Cohen & Steers, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to institutional investors, including pension funds, endowments, and foundations. It manages separate client-focused equity, fixed income, multi-asset, and commodity portfolios through its subsidiaries. The firm launches and manages equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries. Through its subsidiaries, it also launches and manages hedge funds. The firm invests in public equity, fixed income, and commodity markets across the globe through its subsidiaries. Through its subsidiaries, it invests in companies operating in the real estate sector, including real estate investment trusts, infrastructure sector, and natural energy resources sector for its equity and fixed income investments. The firm also invests in preferred securities for its fixed income investments through its subsidiaries. Cohen & Steers, Inc. was founded in 1986 and is based in New York, with additional offices in London, United Kingdom; Central, Hong Kong; Tokyo, Japan; and Seattle, Washington.
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- A specialized BlackRock, focusing on investments in real estate and infrastructure.
- Vanguard or Fidelity, but with a unique focus on income-generating assets like REITs and infrastructure.
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Cohen & Steers (CNS) primarily provides **Investment Management Services**, which include the following specialized strategies:
- Real Estate Securities Management: Manages portfolios investing in publicly traded real estate companies, primarily Real Estate Investment Trusts (REITs).
- Listed Infrastructure Management: Offers investment strategies focused on publicly traded companies that own or operate infrastructure assets globally.
- Preferred Securities Management: Provides investment solutions specializing in preferred stocks, which offer fixed income and typically have priority in dividend payments.
- Multi-Asset Real Assets Management: Manages diversified portfolios combining various real asset classes, including real estate, infrastructure, and natural resource equities.
- Natural Resource Equities Management: Invests in public companies engaged in the exploration, production, and processing of natural resources.
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Cohen & Steers (CNS) - Major Customers
Cohen & Steers (CNS) is an investment manager specializing in real assets and income solutions. Based on its assets under management (AUM) breakdown, the company primarily serves individual investors, though often through various intermediary channels and institutional vehicles.
The following are up to three categories of customers that Cohen & Steers primarily serves:
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Retail Investors: This category includes individual investors who access Cohen & Steers' investment strategies primarily through their mutual funds, exchange-traded funds (ETFs), or other pooled investment vehicles. These products are often purchased via various brokerage platforms, independent financial advisors, or direct-to-consumer channels. These investors typically aim for long-term goals such as retirement savings, education funding, or general wealth accumulation.
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High-Net-Worth Individuals: Affluent individuals with significant assets often engage Cohen & Steers for more personalized investment management services. This can involve customized portfolios, separate accounts, or participation in dedicated private wealth management offerings that cater to their specific financial objectives and tax situations.
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Retirement Plan Participants: Individuals saving for retirement through employer-sponsored plans (e.g., 401(k)s, 403(b)s, defined benefit plans) or other collective investment trusts. In these scenarios, Cohen & Steers' strategies are often offered as underlying investment options within the broader plan structure, making their investment products accessible to a large base of retirement savers.
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State Street Corporation (STT)
JPMorgan Chase & Co. (JPM)
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Here is the management team for Cohen & Steers:
Joseph Harvey
Chief Executive Officer & President
Mr. Harvey joined Cohen & Steers in 1992 as a REIT analyst and has held various leadership roles including portfolio manager from 1998 to 2016 and Chief Investment Officer from 2003 to 2019. He was appointed Chief Executive Officer in March 2022, succeeding co-founder Robert Steers, and has served as President since 2003. Previously, Mr. Harvey was a vice president with Robert A. Stanger & Co., where he specialized as an analyst in real estate and oil & gas for the firm's research and consulting activities.
Michael Donohue
Interim Chief Financial Officer
Mr. Donohue currently serves as the Interim Chief Financial Officer and Senior Vice President, Controller, responsible for all finance operations. He joined Cohen & Steers in 2023. Prior to his tenure at Cohen & Steers, Mr. Donohue was a managing director and corporate controller at Hamilton Lane for 15 years, where he played a role in leading the team responsible for the firm's IPO in 2017 and transitioning its Finance and Reporting functions. His background also includes positions at PQ Corporation and KPMG LLP.
