Cohen & Steers Announces Preliminary Assets Under Management and Net Flows For December 2024

Rhea-AI Summary

Cohen & Steers (NYSE: CNS) reported preliminary assets under management (AUM) of $85.8 billion as of December 31, 2024, marking a $5.6 billion decrease from November 30, 2024's $91.4 billion. The decline was primarily attributed to:

- Market depreciation of $5.7 billion
- Distributions of $396 million
- Partially offset by net inflows of $504 million

The AUM breakdown shows Open-end Funds at $41.0 billion, Institutional Accounts at $33.6 billion, and Closed-end Funds at $11.3 billion. Within Institutional Accounts, Advisory accounts held $19.3 billion, Japan Subadvisory $8.5 billion, and Subadvisory excluding Japan $5.8 billion.

Positive

• Net inflows of $504 million during the month
• Open-end funds showed positive flows of $568 million

Negative

• Total AUM decreased by $5.6 billion (6.1%) month-over-month
• Market depreciation of $5.7 billion
• Institutional accounts experienced net outflows of $65 million
• Japan Subadvisory saw outflows of $28 million
• Subadvisory excluding Japan had outflows of $108 million

Insights

Financial Analyst

The December 2024 AUM report reveals concerning trends for Cohen & Steers. The $5.6 billion decrease in AUM represents a significant 6.1% monthly decline, primarily driven by substantial market depreciation of $5.7 billion. While the firm managed to achieve net inflows of $504 million, this positive aspect was overwhelmed by market losses.

The institutional segment shows particular weakness, with all three subcategories experiencing declines. Most notably, the core Advisory business dropped by 6.3%, while Japan Subadvisory fell by 8.8%. The retail-focused Open-end Funds, despite positive flows of $568 million, saw a 5.4% decrease in AUM.

This performance could pressure CNS's future earnings, as management fees typically represent 0.5-0.7% of AUM annually. The $5.6 billion AUM reduction could translate to approximately $30-40 million in reduced annual revenue if market conditions don't improve.

Market Research Analyst

Looking at the broader context, this AUM decline reflects deeper challenges in the real estate investment sector, where Cohen & Steers specializes. The substantial market depreciation across all segments suggests systematic pressure on real estate valuations, likely tied to persistent high interest rates and commercial real estate concerns. The contrast between positive net flows ($504 million) and severe market depreciation ($5.7 billion) indicates that while the firm maintains client confidence, underlying asset performance remains challenged.

The divergence in institutional versus retail flows is noteworthy - institutional accounts saw net outflows of $65 million while retail-oriented open-end funds attracted $568 million. This pattern suggests institutional investors may be strategically reducing real estate exposure while retail investors are potentially viewing the sector's weakness as a buying opportunity.

NEW YORK, Jan. 9, 2025 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) today reported preliminary assets under management of $85.8 billion as of December 31, 2024, a decrease of $5.6 billion from assets under management of $91.4 billion at November 30, 2024. The decrease was due to market depreciation of $5.7 billion and distributions of $396 million, partially offset by net inflows of $504 million.

Assets Under Management                (unaudited)
($ in millions)	AUM	Net	Market		AUM
By investment vehicle:	11/30/2024	Flows	Depreciation	Distributions	12/31/2024
Institutional Accounts:
Advisory	$20,563	$71	($1,362)	-	$19,272
Japan Subadvisory	9,348	(28)	(745)	(53)	8,522
Subadvisory excluding Japan	6,373	(108)	(496)	-	5,769
Total Institutional Accounts	36,284	(65)	(2,603)	(53)	33,563
Open-end Funds	43,307	568	(2,621)	(292)	40,962
Closed-end Funds	11,845	1	(506)	(51)	11,289
Total AUM	$91,436	$504	($5,730)	($396)	$85,814

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

View original content:https://www.prnewswire.com/news-releases/cohen--steers-announces-preliminary-assets-under-management-and-net-flows-for-december-2024-302347513.html

SOURCE Cohen & Steers, Inc.

FAQ

What caused the $5.6 billion decrease in Cohen & Steers (CNS) AUM in December 2024?

The decrease was primarily due to market depreciation of $5.7 billion and distributions of $396 million, partially offset by net inflows of $504 million.

How much were the net inflows for Cohen & Steers (CNS) in December 2024?

Cohen & Steers reported net inflows of $504 million in December 2024.

What was the total AUM for Cohen & Steers (CNS) as of December 31, 2024?

Cohen & Steers reported total assets under management of $85.8 billion as of December 31, 2024.

How did Cohen & Steers (CNS) Open-end Funds perform in terms of flows in December 2024?

Open-end Funds showed positive flows of $568 million in December 2024.

What was the market depreciation impact on Cohen & Steers (CNS) AUM in December 2024?

Market depreciation resulted in a $5.7 billion decrease in assets under management during December 2024.