Cohen & Steers Inc., a New York-based asset manager specializing in publicly traded property companies, is shutting down its private-equity real estate division, according to an e-mail from the head of the unit.
“The firm has decided to no longer be active in the private-equity real estate space,” Steve Coyle, chief investment officer of the firm’s Global Realty Partners unit, wrote yesterday. “As a result, my team and I will depart the firm effective this Friday.”
Coyle joined Cohen & Steers in 2008 from Citigroup Inc., where he was chief investment strategist of a property division. At Cohen & Steers, he raised money to invest with other real estate fund managers. The company, founded in 1986 by Martin Cohen and Robert Steers, had $47.8 billion of assets under management as of June 30.
Matthew Stadler, chief financial officer at Cohen & Steers, didn’t return a telephone call placed after regular business hours yesterday seeking comment on the unit shutting.