Robert Steers
Executive Chairman
Mr. Steers co-founded Cohen & Steers in 1986 with Martin Cohen, establishing it as one of the first investment advisors dedicated to real estate securities. He served as Co-Chief Executive Officer and Co-Chairman until 2014, and then as Chief Executive Officer until 2022, when he transitioned to Executive Chairman. Before co-founding the firm, he was a Senior Vice President and Chief Investment Officer of National Securities and Research Corporation from 1982 to 1986, where he and Mr. Cohen organized and managed the nation's first real estate securities mutual fund in 1985. From 1977 to 1982, Mr. Steers was a Vice President at Citibank, serving as an Analyst and Portfolio Manager of Citibank's Emerging Growth Stock Fund.
Martin Cohen
Chairman
Mr. Cohen co-founded Cohen & Steers in 1986 with Robert Steers. He previously served as Co-Chairman and Co-Chief Executive Officer. Prior to founding Cohen & Steers, Mr. Cohen was a Senior Vice President and Portfolio Manager at National Securities and Research Corporation from 1984 to 1986, where he and Robert Steers organized and managed the nation's first real estate securities mutual fund. From 1976 to 1981, he was a Vice President at Citibank, where he served as an analyst and portfolio manager and organized and managed the Citibank Real Estate Stock Fund in 1980.
Jon Cheigh
President & Chief Investment Officer
Mr. Cheigh joined Cohen & Steers in 2005 as a REIT analyst. He has progressed through several key roles, including portfolio manager (2008), Head of Global Real Estate (2012), and Chief Investment Officer (2019). Effective January 1, 2025, Mr. Cheigh was appointed President, while continuing to hold his position as Chief Investment Officer. Prior to joining Cohen & Steers, he was a vice president and senior REIT analyst at Security Capital Research & Management. He also held positions as a vice president of real estate acquisitions at InterPark and an acquisitions associate at Urban Growth Property Trust, both privately held real estate companies incubated by Security Capital Group.
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The primary risks to Cohen & Steers (CNS) are significantly tied to its specialized investment focus and the inherent dynamics of the asset management industry.
- Concentration in Real Estate and Preferred Securities: Cohen & Steers' business is highly concentrated in real estate securities and preferred securities, making it particularly vulnerable to market downturns and adverse changes in these specific asset classes. A decline in the absolute or relative performance or value of these securities, or a decrease in their attractiveness to investors, would have a significant negative impact on the firm's assets under management (AUM) and, consequently, its revenue. Furthermore, the company's reliance on these niche markets makes it highly sensitive to changes in interest rates; a substantial and rapid increase in interest rates, for instance, can adversely affect investor interest and the valuation of its strategies.
- Dependence on Assets Under Management (AUM) and Net Client Flows: As an asset manager, Cohen & Steers' revenue is directly correlated with its AUM and the fees it earns from these assets. The firm faces risks from investor redemptions, client withdrawals, and a general decline in the overall market, which can lead to reduced AUM and, in turn, lower revenue and profitability. Industry-wide fee compression also presents a long-term risk to the firm's financial performance.
- Key Personnel and Intermediary Access Risk: The departure of key portfolio managers poses a significant risk, as it could lead to existing clients withdrawing funds or reconsidering future allocations to the affected strategies. This could result in a reduction in AUM, investment advisory fees, and net income. Additionally, the firm's ability to attract and retain clients is heavily reliant on access through third-party intermediaries, and any disruption to these relationships could materially harm the business.
