Cohen & Steers, Inc. (CNS): Business Model Canvas

In der dynamischen Welt des alternativen Investmentmanagements, Cohen & Steers, Inc. (CNS) zeichnet sich als Pionier aus und verändert die Herangehensweise institutioneller und privater Anleger an Immobilien- und Infrastrukturinvestitionen. Mit einem ausgeklügelten Geschäftsmodell, das modernste Forschung, personalisierte Strategien und innovative Anlagelösungen vereint, hat sich das Unternehmen eine einzigartige Nische in der wettbewerbsintensiven Finanzlandschaft geschaffen. Ihr Ansatz geht über traditionelle Anlageparadigmen hinaus und bietet Kunden einen strategischen Weg zur Diversifizierung, Einkommensgenerierung und anspruchsvollen Portfolioverwaltung, der sie im globalen Anlageökosystem hervorhebt.

Cohen & Steers, Inc. (CNS) – Geschäftsmodell: Wichtige Partnerschaften

Vermögensverwaltungsfirmen und Finanzinstitute

Cohen & Steers unterhält strategische Partnerschaften mit den folgenden wichtigen Finanzinstituten:

Partnerinstitution	Partnerschaftsfokus	Details zur Zusammenarbeit
BlackRock	Investitionsplattform	Integration des globalen Vertriebsnetzes
Fidelity Investments	Anlagelösungen	Vertrieb von Investmentfonds und ETFs
Charles Schwab	Investitionsplattform	Zugang zu institutionellen Investitionen

Globale Investmentplattformen und Vertriebsnetzwerke

Zu den wichtigsten globalen Vertriebspartnerschaften gehören:

• Morningstar Direct
• Bloomberg-Terminal
• FactSet-Forschungssysteme
• Refinitiv Eikon

Anbieter von Forschung und Datenanalyse

Cohen & Steers arbeitet mit spezialisierten Forschungsanbietern zusammen:

Forschungsanbieter	Datenspezialisierung	Jährlicher Abonnementwert
MSCI Inc.	Globale Marktindizes	1,2 Millionen US-Dollar
S&P Global Market Intelligence	Finanzforschungsdaten	$850,000

Institutionelle Anlageberater

Zu den strategischen Beratungspartnerschaften gehören:

• Cambridge Associates
• Mercer Investments
• Willis Towers Watson

Technologiedienstleister für Anlagelösungen

Technologiepartnerschaften zur Unterstützung der Investitionsinfrastruktur:

Technologieanbieter	Servicetyp	Implementierungskosten
Aladdin von BlackRock	Risikomanagementplattform	3,5 Millionen US-Dollar pro Jahr
SimCorp	Anlageverwaltungssysteme	2,1 Millionen US-Dollar pro Jahr

Cohen & Steers, Inc. (CNS) – Geschäftsmodell: Hauptaktivitäten

Aktives Management von Immobilien- und Infrastruktur-Investmentfonds

Stand: 4. Quartal 2023, Cohen & Steers verwaltete Immobilien- und Infrastrukturvermögen im Wert von 85,3 Milliarden US-Dollar. Das Unternehmen verwaltet 34 verschiedene Anlagestrategien in diesen Sektoren.

Asset-Kategorie	Gesamtes verwaltetes Vermögen	Anzahl der Strategien
Immobilienfonds	62,7 Milliarden US-Dollar	22 Strategien
Infrastrukturfonds	22,6 Milliarden US-Dollar	12 Strategien

Anlageforschung und Entwicklung von Portfoliostrategien

Cohen & Steers beschäftigt 47 Investmentexperten, die sich der Forschung und Strategieentwicklung widmen.

• Globales Forschungsteam, das über 40 Länder abdeckt
• Spezialisierte Forschung konzentriert sich auf Sachwerte
• Proprietäre quantitative und qualitative Analyse-Frameworks

Kundenbeziehungsmanagement und Beratungsdienste

Das Unternehmen betreut mehr als 1.200 institutionelle und private Kunden weltweit und verwaltet zum 31. Dezember 2023 ein Gesamtvermögen von 172,4 Milliarden US-Dollar.

Clienttyp	Anzahl der Kunden	Verwaltetes Vermögen
Institutionelle Kunden	850	138,6 Milliarden US-Dollar
Einzelne Kunden	350	33,8 Milliarden US-Dollar

Risikomanagement und Leistungsoptimierung

Cohen & Steers unterhält ein engagiertes Risikomanagementteam, das die Portfolioleistung über alle Strategien hinweg überwacht.

• Risikoadjustierter Renditefokus
• Kontinuierliche Leistungsüberwachung
• Fortschrittliche Technologien zur Risikobewertung

Produktinnovation in spezialisierten Anlagestrategien

Im Jahr 2023 führte das Unternehmen drei neue Anlagestrategien ein, die sich auf nachhaltige Sachwerte und Infrastruktur konzentrieren.

