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Rating:Cohen & Steers' Earnings Disappoint, but AUM Jumps Not Rated 2.3 Email Routing List Email & Route  Print Print
Thursday, August 04, 2005

Cohen & Steers' Earnings Disappoint, but AUM Jumps

Reported by Theresa Sim

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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