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Rating:Cohen & Steers Posts a Q2 Loss Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, July 23, 2009

Cohen & Steers Posts a Q2 Loss

by: Armie Margaret Lee

Cohen & Steers posted a loss of $6.4 million, compared with earnings of $14 million in the year-ago period. The New York City-based firm, which specializes in REIT mutual funds, saw revenues drop 51.6 percent to $26.4 million from $54.4 million in the year-ago period.

The firm had AUM of $16.3 billion at the end of June, up 40.7 percent from $11.6 billion at the close of March and down 39.5 percent from $27 billion at end-June last year.

Net inflows to open-end mutual funds totaled $161 million at the end of the second quarter. Average AUM during the period was $3.8 billion, up 13.3 percent from $3.4 billion in the quarter ended March, and down 55 percent from $8.4 billion in the quarter ended June 2008.

"Our strategy to grow our asset gathering capabilities despite the economic challenges we are facing is beginning to pay off," said Robert Steers, co-chairman and co-CEO, in a news release. "We recorded significant net inflows into both our open-end mutual funds and our institutional separate account offerings. In addition, our institutional pipeline has never been more promising." 

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