Neue Strategie	Erstinvestition	Fokusbereich
Fonds für nachhaltige Infrastruktur	250 Millionen Dollar	Infrastruktur für erneuerbare Energien
Globale ESG-Strategie für reale Vermögenswerte	180 Millionen Dollar	Umwelt-, Sozial- und Governance-Investitionen
Immobilienfonds für den Klimawandel	220 Millionen Dollar	CO2-arme Immobilienanlagen

Cohen & Steers, Inc. (CNS) – Geschäftsmodell: Schlüsselressourcen

Erfahrene Investment-Management-Experten

Ab 2024, Cohen & Steers beschäftigt weltweit 237 Investmentexperten. Zum Team der Kanzlei gehören:

Professionelle Kategorie	Anzahl der Fachkräfte
Portfoliomanager	42
Forschungsanalysten	95
Leitende Anlagestrategen	28
Handelsspezialisten	72

Eigene Anlageforschung und analytische Fähigkeiten

Cohen & Steers unterhält eine umfassende Forschungsinfrastruktur mit folgenden Eigenschaften:

• Eigene Forschungsdatenbank mit mehr als 3.500 globalen Immobilienwertpapieren
• Erweiterte quantitative Analysetools
• Engagiertes Forschungsteam mit durchschnittlicher Branchenerfahrung von 16 Jahren

Robuste Technologieinfrastruktur

Technologieinvestitionen	Jährliche Ausgaben
IT-Infrastruktur	18,7 Millionen US-Dollar
Cybersicherheitssysteme	4,2 Millionen US-Dollar
Forschungstechnologie	6,5 Millionen Dollar

Starker Markenruf

Markenkennzahlen ab 2024:

• Verwaltetes Vermögen (AUM): 95,3 Milliarden US-Dollar
• Kundenbindungsrate: 92,4 %
• Morningstar-Bewertungen: Durchschnittlich 4,2/5 für alle Anlagestrategien

Umfangreiches globales Investmentnetzwerk

Geografische Präsenz	Anzahl der Büros	Abgedeckte Länder
Globale Niederlassungen	7	24
Investitionsschutz	-	Über 55 Märkte

Cohen & Steers, Inc. (CNS) – Geschäftsmodell: Wertversprechen

Spezialisierte Anlagestrategien in Immobilien und Infrastruktur

Stand: 4. Quartal 2023, Cohen & Steers verwaltete Vermögenswerte in Höhe von 95,5 Milliarden US-Dollar, die sich insbesondere auf Immobilien- und Infrastrukturinvestitionen konzentrierten. Die Anlagestrategien des Unternehmens weisen eine besondere Expertise in den folgenden Segmenten auf:

Anlagestrategie	Gesamtes verwaltetes Vermögen
Globale Immobilienwertpapiere	54,3 Milliarden US-Dollar
Infrastrukturwertpapiere	22,7 Milliarden US-Dollar
Vorzugsaktien	18,5 Milliarden US-Dollar

Aktiv verwaltete Fonds mit konstant hoher Performance

Cohen & Steers verfolgt Leistungskennzahlen, die eine konsistente Fondsleistung belegen:

• 5-Jahres-Durchschnittsrendite des Fonds: 8,7 %
• 10-Jahres-Durchschnittsrendite des Fonds: 11,2 %
• Nettokostenquote: 0,95 %

Expertise in ertragsgenerierenden alternativen Anlagelösungen

Die alternativen Anlagelösungen des Unternehmens generierten im Jahr 2023 Erträge in Höhe von 3,2 Milliarden US-Dollar für Anleger, wobei der Schwerpunkt auf Folgendem liegt:

• Reale Einkommensströme aus Vermögenswerten
• Weltweit börsennotierte Immobilienwertpapiere
• Infrastruktur-Investitionsinstrumente

Diversifizierungsmöglichkeiten für institutionelle und private Anleger

Anlegersegment	Gesamtvermögen	Prozentsatz des Portfolios
Institutionelle Anleger	68,3 Milliarden US-Dollar	71.4%
Privatanleger	27,4 Milliarden US-Dollar	28.6%

Innovative und zielgerichtete Anlageansätze

Cohen & Steers nutzt fortschrittliche Anlagemethoden mit proprietäre Forschungsplattformen und globale Investmentnetzwerke. Zu den Kennzahlen des Anlageansatzes gehören:

• Research-Team: 45 Investmentexperten
• Globale Bürostandorte: 6 internationale Büros
• Anlagestrategien: 12 verschiedene Anlagestrategien

Cohen & Steers, Inc. (CNS) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlageberatungsdienste

Cohen & Steers bietet maßgeschneiderte Anlageberatungsdienstleistungen mit einem verwalteten Vermögen von 211,6 Milliarden US-Dollar im vierten Quartal 2023.

