New York City-based Cohen & Steers
reported second quarter net income of $8.5 million, or $0.21 per diluted share. The results were below analysts' estimates by two pennies.
The fund firm grew assets under management nearly 12 percent from the first quarter to $19.9 billion.
Institutional separate accounts grew the fastest quarter over quarter, increasing nearly 16 percent to $4.4 billion. Closed-end mutual funds gained 10 percent to $10 billion, while open-ended funds jumped 12.5 percent to $5.4 billion.
Investment advisory fees totaled $29 million in the second quarter, up 6 percent from the quarter before.
Separately, Cohen & Steers announced that Richard Helm
has joined the firm has senior vice president and head of large-cap value. Prior to joining Cohen & Steers, Helm managed the WM Equity Income Fund.
Stephen Dunn also joined Cohen & Steers from Essex Investment Management
as the firm's senior vice president and director of institutional marketing.
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