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The clear emerging threat for Cohen & Steers (CNS) is the rise of blockchain-enabled platforms and tokenization of real assets. This technology facilitates fractional, direct, and potentially more liquid ownership of assets such as real estate and infrastructure, which are core specializations for CNS. Should these platforms gain significant traction among institutional and high-net-worth investors, they could disintermediate traditional active fund managers by offering direct access to underlying assets with potentially lower fees and greater transparency and liquidity compared to traditional fund structures. While still in nascent stages for widespread institutional adoption, the technology is being actively developed and piloted, representing a potential shift in how investors access and manage real asset exposures.
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Cohen & Steers (CNS) specializes in real assets and alternative income strategies, with their main products including real estate securities, preferred securities, and listed infrastructure.
Here are the addressable market sizes for their main products:
* **Real Estate Securities:** The global real estate market was estimated at $4,130.01 billion in 2024 and is projected to reach $5,852.02 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.2% from 2025 to 2030.
* **Preferred Securities:** The over-the-counter preferred securities market is approximately $1 trillion globally. More specifically, the global perpetual preferred securities market size was valued at $128.7 billion in 2024 and is forecasted to reach $196.4 billion by 2033, with a CAGR of 5.8%.
* **Listed Infrastructure:** The global infrastructure sector market size reached $3.82 trillion in 2025 and is forecast to expand to $5.18 trillion by 2030, delivering a 6.3% CAGR over the period. The listed infrastructure market specifically stands at approximately $1.7 trillion globally.
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Here are the expected drivers of future revenue growth for Cohen & Steers (CNS) over the next 2-3 years:
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Growth in Assets Under Management (AUM): Cohen & Steers' revenue model is directly tied to the assets it manages, charging clients a percentage of AUM as fees. Sustained increases in AUM, driven by market appreciation and net inflows, are a primary catalyst for revenue growth. The company reported an increase in AUM to $90.9 billion as of Q3 2025, up from $87.6 billion in Q1 2025 and $88.9 billion in Q2 2025, demonstrating this trend.
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Expansion through Innovative Product Offerings, particularly Active ETFs: The firm is actively expanding its market presence by launching innovative products. Active ETFs have been highlighted as a significant area of focus, with strong early performance and inflows contributing to AUM growth.
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Strategic Focus on Real Estate and Infrastructure Sectors: Cohen & Steers specializes in real assets and alternative income, with a strategic emphasis on real estate and infrastructure. This specialization is considered a key driver of its competitive position and is expected to continue attracting investor interest and driving asset growth.
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Launch of New Investment Strategies: The company consistently introduces new investment strategies to meet evolving client demands and diversify its offerings. For example, a new real estate strategy combining listed and private assets was launched in May 2025, which is linked to current earnings growth and is expected to drive future asset growth. This includes a focus on global listed infrastructure.
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Expansion of the Wealth Management Channel: Cohen & Steers plans to expand its wealth management channel, indicating a focus on growing its client base within this segment. This expansion is anticipated to contribute to future revenue growth by attracting more individual investors and their assets.
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Share Repurchases
- Cohen & Steers repurchased 15,283 shares during the fourth quarter of 2024, primarily to satisfy employee tax withholding obligations related to restricted stock units.
Share Issuance
- In 2024, Cohen & Steers issued 1,007,057 shares of common stock through an offering, generating approximately $68.5 million in net proceeds.
- These proceeds were earmarked for general corporate purposes, including seeding track record strategies and investment vehicles, following the company's inclusion in the S&P SmallCap 600 Index.
Outbound Investments
- In 2024, the company made seed investments of approximately $49.8 million to support the launch of its first ETFs.
- As of December 31, 2024, Cohen & Steers had committed to invest up to $175 million in various investment vehicles, with $80 million of this commitment remaining unfunded.
- In 2022, Cohen & Steers launched its first private real estate fund and began the development of a non-traded REIT, the Cohen & Steers Income Opportunities REIT, Inc.
Capital Expenditures
- Cohen & Steers anticipates increasing its General & Administrative (G&A) expenses by approximately 9% year-over-year for the full year 2025 to support growth initiatives, with this growth expected to moderate to mid-single digits in 2026.
