  35.4   %
shareholders
Earnings per share
attributable to common
shareholders
Basic                  $  0.50    $  0.23    $  0.37    111.7   %  33.6   %
Diluted                $  0.49    $  0.23    $  0.36    111.4   %  34.0   %
Weighted average
shares outstanding
Basic                  43,832     43,822     43,249
Diluted                44,609     44,537     44,141

Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Periods Ended
(in thousands, except per share data)
                                        Year Ended
                                        December  31,  December  31,  % Change
                                        2012           2011
Revenue
Investment advisory and administration  $   244,529    $   221,879
fees
Distribution and service fees           11,334         9,718
Portfolio consulting and other          17,690         5,649
Total revenue                           273,553        237,246        15.3  %
Expenses
Employee compensation and benefits      88,517         84,371
Distribution and service fees           41,270         23,867
General and administrative              39,431         35,204
Depreciation and amortization           5,562          5,056
Amortization, deferred commissions      2,341          1,744
Total expenses                          177,121        150,242        17.9  %
Operating income                        96,432         87,004         10.8  %
Non-operating income
Interest and dividend income - net      2,530          1,068
Gain from trading securities - net      4,082          39
Gain from available-for-sale securities 1,237          376
- net
Equity in earnings (losses) of          1,050          (3,021)
affiliates
Other                                   (1,028)        1,395
Total non-operating income (loss)       7,871          (143)                *
Income before provision for income      104,303        86,861         20.1  %
taxes
Provision for income taxes              36,407         32,584
Net income                              67,896         54,277         25.1  %
Less: Net (income) loss attributable to (1,779)        30
redeemable noncontrolling interest
Net income attributable to common       $   66,117     $   54,307     21.7  %
shareholders
Earnings per share attributable to
common shareholders
Basic                                   $   1.51       $   1.26       20.1  %
Diluted                                 $   1.49       $   1.23       20.4  %
Weighted average shares outstanding
Basic                                   43,766         43,190
Diluted                                 44,482         43,975
* Not meaningful

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods Ended
(in millions)
                      Three Months Ended               % Change From
                                 September             September
                      December   30,        December   30,        December 
                      31, 2012              31, 2011              31, 2011
                                 2012                  2012
Institutional
Accounts
Assets under
management, beginning $  24,644  $  25,599  $  24,026
of period
Inflows               385        362        498
Outflows              (924)      (2,044)    (1,598)
Net outflows          (539)      (1,682)    (1,100)
Market appreciation   745        727        2,454
Total increase        206        (955)      1,354
(decrease)
Assets under
management, end of    $  24,850  $  24,644  $  25,380  0.8    %   (2.1)  %
period
Average assets under  $  24,362  $  25,393  $  24,932  (4.1)  %   (2.3)  %
management for period
Open-End Mutual Funds
Assets under
management, beginning $  12,528  $  12,114  $  8,612
of period
Inflows               1,165      1,225      908
Outflows              (1,080)    (1,061)    (817)
Net inflows           85         164        91
Market appreciation   349        250        916
Total increase        434        414        1,007
Assets under
management, end of    $  12,962  $  12,528  $  9,619   3.5    %   34.8   %
period
Average assets under  $  12,594  $  12,490  $  9,170   0.8    %   37.3   %
management for period
Closed-End Mutual
Funds
Assets under
management, beginning $  7,773   $  6,678   $  5,979
of period
Inflows               115        889        --
Outflows              --         --         (59)
Net inflows           115        889        (59)
(outflows)
Market appreciation   97         206        365
Total increase        212        1,095      306
Assets under
management, end of    $  7,985   $  7,773   $  6,285   2.7    %   27.0   %
period
Average assets under  $  7,907   $  7,312   $  6,184   8.1    %   27.9   %
management for period
Total
Assets under
management, beginning $  44,945  $  44,391  $  38,617
of period
Inflows               1,665      2,476      1,406
Outflows              (2,004)    (3,105)    (2,474)
Net outflows          (339)      (629)      (1,068)
Market appreciation   1,191      1,183      3,735
Total increase        852        554        2,667
Assets under
management,           $  45,797  $  44,945  $  41,284  1.9    %   10.9   %

end of period
Average assets under  $  44,863  $  45,195  $  40,286  (0.7)  %   11.4   %
management for period

