Cohen & Steers, Inc. (CNS) is a 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 and headquartered in New York City, the firm has expanded its global footprint with offices in London, Dublin, Hong Kong, Tokyo and Singapore, serving institutional and individual investors around the world.
Cohen & Steers' Storied History of Innovation and Growth
Cohen & Steers was founded in 1986 by Martin Cohen and Robert Steers, who recognized the potential of real estate securities as an asset class. The firm pioneered the first U.S. real estate securities strategy and went on to develop a suite of innovative strategies across the real assets spectrum. In the early years, Cohen & Steers focused on developing its expertise in real estate securities, particularly U.S. real estate investment trusts (REITs). The company established a strong track record of performance in this asset class, which helped it grow assets under management and expand its client base.
In 2004, the firm went public on the New York Stock Exchange, raising capital to fuel its continued expansion. This initial public offering provided the capital to support continued growth and diversification of its investment strategies and distribution. Since then, Cohen & Steers has strategically broadened its investment capabilities, launching strategies in preferred securities, infrastructure, natural resources, and multi-asset real assets solutions.
The firm has also extended its global reach, establishing offices across Europe, Asia, and Australia to serve a growing international client base. These strategic investments to build out its global presence were made in the years following the IPO, allowing Cohen & Steers to better serve international clients.
Throughout its history, Cohen & Steers has navigated various market cycles and challenges. During the global financial crisis of 2008-2009, the firm weathered the storm, demonstrating the resilience of its investment strategies and the value it provided to clients. The firm also had to adapt to evolving regulations, such as the implementation of MiFID II in Europe, which impacted its research and distribution practices.
Today, Cohen & Steers manages $85.8 billion in assets as of December 31, 2024, with a diverse lineup of open-end funds, closed-end funds, and institutional separate accounts. The firm's performance track record, product innovation, and client-centric approach have enabled it to consistently grow its assets under management and solidify its position as a premier real assets manager.
Comprehensive Real Assets Expertise Across the Spectrum
Cohen & Steers' investment capabilities span the full real assets spectrum, including:
U.S. Real Estate Securities: The firm's U.S. REIT strategies have consistently generated strong performance, with 95% of AUM outperforming benchmarks over the past year and 99% over the past 10 years as of December 31, 2024. Cohen & Steers maintains a dominant market share in the actively managed U.S. REIT fund space, with its open-end funds attracting significant inflows from the fast-growing registered investment advisor (RIA) channel.
Global/International Real Estate Securities: Cohen & Steers has developed a robust global real estate securities capability, allowing clients to access opportunities beyond the U.S. market. The firm's international real estate strategies have also delivered impressive long-term results, with 97% of AUM outperforming benchmarks over the past 5 years.
Private Real Estate: In 2024, Cohen & Steers launched its non-traded REIT, the Cohen & Steers Income Opportunities REIT, which has already attracted $1 billion in assets. The firm is leveraging its real estate expertise to selectively invest in high-quality, income-focused private real estate assets, diversifying its real estate offering.
Preferred Securities: Cohen & Steers is a leader in the preferred securities space, with its open-end preferred funds capturing a dominant 38% market share. The firm's preferred strategies have consistently outperformed, generating 220 basis points of alpha in 2024 despite the volatility in the banking sector.
Global Listed Infrastructure: Cohen & Steers has built a strong global listed infrastructure franchise, providing investors exposure to essential assets such as utilities, transportation, and communication infrastructure. The firm's infrastructure strategies have generated solid returns, with 96% of AUM outperforming benchmarks over the past 3 years.
Natural Resource Equities: Cohen & Steers' natural resource equity strategies, including its newly launched active ETF, offer diversified exposure to companies involved in the production, extraction, and processing of commodities and natural resources. These strategies have been an integral part of the firm's multi-asset real assets solutions.
Multi-Asset Real Assets: Recognizing the benefits of diversification across real asset categories, Cohen & Steers has developed comprehensive multi-asset real assets strategies that combine exposure to listed real estate, infrastructure, natural resources, and other real assets. These solutions have gained traction with institutional and wealth management clients seeking inflation-hedging and diversification benefits.
