Cohen & Steers(US:CNS)2025-02-21 14:06Investment Vehicles and Strategies - Cohen & Steers, Inc. manages three types of investment vehicles: open-end funds, institutional accounts, and closed-end funds[14]. - The company’s core investment strategies include U.S. Real Estate Securities, Global/International Real Estate Securities, and Private Real Estate, among others[27][28][29]. - In 2024, Cohen & Steers Income Opportunities REIT, Inc. commenced principal operations, focusing on high-quality, income-focused properties in the U.S.[17]. - In 2025, the company launched its first active exchange-traded funds (ETFs) with three strategies: U.S. real estate securities, preferred securities, and natural resource equities[18]. - The investment advisory fee rates vary based on the vehicle, investment strategy, and prevailing market conditions, impacting overall revenue generation[24]. Revenue and Financial Performance - Revenue from the wealth channel is derived from investment advisory, administration, distribution, and service fees, while institutional channel revenue comes from fees for managing advised and subadvised accounts[24]. - Revenue fluctuates with changes in total assets under management, influenced by market appreciation, contributions, withdrawals, and distributions[25]. - Revenue fluctuates with changes in the total value of assets under management, influenced by market appreciation and depreciation, contributions, withdrawals, and distributions[25]. Competition and Market Position - The company faces competition from global investment managers, commercial banks, and broker-dealers, with performance and fees being key competitive factors[36][38]. - Cohen & Steers competes with global and U.S. investment managers, commercial banks, and broker-dealers, with performance, price, and brand being principal sources of competition[36][38]. - The company may face increased competition from larger managers with greater brand recognition and resources, potentially impacting market share[39]. Regulatory Environment - Cohen & Steers is subject to regulation under U.S. federal and state laws, as well as applicable laws in other jurisdictions where it operates[40]. - The company has subsidiaries in various regions, including the U.S., UK, Hong Kong, and Japan, each subject to local regulatory requirements[41][42][43][45]. - CSCM, a subsidiary, is registered with the SEC and has exemptions allowing it to provide investment management services in Australia and Canada[41]. - CSUK, another subsidiary, is regulated by the UK Financial Conduct Authority and is subject to liquidity and capital resource requirements[42]. - CSAL, the Hong Kong-based subsidiary, is required to be licensed with the SFC for conducting regulated activities[43]. - CSS, a New York-based subsidiary, is subject to the SEC's Uniform Net Capital Rule, which may limit capital withdrawals and dividends[47]. Human Capital and Diversity - As of December 31, 2024, Cohen & Steers had 411 full-time employees globally, with 36% being women and 33% of U.S. employees being people of color[55]. - In 2024, 48% of firmwide new hires were women, and 40% of U.S. new hires were people of color[55]. - The company aligns its human capital strategies across four verticals: Talent Management & Organizational Strategy, People Analytics & Insights, Total Rewards, and HR Engagement[49]. - The company utilizes People Analytics & Insights to align HR initiatives with broader firm objectives and optimize talent management practices[51]. - The company has been recognized for five consecutive years as a "Best Place to Work in Money Management" by Pensions & Investments, highlighting its strong culture[54].