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods Ended
(in millions)
                                      Year Ended
                                      December  31,  December  31,  % Change
                                      2012           2011
Institutional Accounts
Assets under management, beginning of $    25,380    $    19,625
period
Inflows                               2,113          9,841
Outflows                              (7,186)        (3,802)
Net (outflows) inflows                (5,073)        6,039
Market appreciation (depreciation)    4,543          (284)
Total (decrease) increase             (530)          5,755
Assets under management, end of       $    24,850    $    25,380    (2.1)  %
period
Average assets under management for   $    25,284    $    24,175    4.6    %
period
Open-End Mutual Funds
Assets under management, beginning of $    9,619     $    8,484
period
Inflows                               5,149          4,278
Outflows                              (3,669)        (2,991)
Net inflows                           1,480          1,287
Market appreciation (depreciation)    1,863          (152)
Total increase                        3,343          1,135
Assets under management, end of       $    12,962    $    9,619     34.8   %
period
Average assets under management for   $    11,798    $    9,342     26.3   %
period
Closed-End Mutual Funds
Assets under management, beginning of $    6,285     $    6,353
period
Inflows                               1,004          153
Outflows                              --             (59)
Net inflows                           1,004          94
Market appreciation (depreciation)    696            (162)
Total increase (decrease)             1,700          (68)
Assets under management, end of       $    7,985     $    6,285     27.0   %
period
Average assets under management for   $    7,096     $    6,522     8.8    %
period
Total
Assets under management, beginning of $    41,284    $    34,462
period
Inflows                               8,266          14,272
Outflows                              (10,855)       (6,852)
Net (outflows) inflows                (2,589)        7,420
Market appreciation (depreciation)    7,102          (598)
Total increase                        4,513          6,822
Assets under management,
                                      $    45,797    $    41,284    10.9   %
end of period
Average assets under management for   $    44,178    $    40,039    10.3   %
period

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   September  December   September  December 
                         31,        30,        31,        30,        31,

                         2012       2012       2011      2012       2011
Subadvisory
Assets under management,
                         $  17,712  $  18,639  $  18,266
beginning of period
Inflows                  145        149        349
Outflows                 (735)      (1,549)    (1,429)
Net outflows             (590)      (1,400)    (1,080)
Market appreciation      460        473        1,887
Total (decrease)         (130)      (927)      807
increase
Assets under management, $  17,582  $  17,712  $  19,073  (0.7)  %   (7.8)  %
end of period
Average assets under     $  17,273  $  18,492  $  18,795  (6.6)  %   (8.1)  %
management for period
Advisory
Assets under management, $  6,932   $  6,960   $  5,760
beginning of period
Inflows                  240        213        149
Outflows                 (189)      (495)      (169)
Net inflows (outflows)   51         (282)      (20)
Market appreciation      285        254        567
Total increase           336        (28)       547
(decrease)
Assets under management, $  7,268   $  6,932   $  6,307   4.8    %   15.2   %
end of period
Average assets under     $  7,089   $  6,901   $  6,137   2.7    %   15.5   %
management for period
Total Institutional
Accounts
Assets under management, $  24,644  $  25,599  $  24,026
beginning of period
Inflows                  385        362        498
Outflows                 (924)      (2,044)    (1,598)
Net outflows             (539)      (1,682)    (1,100)
Market appreciation      745        727        2,454
Total increase           206        (955)      1,354
(decrease)
Assets under management, $  24,850  $  24,644  $  25,380  0.8    %   (2.1)  %
end of period
Average assets under     $  24,362  $  25,393  $  24,932  (4.1)  %   (2.3)  %
management for period