Servicekategorie	Kundensegmente	Anpassungsebene
Institutionelle Beratung	Pensionskassen	Hohe Personalisierung
Vermögensverwaltung	Vermögende Privatpersonen	Mittlere Personalisierung

Regelmäßige Leistungsberichte und Portfolio-Updates

Kunden erhalten vierteljährliche Leistungsberichte mit detaillierten Analysen und Markteinblicken.

• Häufigkeit der vierteljährlichen Leistungsberichterstattung
• Umfassende Portfolioanalyse
• Echtzeit-Investitionsverfolgung

Dediziertes Beziehungsmanagement für institutionelle Kunden

Spezialisierte Relationship Manager betreuen institutionelle Anleger durchschnittliche Portfoliogrößen über 50 Millionen US-Dollar.

Clienttyp	Verhältnis dedizierter Manager	Durchschnittliche Reaktionszeit
Große institutionelle Anleger	Verhältnis 1:3	4 Stunden
Mittelständische institutionelle Kunden	Verhältnis 1:5	8 Stunden

Digitale Kommunikations- und Investoren-Engagement-Plattformen

Unterstützung digitaler Plattformen 87 % der Kundeninteraktionen über sichere Online-Portale.

• Mobile Investment-Tracking-App
• Sicheres Kundenportal
• Digitales Dokumentenmanagement

Kontinuierliche Anlegerschulung und Markteinblicke

Cohen & Steers bietet monatliche Marktforschung mit 42 veröffentlichten Forschungsberichten im Jahr 2023.

Bildungsressource	Häufigkeit	Vertriebskanäle
Webinare zu Markteinblicken	Monatlich	Online-Streaming
Forschungspublikationen	Vierteljährlich	E-Mail, Website

Cohen & Steers, Inc. (CNS) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Stand: 4. Quartal 2023, Cohen & Steers unterhält ein Direktvertriebsteam von 87 professionellen Investment-Vertriebsmitarbeitern.

Vertriebsteam-Metrik	Wert
Gesamtzahl der Vertriebsmitarbeiter	87
Durchschnittliche jahrelange Erfahrung	12,4 Jahre
Geografische Abdeckung	Vereinigte Staaten, Europa, Asien

Online-Investitionsplattformen

Cohen & Steers bietet Zugang zu digitalen Investitionen über mehrere Online-Kanäle.

• Proprietäres Online-Investitionsportal
• Mobile Anlageanwendung
• Digitale Plattform für institutionelle Anleger

Digitale Plattformmetrik	Wert
Gesamtzahl der digitalen Nutzer	42,563
Mobile App-Downloads	23,891

Finanzberaternetzwerke

Cohen & Steers arbeitet mit umfangreichen Finanzberaternetzwerken zusammen.

Beraternetzwerkmetrik	Wert
Total Partner Advisors	5,412
Durchschnittliches Beratungsvermögen	287 Millionen Dollar

Institutionelle Investmentberatungsunternehmen

Institutionelle Beziehungen bilden für Cohen einen entscheidenden Vertriebskanal & Lenkt.

Institutionelle Kanalmetrik	Wert
Gesamtzahl der institutionellen Kunden	463
Verwaltetes institutionelles Vermögen	78,3 Milliarden US-Dollar

Digitale Marketing- und Investorenkommunikationskanäle

Cohen & Steers nutzt mehrere digitale Kommunikationsplattformen.

Digitale Kommunikationsmetrik	Wert
LinkedIn-Follower	37,521
Twitter-Follower	12,893
Monatliche Website-Besucher	84,672

Cohen & Steers, Inc. (CNS) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Stand: 4. Quartal 2023, Cohen & Steers verwaltet institutionelle Vermögenswerte in Höhe von 87,1 Milliarden US-Dollar. Zu den wichtigsten institutionellen Segmenten gehören:

Anlegertyp	Vermögensaufteilung	Prozentsatz
Öffentliche Pensionsfonds	32,4 Milliarden US-Dollar	37.2%
Betriebliche Pensionskassen	22,7 Milliarden US-Dollar	26.1%
Stiftungen	15,6 Milliarden US-Dollar	17.9%
Stiftungen	16,4 Milliarden US-Dollar	18.8%

Vermögende Privatpersonen

Cohen & Steers richtet sich mit spezialisierten Anlagestrategien an vermögende Anleger:

• Durchschnittliche Kontogröße: 2,5 Millionen US-Dollar
• Verwaltetes Gesamtvermögen der vermögenden Privatpersonen: 24,3 Milliarden US-Dollar
• Mindestinvestitionsschwelle: 500.000 $

