Cohen & Steers, Inc. (CNS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la gestión de inversiones alternativas, Cohen & Steers, Inc. (CNS) se destaca como una fuerza pionera, transformando cómo los inversores institucionales y minoristas abordan las inversiones inmobiliarias e infraestructuras. Con un modelo de negocio sofisticado que combina investigación de vanguardia, estrategias personalizadas y soluciones de inversión innovadoras, la empresa ha forjado un nicho único en el panorama financiero competitivo. Su enfoque va más allá de los paradigmas de inversión tradicionales, ofreciendo a los clientes una vía estratégica hacia la diversificación, la generación de ingresos y la gestión sofisticada de cartera que los distingue en el ecosistema de inversión global.

Cohen & Steers, Inc. (CNS) - Modelo de negocios: asociaciones clave

Empresas de gestión de activos e instituciones financieras

Cohen & Steers mantiene asociaciones estratégicas con las siguientes instituciones financieras clave:

Institución asociada	Enfoque de asociación	Detalles de colaboración
Roca negra	Plataforma de inversión	Integración de la red de distribución global
Inversiones de fidelidad	Soluciones de inversión	Fondo mutuo y distribución de ETF
Charles Schwab	Plataforma de inversión	Acceso a la inversión institucional

Plataformas de inversión globales y redes de distribución

Las asociaciones clave de distribución global incluyen:

• Morningstar directo
• Terminal de Bloomberg
• Sistemas de investigación de datos
• Refinitiv eikon

Proveedores de investigación y análisis de datos

Cohen & Los novillos colabora con proveedores de investigación especializados:

Proveedor de investigación	Especialización de datos	Valor de suscripción anual
MSCI Inc.	Índices de mercado global	$ 1.2 millones
S&P Global Market Intelligence	Datos de investigación financiera	$850,000

Consultores de inversión institucional

Las asociaciones de consultoría estratégica incluyen:

• Cambridge Associates
• Inversiones de Mercer
• Willis Towers Watson

Proveedores de servicios de tecnología para soluciones de inversión

Asociaciones tecnológicas que respaldan la infraestructura de inversión:

Proveedor de tecnología	Tipo de servicio	Costo de implementación
Aladdin de Blackrock	Plataforma de gestión de riesgos	$ 3.5 millones anuales
Simcorp	Sistemas de gestión de inversiones	$ 2.1 millones anualmente

Cohen & Steers, Inc. (CNS) - Modelo de negocio: actividades clave

Gestión activa de los fondos de inversión inmobiliaria e infraestructura

A partir del cuarto trimestre de 2023, Cohen & Los novillos lograron $ 85.3 mil millones en bienes inmuebles e infraestructura. La firma administra 34 estrategias de inversión distintas en estos sectores.

Categoría de activos	Activos totales gestionados	Número de estrategias
Fondos inmobiliarios	$ 62.7 mil millones	22 estrategias
Fondos de infraestructura	$ 22.6 mil millones	12 estrategias

Investigación de inversiones y desarrollo de estrategias de cartera

Cohen & Steers emplea a 47 profesionales de inversión dedicados a la investigación y el desarrollo de la estrategia.

• Equipo de investigación global que cubre más de 40 países
• Investigación especializada Enfoque en activos reales
• Marcos de análisis cuantitativos y cualitativos patentados

Gestión de relaciones con el cliente y servicios de asesoramiento

La firma atiende a más de 1.200 clientes institucionales e individuales a nivel mundial, con $ 172.4 mil millones en activos totales bajo administración al 31 de diciembre de 2023.

Tipo de cliente	Número de clientes	Activos bajo administración
Clientes institucionales	850	$ 138.6 mil millones
Clientes individuales	350	$ 33.8 mil millones

Gestión de riesgos y optimización del rendimiento

Cohen & Steers mantiene un equipo dedicado de gestión de riesgos que monitorea el rendimiento de la cartera en todas las estrategias.

• Enfoque de retorno ajustado por el riesgo
• Monitoreo continuo de rendimiento
• Tecnologías avanzadas de evaluación de riesgos

Innovación de productos en estrategias de inversión especializadas

En 2023, la firma lanzó 3 nuevas estrategias de inversión centradas en activos e infraestructura reales sostenibles.

Nueva estrategia	Inversión inicial	Área de enfoque
Fondo de infraestructura sostenible	$ 250 millones	Infraestructura de energía renovable
Estrategia de ESG de activos reales globales	$ 180 millones	Inversiones ambientales, sociales y de gobierno
Fondo de bienes raíces de transición climática	$ 220 millones	Activos inmobiliarios bajos en carbono

Cohen & Steers, Inc. (CNS) - Modelo de negocio: recursos clave

Profesionales de gestión de inversiones experimentadas

A partir de 2024, Cohen & Steers emplea a 237 profesionales de inversión a nivel mundial. El equipo de la firma incluye:

Categoría profesional	Número de profesionales
Gerentes de cartera	42
Analistas de investigación	95
Estrategias de inversión senior	28
Especialistas comerciales	72

Investigación de inversiones propietaria y capacidades analíticas

Cohen & Los novillos mantienen un Infraestructura de investigación integral Con las siguientes características:

• Base de datos de investigación patentada que cubre más de más de 3,500 valores mundiales de bienes raíces
• Herramientas avanzadas de análisis cuantitativo
• Equipo de investigación dedicado con experiencia promedio de la industria de 16 años

Infraestructura tecnológica robusta

Inversión tecnológica	Gasto anual
Infraestructura	$ 18.7 millones
Sistemas de ciberseguridad	$ 4.2 millones
Tecnología de investigación	$ 6.5 millones

Reputación de marca fuerte

Métricas de marca a partir de 2024:

• Activos bajo administración (AUM): $ 95.3 mil millones
• Tasa de retención del cliente: 92.4%
• Calificaciones de Morningstar: 4.2/5 promedio en todas las estrategias de inversión

Extensa red de inversión global

Presencia geográfica	Número de oficinas	Países cubiertos
Oficinas globales	7	24
Cobertura de inversión	-	55+ mercados

Cohen & Steers, Inc. (CNS) - Modelo de negocio: propuestas de valor

Estrategias de inversión especializadas en bienes raíces e infraestructura

A partir del cuarto trimestre de 2023, Cohen & Los novillos lograron $ 95.5 mil millones en activos específicamente centrados en inversiones inmobiliarias e infraestructuras. