Deals
Private Equity Cash Turns Off Some Clients, Mutual Fund CEO Says
- Robert Steers says investors want money put to work faster
- Cohen & Steers shares climbed to highest level since 2007
Pedestrians walk along Wall Street near the New York Stock Exchange.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Institutional investors are starting to turn away from private equity real estate and infrastructure investments in favor of liquid funds that put their money to work faster, according to the head of a firm that offers such products.
“That’s a first,” said Robert Steers, chief executive of Cohen & Steers Inc., whose firm oversees about $63 billion in mutual funds and other liquid vehicles. Shares of the firm rose more than 21 percent over the 12 months through April 18, the biggest gainer in a Bloomberg index of asset managers.