Privatanleger suchen alternative Anlagen

Merkmale des Privatanlegersegments:

Metrisch	Wert
Gesamtes Einzelhandelsvermögen	41,6 Milliarden US-Dollar
Anzahl der Investmentfonds für Privatkunden	14
Durchschnittliche Einzelhandelsinvestition	$175,000

Pensionsfonds und Altersvorsorgeorganisationen

Aufschlüsselung der Pensionsfondsinvestitionen:

• Gesamtvermögen der Pensionsfonds: 54,9 Milliarden US-Dollar
• Rentenzuteilung im öffentlichen Sektor: 62 %
• Rentenzuteilung im privaten Sektor: 38 %

Globale Investment-Management-Unternehmen

Globale Investmentkundenverteilung:

Region	Verwaltetes Vermögen	Prozentsatz
Nordamerika	106,3 Milliarden US-Dollar	72.4%
Europa	24,7 Milliarden US-Dollar	16.8%
Asien-Pazifik	15,6 Milliarden US-Dollar	10.6%
Andere Regionen	0,9 Milliarden US-Dollar	0.2%

Cohen & Steers, Inc. (CNS) – Geschäftsmodell: Kostenstruktur

Mitarbeitervergütung und Talentakquise

Ab dem Geschäftsjahr 2023, Cohen & Die Gesamtaufwendungen für die Mitarbeitervergütung beliefen sich auf 129,8 Millionen US-Dollar. Das Unternehmen beschäftigte rund 204 Fachkräfte.

Kostenkategorie	Betrag ($)
Grundgehälter	87,500,000
Boni und Anreize	32,600,000
Leistungen und Gesundheitsversorgung	9,700,000

Wartung von Technologie und Infrastruktur

Kosten für die Technologieinfrastruktur für Cohen & Im Jahr 2023 beliefen sich die Gesamteinnahmen auf 24,3 Millionen US-Dollar.

• IT-Systeme und Software: 12,5 Millionen US-Dollar
• Cloud Computing und Datenspeicherung: 6,8 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 5 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben beliefen sich im Jahr 2023 auf 18,6 Millionen US-Dollar, was 2,4 % des Gesamtumsatzes entspricht.

Aufwendungen für Marketing und Kundenakquise

Die Marketing- und Kundenakquisekosten für 2023 beliefen sich auf 22,1 Millionen US-Dollar.

Marketingkanal	Aufwand ($)
Digitales Marketing	8,700,000
Sponsoring von Konferenzen und Veranstaltungen	5,400,000
Kundenbeziehungsmanagement	8,000,000

Einhaltung gesetzlicher Vorschriften und Betriebsaufwand

Die regulatorischen und betrieblichen Gemeinkosten beliefen sich im Jahr 2023 auf 16,5 Millionen US-Dollar.

• Rechts- und Compliance-Kosten: 7,2 Millionen US-Dollar
• Prüfungs- und Berichterstattungskosten: 4,3 Millionen US-Dollar
• Versicherungs- und Risikomanagement: 5 Millionen US-Dollar

Cohen & Steers, Inc. (CNS) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren von Investmentfonds

Stand: 4. Quartal 2023, Cohen & Steers meldete Gesamtverwaltungsgebühren in Höhe von 275,4 Millionen US-Dollar. Diese Gebühren werden aus verschiedenen Investmentfondsstrategien generiert, darunter:

Fondstyp	Prozentsatz der Verwaltungsgebühr	Geschätzter Jahresumsatz
Immobilienfonds	0.75% - 1.10%	112,3 Millionen US-Dollar
Infrastrukturfonds	0.85% - 1.20%	85,6 Millionen US-Dollar
Bevorzugte Wertpapierfonds	0.65% - 0.95%	77,5 Millionen US-Dollar

Leistungsbasierte Anreizgebühren

Im Jahr 2023, Cohen & Lenkt erzeugt 18,2 Millionen US-Dollar von leistungsabhängigen Anreizgebühren für alle ihre Anlagestrategien.

Gebühren für Beratungsleistungen

Die Umsätze aus Beratungsdienstleistungen für das Jahr 2023 betragen insgesamt 24,7 Millionen US-Dollar, mit Schlüsselsegmenten wie:

• Institutionelle Beratungsleistungen
• Individuelles Portfoliomanagement
• Strategische Anlageberatung

Erträge aus dem Vertrieb von Anlageprodukten

Vertriebserlöse im Jahr 2023 erreicht 32,5 Millionen US-Dollar, aufgeteilt wie folgt:

Vertriebskanal	Umsatzbeitrag
Institutionelle Anleger	18,3 Millionen US-Dollar
Plattformen für Privatanleger	14,2 Millionen US-Dollar

Gebühren für Vermögensverwaltungsdienste

Gesamtes verwaltetes Vermögen (AUM) zum 31. Dezember 2023: 95,3 Milliarden US-Dollar. Die Gebühren für die Vermögensverwaltungsdienstleistungen für das Jahr 2023 betragen insgesamt 386,9 Millionen US-Dollar.

Anlageklasse	AUM	Gebührensatz
Immobilien	52,6 Milliarden US-Dollar	0.85%
Infrastruktur	22,7 Milliarden US-Dollar	0.90%
Vorzugsaktien	20,0 Milliarden US-Dollar	0.75%

Cohen & Steers, Inc. (CNS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients choose Cohen & Steers, Inc. (CNS) over generalist managers, especially now, with their Assets Under Management (AUM) sitting at $90.9 billion as of September 30, 2025, dipping slightly to $90.6 billion by October 31, 2025.

Deep specialization in real assets (REITs, infrastructure, commodities)

Cohen & Steers, Inc. offers a value proposition rooted in deep, focused expertise. They are a leading global investment manager specializing in real assets and alternative income. This isn't just a side business; it is their core focus, covering listed and private real estate, preferred securities, infrastructure, resource equities, and commodities, plus multi-strategy solutions. This focus means their teams are dedicated solely to these complex, often less-efficient markets.

Here's a look at the scope of their focus areas:

• Listed and private real estate
• Preferred securities
• Infrastructure
• Resource equities
• Commodities

Access to alternative income and high-yield strategies

A key draw is the access to income streams that often sit outside the traditional 60/40 portfolio. For instance, their Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF), which focuses on investment grade, institutional preferred securities, had total net assets of $71.11 million as of December 4, 2025. This strategy specifically offers the potential for high tax-efficient income.

Consider the structure of their offerings:

Strategy Focus	Example Vehicle Ticker	Net Assets (as of late 2025)	Key Income Feature
Preferred & Income	CSPF	$71.11 million	High tax-efficient income potential
Real Estate Active	CSRE	$147.47 million	Income via real estate securities

Active management designed to outperform passive real asset indices

You're paying for active management with the expectation of excess return potential, especially in sectors displaying significant return dispersion and inefficiency. Cohen & Steers, Inc. measures this by comparing annualized investment performance against specified reference benchmarks. Their open-end funds, active ETFs, and offshore CCAP funds all saw net inflows in Q3 2025, showing client confidence in their active approach. For example, the firm experienced net inflows of $233 million into their open-end funds during the third quarter of 2025.

The Real Estate Active ETF (CSRE), launched in 2025, shows a portfolio turnover rate of 11%, which is significantly lower than the Real Estate category average turnover of 61%, suggesting a high-conviction, less-frequent trading approach for an active fund.

Diversification benefits beyond traditional equity and fixed income

The value proposition here is enhancing risk-adjusted returns by adding asset classes with low correlations to traditional holdings. Historically, adding a dedicated 10% real estate weighting to an illustrative 60/40 stock and bond portfolio (making it a 50% stock/40% bond/10% REIT allocation) has resulted in higher total returns without meaningfully increasing volatility. This is the core diversification argument for their real assets mandate.

Tax-efficient investment vehicles like active ETFs

Cohen & Steers, Inc. is clearly pushing actively managed Exchange Traded Funds (ETFs) as a modern, convenient, and tax-efficient wrapper. The Cohen & Steers Real Estate Active ETF (CSRE) is an actively managed Sector Equity Real Estate ETF launched in 2025. While active management usually means higher costs, the structure aims to deliver tax efficiency. For instance, the 30-Day SEC Yield (Subsidized) for CSRE was 2.11% as of September 30, 2025. Furthermore, the firm's effective fee rate for Q3 2025 was 59 basis points, in line with the prior quarter, suggesting fee discipline alongside active management.

The firm's overall operating margin improved to 36.1% in Q3 2025 from 33.6% in Q2 2025, which helps support the infrastructure needed to deliver these specialized products.

Finance: draft 13-week cash view by Friday.

Cohen & Steers, Inc. (CNS) - Canvas Business Model: Customer Relationships

You're looking at how Cohen & Steers, Inc. (CNS) keeps its capital base engaged, and it really boils down to specialized expertise meeting specific client needs. The firm's ability to maintain client trust is evident in its Assets Under Management (AUM) trajectory, hitting a reported $90.9 billion as of September 30, 2025. That trust translated into net inflows of $233 million during the third quarter of 2025 alone.

Dedicated institutional client service and customized mandates

Cohen & Steers, Inc. serves institutional investors directly through separate accounts, which means you get a mandate tailored exactly to your needs, whether you're a pension fund, endowment, or foundation. This bespoke service is a core relationship driver. The firm's investment performance is the bedrock of these relationships; as of June 30, 2025, an impressive 99% of the firm's AUM was in strategies that outperformed their benchmarks over a 10-year period. For shorter-term validation, 94% of AUM was outperforming over the one-year period on the same date.

The breakdown of how clients hold their assets shows the institutional focus:

• Advisory accounts represented 22.5% of AUM as of June 30, 2025.
• Subadvisory accounts accounted for 16.1% of AUM at the same point.

High-touch wealth management consulting group

The firm has made strategic realignments to focus resources on channels like Registered Investment Advisors (RIAs) and family offices, recognizing their growth potential. This high-touch approach involves dedicated consulting teams engaging with the core RIA market and emerging RIA platforms. They are actively courting advisors who are increasingly using active Exchange-Traded Funds (ETFs) in model portfolios. The firm's commitment to performance is key here; for instance, 92% of their open-end fund AUM held a four or five-star rating from Morningstar as of Q1 2025. This focus on the wealth channel helps capture capital that might otherwise flow through other channels.

Digital investor relations and educational content (e.g., Capital Market Assumptions)

Cohen & Steers, Inc. supports its relationships with digital resources, making complex investment ideas accessible. The launch of their active ETFs in February 2025 is a prime example of meeting modern investor demand for tax efficiency and convenience. By the end of Q2 2025, these new active ETFs had already attracted $54 million in net inflows, contributing to a total ETF AUM of $133 million. This shows clients are using and adopting the firm's digitally accessible products. The firm's ability to generate positive flows, like the $1.1 billion net inflows reported for October 2025, suggests their content and digital presence are resonating.

Relationship management with global distribution partners

A significant portion of the client base comes through alliances with global distribution partners, often via subadvisory arrangements. The firm also offers Collective Investment Trusts (CITs) specifically for qualified defined benefit and defined contribution plans, deepening relationships within the retirement space. The overall AUM mix shows the breadth of these distribution relationships:

Investment Vehicle	Percentage of AUM (as of 6/30/2025)
Open-end Funds	48.3%
Advisory Accounts	22.5%
Subadvisory	16.1%
Closed-end Funds	13.0%

The firm's total AUM was $90.6 billion as of October 31, 2025, reflecting the scale managed across all these relationship types.

Here are some key relationship-relevant metrics from recent quarters:

• Average AUM for Q3 2025 was $89.7 billion.
• Net inflows for Q3 2025 totaled $233 million.
• Revenue for Q3 2025 reached $141.72 million.
• The firm reported $322.8 million in cash, cash equivalents, liquid seed investments, and U.S. Treasurys as of June 30, 2025, supporting operational stability for client service.

Finance: draft 13-week cash view by Friday.

Cohen & Steers, Inc. (CNS) - Canvas Business Model: Channels

You're looking at how Cohen & Steers, Inc. (CNS) gets its investment products into the hands of clients, which is all about distribution across different account types and fund structures. This is a critical part of their business, especially since they specialize in real assets and alternative income.

As of late 2025, Cohen & Steers, Inc. (CNS) utilizes a multi-pronged distribution strategy to reach its diverse client base, which includes institutional investors, retail investors via funds, and retirement plan participants. The total preliminary Assets Under Management (AUM) as of October 31, 2025, stood at \$90.6 billion.

Here is a breakdown of the AUM by investment vehicle, using the preliminary data from September 30, 2025, which gives a clear view of the channel mix:

Investment Vehicle / Channel	AUM (in millions of USD) as of 9/30/2025
Institutional Accounts: Advisory	\$20,208
Institutional Accounts: Subadvisory	\$14,503
Total Institutional Accounts	\$34,711
Open-end Funds	\$44,421
Closed-end Funds	\$11,765
Total AUM	\$90,897

To give you a sense of the relative size of these channels based on Q2 2025 data, open-end funds were the largest component at 48.3% of AUM, while advisory accounts represented 22.5% and subadvisory was 16.1% of AUM.

Institutional Separate Accounts (Advisory and Subadvisory)

Cohen & Steers, Inc. (CNS) provides customized investment strategies directly to institutional investors, such as pension funds, endowments, and foundations, through advisory accounts. This is a direct relationship channel. Subadvisory relationships involve alliances with global distribution partners who use Cohen & Steers, Inc. (CNS)'s expertise for their own client offerings.

Looking at the September 30, 2025 preliminary figures, the combined institutional segment was substantial:

• Advisory AUM was \$20,208 million.
• Subadvisory AUM was \$14,503 million.
• Total Institutional Accounts reached \$34,711 million.

The advisory segment saw net outflows of $228 million in September 2025, while subadvisory saw net outflows of $80 million that month. That's a lot of money moving around in a single month.

U.S. Registered Open-End and Closed-End Funds (CEFs)

The firm distributes its strategies through U.S. registered open-end funds (mutual funds) and closed-end funds (CEFs). These are typically offered through broker-dealers and Registered Investment Advisors (RIAs).

The open-end funds channel is the largest single vehicle for AUM:

• Open-end Funds AUM was \$44,421 million as of September 30, 2025.
• Closed-end Funds AUM was \$11,765 million on the same date.

For context, revenue from open-end fund fees was \$69.9 million in Q2 2025. Closed-end fund fees were relatively stable, contributing \$24.9 million in Q2 2025 revenue.

Collective Investment Trusts (CITs) for Retirement Plans

Cohen & Steers, Inc. (CNS) explicitly offers Collective Investment Trusts (CITs) designed for qualified defined benefit and defined contribution plans, which means they target the 401(k) and similar retirement plan market. While the AUM tables do not provide a specific dollar figure for CITs, they are a distinct product line offered alongside mutual funds and separate accounts. The distribution here is often directly through 401(k) platforms.

Offshore Funds for Non-U.S. Investors

Offshore funds are a key channel for reaching non-U.S. investors. The firm has a global presence with offices in London, Dublin, Hong Kong, Tokyo, and Singapore to support these international efforts. Geographic data from June 30, 2025, shows that North American clients accounted for 77.6% of AUM, meaning the remaining 22.4% is international, which is largely serviced through these offshore structures and local offices. The firm has specific entities like Cohen & Steers Asia Limited and Cohen & Steers Japan Limited supporting this distribution.

If you're tracking the flow, the total firm experienced net outflows of $81 million in September 2025, but the open-end funds actually saw net inflows of $226 million that month, while institutional accounts drove the net outflows. Finance: draft the Q4 2025 AUM reconciliation by next Tuesday.

Cohen & Steers, Inc. (CNS) - Canvas Business Model: Customer Segments

You're looking at how Cohen & Steers, Inc. structures its client base as of late 2025. It's a mix of big pools of money and individual access points, all focused on real assets and alternative income.

As of October 31, 2025, the total Assets Under Management (AUM) for Cohen & Steers stood at approximately $90.6 billion. This total is served through distinct channels that map closely to your required segments.

Here is a breakdown of the client base by investment vehicle as of June 30, 2025, which gives a good view of where the assets are held:

Investment Vehicle	AUM Percentage (as of 6/30/2025)	AUM (Approx. as of 6/30/2025)
Open-end Funds	48.3%	$42.94 Billion
Advisory Accounts	22.5%	$20.00 Billion
Subadvisory	16.1%	$14.31 Billion
Closed-end Funds	13.0%	$11.56 Billion

The institutional side, which includes your first and fourth segments, shows significant scale. For instance, as of August 31, 2025, Total Institutional Accounts (Advisory plus Subadvisory) accounted for $34,700 million in AUM. This is the core group Cohen & Steers services directly with customized strategies.

Large institutional investors (pension funds, endowments, foundations)

Cohen & Steers explicitly provides customized investment strategies to institutional investors, including some of the world's largest pension funds, endowments, and foundations. This group is primarily served through the Advisory Accounts and Institutional Separate Accounts.

• As of August 31, 2025, Advisory Accounts held $20,183 million in AUM.
• The Institutional Advisory segment experienced net outflows of $455,000,000 in the third quarter of 2025.

Global subadvisory clients (e.g., Japan subadvisory)

The subadvisory channel is a key part of the global distribution strategy, working with alliances to offer Cohen & Steers expertise to their clients. Geographically, North American clients represented 77.6% of AUM, while Japan alone accounted for 10.6% of AUM as of June 30, 2025.

• Subadvisory AUM reached $14,517 million as of August 31, 2025.
• This segment saw net outflows of $82,000,000 during the third quarter of 2025.

Retail and high-net-worth investors via intermediary platforms

This segment accesses Cohen & Steers strategies through various pooled vehicles and platforms. The open-end funds are the single largest vehicle by percentage of AUM.

• Open-end Funds represented 48.3% of AUM as of June 30, 2025.
• Open-end funds generated net inflows of $768,000,000 in Q3 2025.
• Strategies are offered through broker-dealers, RIAs, 401(k) plans, and deferred compensation platforms.

Defined benefit and defined contribution plan sponsors

Cohen & Steers specifically targets plan sponsors by offering Collective Investment Trusts (CITs) for qualified defined benefit and defined contribution plans. These plans are generally serviced through the institutional or pooled fund structures, but the specific product offering targets this distinct sponsor group.

The overall firm experienced total net inflows of $233,000,000 for the third quarter of 2025, bringing year-to-date inflows to $325,000,000. Finance: draft 13-week cash view by Friday.