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Investment Relationship
For the Periods Ended
(in millions)
                                        Year Ended
                                        December  31,  December  31,  % Change
                                        2012           2011
Subadvisory
Assets under management, beginning of   $    19,073    $    13,334
period
Inflows                                 850            9,018
Outflows                                (5,559)        (3,074)
Net (outflows) inflows                  (4,709)        5,944
Market appreciation (depreciation)      3,218          (205)
Total (decrease) increase               (1,491)        5,739
Assets under management, end of period  $    17,582    $    19,073    (7.8)  %
Average assets under management for     $    18,437    $    17,515    5.3    %
period
Advisory
Assets under management, beginning of   $    6,307     $    6,291
period
Inflows                                 1,263          823
Outflows                                (1,627)        (728)
Net (outflows) inflows                  (364)          95
Market appreciation (depreciation)      1,325          (79)
Total increase                          961            16
Assets under management, end of period  $    7,268     $    6,307     15.2   %
Average assets under management for     $    6,847     $    6,660     2.8    %
period
Total Institutional Accounts
Assets under management, beginning of   $    25,380    $    19,625
period
Inflows                                 2,113          9,841
Outflows                                (7,186)        (3,802)
Net (outflows) inflows                  (5,073)        6,039
Market appreciation (depreciation)      4,543          (284)
Total (decrease) increase               (530)          5,755
Assets under management, end of period  $    24,850    $    25,380    (2.1)  %
Average assets under management for     $    25,284    $    24,175    4.6    %
period

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods Ended
(in millions)
                        Three Months Ended              % Change From
                        December   September  December  September  December
                        31,        30,        31,       30,        31,

                        2012      2012       2011     2012       2011
U.S. Real Estate
Assets under
management, beginning   $  22,430  $  22,178  $ 16,099
of period
Inflows                 600        774        749
Outflows                (733)      (552)      (513)
Net (outflows) inflows  (133)      222        236
Market appreciation     316        30         2,170
Total increase          183        252        2,406
Assets under
management, end of      $  22,613  $  22,430  $ 18,505  0.8    %   22.2   %
period
Average assets under    $  22,088  $  22,527  $ 17,339  (1.9)  %   27.4   %
management for period
Global/International
Real Estate
Assets under
management, beginning   $  11,114  $  12,532  $ 13,734
of period
Inflows                 288        249        343
Outflows                (964)      (2,301)    (1,624)
Net outflows            (676)      (2,052)    (1,281)
Market appreciation     717        634        956
Total increase          41         (1,418)    (325)
(decrease)
Assets under
management, end of      $  11,155  $  11,114  $ 13,409  0.4    %   (16.8) %
period
Average assets under    $  10,978  $  12,097  $ 13,822  (9.3)  %   (20.6) %
management for period
Preferred Securities
Assets under
management, beginning   $  3,843   $  2,548   $ 1,803
of period
Inflows                 569        1,331      152
Outflows                (138)      (183)      (52)
Net inflows             431        1,148      100
Market appreciation     90         147        61
Total increase          521        1,295      161
Assets under
management, end of      $  4,364   $  3,843   $ 1,964   13.6   %   122.2  %
period
Average assets under    $  4,139   $  3,236   $ 1,894   27.9   %   118.5  %
management for period
Global Infrastructure
Assets under
management, beginning   $  3,258   $  3,122   $ 2,919
of period
Inflows                 184        27         17
Outflows                (22)       (35)       (73)
Net inflows (outflows)  162        (8)        (56)
Market appreciation     89         144        147
Total increase          251        136        91
Assets under
management, end of      $  3,509   $  3,258   $ 3,010   7.7    %   16.6   %
period
Average assets under    $  3,422   $  3,210   $ 2,970   6.6    %   15.2   %
management for period
Large Cap Value Stocks
Assets under
management, beginning   $  3,602   $  3,389   $ 3,470
of period
Inflows                 12         50         145
Outflows                (142)      (31)       (116)
Net (outflows) inflows  (130)      19         29
Market (depreciation)   (7)        194        377
appreciation
Total (decrease)        (137)      213        406
increase
Assets under
management, end of      $  3,465   $  3,602   $ 3,876   (3.8)  %   (10.6) %
period
Average assets under    $  3,539   $  3,473   $ 3,718   1.9    %   (4.8)  %
management for period
Other
Assets under
management, beginning   $  698     $  622     $ 592
of period
Inflows                 12         45         --
Outflows                (5)        (3)        (96)
Net inflows (outflows)  7          42         (96)
Market (depreciation)   (14)       34         24
appreciation
Total (decrease)        (7)        76         (72)
increase
Assets under
management, end of      $  691     $  698     $ 520     (1.0)  %   32.9   %
period
Average assets under    $  697     $  652     $ 543     6.9    %   28.4   %
management for period
Total
Assets under
management, beginning   $  44,945  $  44,391  $ 38,617
of period
Inflows                 1,665      2,476      1,406
Outflows                (2,004)    (3,105)    (2,474)
Net outflows            (339)      (629)      (1,068)
Market appreciation     1,191      1,183      3,735
Total increase          852        554        2,667
Assets under
management, end of      $  45,797  $  44,945  $ 41,284  1.9    %   10.9   %
period
Average assets under    $  44,863  $  45,195  $ 40,286  (0.7)  %   11.4   %
management for period



