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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