Expansion into Active ETFs Broadens Distribution Reach
In early 2025, Cohen & Steers launched its first suite of actively managed exchange-traded funds (ETFs), providing investors with access to the firm's flagship investment strategies through a more liquid and tax-efficient vehicle. The active ETFs focus on U.S. real estate securities, preferred securities, and natural resource equities, aligning with Cohen & Steers' core areas of expertise.
The launch of these active ETFs represents a strategic move by the firm to expand its distribution reach and meet the growing demand for actively managed real assets solutions in the ETF wrapper. Cohen & Steers is leveraging its strong performance track record and educational efforts in the wealth management channel to gain traction with registered investment advisors (RIAs) and other model portfolio builders, who have shown increasing interest in the firm's real assets strategies.
Financials
Robust Financial Position and Disciplined Capital Allocation
Cohen & Steers maintains a strong financial position, with $331 million in net liquid assets as of December 31, 2024. The firm's balance sheet strength provides ample flexibility to pursue growth initiatives, such as seeding new investment strategies and vehicles, while also funding ongoing operations and returning capital to shareholders through a consistent dividend policy.
In 2024, Cohen & Steers generated $96.7 million in operating cash flow and $85.0 million in free cash flow, reflecting the firm's ability to consistently convert earnings into cash. This cash flow generation, combined with a prudent approach to capital allocation, has enabled Cohen & Steers to invest in its business while also returning capital to shareholders. The firm declared a quarterly dividend of $0.62 per share in February 2025, representing a 5.1% increase from the prior quarter.
For the full year 2024, Cohen & Steers reported revenue of $517.4 million, representing a 5.9% increase from the previous year. Net income for 2024 was $151.3 million, with earnings per share of $2.93, up from $2.84 in 2023. The most recent quarter (Q4 2024) saw revenue of $144.7 million, a 5.7% year-over-year increase, and net income of $45.8 million, a 14.2% increase from the same period in the previous year.
The company's financial performance is driven by its three primary investment vehicles:
Open-End Funds: Assets under management in open-end funds grew 10.6% to $41.0 billion as of December 31, 2024. This growth was fueled by $2.8 billion in net inflows, primarily into U.S. real estate strategies, and $2.4 billion in market appreciation. Investment advisory and administration fees from open-end funds accounted for 49.9% of total revenue in 2024, growing 7.7% year-over-year.
Institutional Accounts: Despite a 4.2% decline in assets under management to $33.6 billion, investment advisory revenue from institutional accounts grew 4.5% year-over-year, representing 24.9% of total revenue in 2024.
Closed-End Funds: Assets under management in closed-end funds increased 1.9% to $11.3 billion. Investment advisory and administration fees from closed-end funds made up 19.3% of total revenue in 2024, growing 3.8% year-over-year.
Looking ahead, Cohen & Steers remains committed to a balanced capital allocation strategy, focusing on organic growth initiatives, strategic acquisitions (if and when appropriate), and shareholder distributions through its dividend program. The firm's strong financial profile and disciplined approach to capital management provide a solid foundation for continued long-term success.
Liquidity
Cohen & Steers' strong liquidity position is evident from its $331 million in net liquid assets as of December 31, 2024. This substantial liquidity buffer ensures the firm can meet its short-term obligations, invest in growth opportunities, and maintain financial flexibility in various market conditions. The firm's consistent cash flow generation further supports its liquidity, with $96.7 million in operating cash flow and $85.0 million in free cash flow in 2024.
As of December 31, 2024, Cohen & Steers had a debt-to-equity ratio of 0.28, indicating a conservative capital structure. The company's net liquid assets included $183 million in cash and cash equivalents and $109 million in U.S. Treasury securities. Additionally, Cohen & Steers maintains a $100 million senior unsecured revolving credit facility maturing in January 2026, providing further financial flexibility.