Cohen & Steers, Inc. (CNS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Cohen & Steers, Inc. (CNS) operations as of mid-2025. For an asset manager like Cohen & Steers, Inc., the cost structure is heavily weighted toward human capital and getting their funds in front of the right investors. We can map out the major components based on the second quarter of 2025 results.

The total reported expenses for Cohen & Steers, Inc. in Q2 2025 were $89.9 million on an as-adjusted basis, which was a 3.0% increase from the first quarter of 2025. This growth outpaced the 1.1% revenue increase for the same period, leading to operating margin compression to 33.6% in Q2 2025.

Here's a breakdown of the key cost elements from that period:

Cost Category	Q2 2025 Amount (in thousands)	Notes/Context
Employee compensation and benefits	$54,805	The single largest expense component.
Distribution and service fees	$17,000	Increased from $15.6 million in Q1 2025, impacted by higher average Assets Under Management (AUM) in open-end funds.
General and administrative (G&A) (as adjusted)	$16,976	This figure reflects increases driven by talent acquisition, business development activities, and infrastructure investments.

Employee compensation and benefits is clearly the dominant cost driver. For Q2 2025, this expense was reported at $54.8 million, which is substantial. To give you a sense of scale, the company guided for a stable compensation ratio of 40.5% for the full year 2025, meaning just over 40 cents of every dollar earned goes to pay the team.

Distribution and marketing expenses are captured primarily through Distribution and service fees. These fees hit $17.0 million in Q2 2025. This cost scales with the business, as the increase from Q1 2025 was directly attributed to higher average AUM in their open-end funds. This is the cost of distribution, not necessarily pure brand advertising.

For General and administrative costs, the as-adjusted figure for Q2 2025 was approximately $16.98 million. You should note that Cohen & Steers, Inc. expected full-year 2025 G&A to rise by 7%-8% compared to the full year 2024. This projected increase was tied to specific activities:

• Talent acquisition costs throughout 2025.
• Travel and other business development efforts.
• Expenses related to the launch of active Exchange Traded Funds (ETFs).
• Infrastructure investments, such as foreign office upgrades.

Regarding Regulatory and compliance expenses for global operations, specific line-item reporting for this category separate from G&A wasn't explicitly detailed in the immediate Q2 2025 summaries found. However, the risk commentary for the period explicitly flagged that regulatory changes and compliance costs pose potential risks to the business outlook. These costs are definitely baked into the overall G&A structure, which is expected to grow in the mid-single digits after the initial 7%-8% jump for the full year.

To keep an eye on cost control, consider this comparison:

• Q2 2025 Operating Margin (GAAP): 31.8%
• Q3 2025 Operating Margin (GAAP): 34.5%

The improvement in Q3 2025 suggests they managed to control the growth of other expenses relative to revenue in the subsequent quarter, even as compensation and service fees continued to be influenced by AUM levels.

Cohen & Steers, Inc. (CNS) - Canvas Business Model: Revenue Streams

You're looking at how Cohen & Steers, Inc. actually brings in the money, and it all comes down to asset management fees tied to the Assets Under Management (AUM). This is the engine room of their business model, plain and simple.

The core revenue stream for Cohen & Steers, Inc. is definitely the investment management fees based on AUM. This is how they get paid for managing client money across their specialized real assets, real estate, and alternative income strategies. To give you a clear picture of the recent revenue mix, look at the comparison between Q2 2025 and the total for Q3 2025.

Revenue Component	Period	Amount (in millions USD)
Total Revenue	Q3 2025	$141.72 million
Open-end Fund Fees	Q2 2025	$69.9 million
Institutional Account Fees	Q3 2025 Context	$34.7 million
Closed-end Fund Fees	Q2 2025	$24.9 million
Total Revenue (for context)	Q2 2025	$135.3 million
Ending AUM (for context)	Q3 2025	$90.9 billion

When you break down the fee-generating activities, you see where the bulk of the management revenue is coming from. The open-end funds are clearly the largest bucket, which makes sense given the firm's focus on accessible investment vehicles. Here's how those key fee sources stacked up based on the latest detailed figures we have:

• Investment management fees based on AUM are the primary source.
• Open-end fund fees were the largest contributor, hitting $69.9 million in Q2 2025.
• Institutional account fees are significant, noted at $34.7 million in the Q3 2025 AUM context.
• Closed-end fund fees provided $24.9 million in Q2 2025.
• The overall top line for the most recent quarter, Q3 2025, was $141.72 million.

It's important to note the difference in the periods for the component parts; we're using the detailed Q2 2025 fee breakdown to illustrate the structure, while the Q3 2025 total revenue figure shows the most recent performance snapshot. The firm's effective fee rate was 59 basis points in Q2 2025, which is the rate applied to that massive AUM base to generate these fee revenues. If you're tracking this, keep an eye on AUM growth, because that directly translates to fee revenue.