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods Ended
(in millions)
                                          Year Ended
                                          December      December 
                                          31,           31,           % Change

                                          2012          2011
U.S. Real Estate
Assets under management,
                                          $   18,505    $   10,506
beginning of period
Inflows                                   3,723         9,506
Outflows                                  (2,458)       (1,979)
Net inflows                               1,265         7,527
Market appreciation                       2,843         472
Total increase                            4,108         7,999
Assets under management, end of period    $   22,613    $   18,505    22.2   %
Average assets under management for       $   21,453    $   15,043    42.6   %
period
Global/International Real Estate
Assets under management, beginning of     $   13,409    $   15,438
period
Inflows                                   1,528         2,964
Outflows                                  (6,738)       (4,010)
Net outflows                              (5,210)       (1,046)
Market appreciation (depreciation)        2,956         (983)
Total decrease                            (2,254)       (2,029)
Assets under management, end of period    $   11,155    $   13,409    (16.8) %
Average assets under management for       $   12,277    $   15,789    (22.2) %
period
Preferred Securities
Assets under management, beginning of     $   1,964     $   1,292
period
Inflows                                   2,430         887
Outflows                                  (439)         (200)
Net inflows                               1,991         687
Market appreciation (depreciation)        409           (15)
Total increase                            2,400         672
Assets under management, end of period    $   4,364     $   1,964     122.2  %
Average assets under management for       $   2,988     $   1,698     76.0   %
period
Global Infrastructure
Assets under management, beginning of     $   3,010     $   2,870
period
Inflows                                   255           291
Outflows                                  (104)         (120)
Net inflows                               151           171
Market appreciation (depreciation)        348           (31)
Total increase                            499           140
Assets under management, end of period    $   3,509     $   3,010     16.6   %
Average assets under management for       $   3,206     $   3,057     4.9    %
period
Large Cap Value Stocks
Assets under management, beginning of     $   3,876     $   3,673
period
Inflows                                   182           710
Outflows                                  (1,108)       (523)
Net (outflows) inflows                    (926)         187
Market appreciation                       515           16
Total (decrease) increase                 (411)         203
Assets under management, end of period    $   3,465     $   3,876     (10.6) %
Average assets under management for       $   3,625     $   3,805     (4.7)  %
period
Other
Assets under management, beginning of     $   520       $   683
period
Inflows                                   148           46
Outflows                                  (8)           (152)
Net inflows (outflows)                    140           (106)
Market appreciation (depreciation)        31            (57)
Total increase (decrease)                 171           (163)
Assets under management, end of period    $   691       $   520       32.9   %
Average assets under management for       $   629       $   647       (2.8)  %
period
Total
Assets under management, beginning of     $   41,284    $   34,462
period
Inflows                                   8,266         14,404
Outflows                                  (10,855)      (6,984)
Net (outflows) inflows                    (2,589)       7,420
Market appreciation (depreciation)        7,102         (598)
Total increase                            4,513         6,822
Assets under management, end of period    $   45,797    $   41,284    10.9   %
Average assets under management for       $   44,178    $   40,039    10.3   %
period

Cohen & Steers, Inc. and Subsidiaries
Assets Under Advisement (Unaudited)
(in millions)
                  As of
                  December  31,          September 30,        December  31,

                  2012                   2012                 2011
Model-Based       $     4,536            $     5,605          $    2,009
Strategies
Exchange Traded   $     2,804            $     2,948          $    2,380
Funds
Unit Investment   $     1,324            $     1,290          $    1,233
Trusts
Total             $     8,664            $     9,843          $    5,622
Note: Assets under advisement are defined as assets for which the company does
not provide active management.

SOURCE Cohen & Steers, Inc.

Website: http://www.cohenandsteers.com
Contact: Matthew S. Stadler, Executive Vice President, Chief Financial
Officer, Cohen & Steers, Inc., +1-212-446-9168
 
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