Cohen & Steers’ August assets under management fell $1.5 billion from July to $101.0 billion as $1.9 billion in market depreciation and $155 million in distributions outweighed $528 million in net inflows. Open-end funds added $430 million, and subadvisory mandates $119 million.
At its July 17 report, the firm said second-quarter net inflows were $1.3 billion; adjusted EPS rose to $0.85 from $0.73 a year earlier, and operating margin reached 36.3%. But only 41% of assets outperformed over the prior year; management attributed the weakness to the US REIT strategy’s cell-tower holdings, citing slower carrier spending and concerns that satellites could displace towers.
The advisory business recorded $21 million in outflows in August after modest second-quarter outflows linked to institutional rebalancing. Operating expenses rose 3% to $97 million, which the article attributed to higher incentive pay; it also cited higher bond yields and strong equity demand as challenges in Japan.