The firm's current ratio and quick ratio both stood at 25.39, demonstrating its ability to easily cover short-term liabilities with its liquid assets. This robust liquidity position allows Cohen & Steers to pursue strategic initiatives, seed new investment products, and maintain its commitment to shareholder returns through dividends and potential share repurchases.
Experienced Management Team Guiding the Firm's Evolution
Cohen & Steers is led by an experienced management team that has navigated the firm through various market cycles and strategic initiatives. Joseph Harvey, who has served as Chief Executive Officer since 2020, previously held roles as President and Chief Investment Officer, overseeing the firm's investment capabilities and research platform.
The management team also includes Raja Dakkuri as Chief Financial Officer, who has been with Cohen & Steers since 2015 and played a key role in the firm's financial and operational strategy. Additionally, Jeffrey Palma, Head of Multi-Asset Solutions, brings deep expertise in real assets investing and portfolio construction, contributing to the firm's comprehensive approach to delivering solutions for its clients.
Under the leadership of this seasoned team, Cohen & Steers has demonstrated the ability to adapt to changing market conditions, expand its product offerings, and execute on its strategic priorities. The firm's consistent performance, innovative culture, and client-centric focus have been instrumental in solidifying its position as a premier global real assets investment manager.
Global Reach and Diverse Client Base
Cohen & Steers operates globally, with a significant presence in key markets worldwide. In 2024, 86.8% of the firm's revenue came from North America, 6.1% from Japan, 4.0% from Europe/Middle East/Africa, and 3.0% from Asia Pacific excluding Japan. This global footprint allows the firm to tap into diverse investment opportunities and serve a broad range of international clients.
The company's expanding global presence is supported by its network of offices in major financial centers, including New York, London, Dublin, Hong Kong, Tokyo, and Singapore. This international reach enables Cohen & Steers to maintain close relationships with institutional investors, wealth managers, and individual investors across different regions, while also providing on-the-ground insights into local real asset markets.
Human Capital and Corporate Culture
As of December 31, 2024, Cohen & Steers employed 411 full-time professionals globally. The firm has demonstrated a commitment to diversity and inclusion, with 36 women in leadership positions. In the United States, 33% of employees were people of color, and the company made significant strides in diverse hiring, with 48% of new hires in 2024 being women and 40% being people of color.
Cohen & Steers' focus on human capital development and maintaining a positive work environment has been recognized externally. The firm was named a Best Place to Work in Money Management by Pensions & Investments for the fifth consecutive year in 2024. This accolade reflects the company's ongoing efforts to foster a culture of continuous learning, growth, and inclusivity.
The firm's human capital strategies are designed to attract and retain top talent, develop the next generation of leaders, and maintain a diverse and engaged workforce. These initiatives are crucial for Cohen & Steers' continued success in the competitive investment management industry and its ability to deliver innovative solutions to clients.
Looking Ahead: Guidance and Industry Trends
Cohen & Steers has provided guidance for the 2025 fiscal year, expecting the compensation ratio to remain steady at 40.5%. The firm anticipates G&A expenses to increase by 6% to 7% compared to 2024 levels. Additionally, the effective tax rate is projected to remain consistent at 25.3% in 2025.
The investment management industry continues to see growing demand for real assets and alternative income strategies as investors seek diversification and inflation protection. Cohen & Steers is well-positioned to capitalize on these trends with its comprehensive suite of real assets solutions and its recent expansion into the actively managed ETF market.
Conclusion
Cohen & Steers has established itself as a leader in the real assets investment management space, leveraging its pioneering history, comprehensive investment capabilities, and global distribution footprint to serve a diverse client base. The firm's commitment to innovation, disciplined capital allocation, and experienced management team position it well to capitalize on the growing demand for real assets solutions and continue its trajectory of sustainable growth. As investors seek diversification, inflation protection, and stable income streams, Cohen & Steers' specialized expertise in real estate, infrastructure, preferred securities, and other real assets makes it a compelling investment choice in the years ahead.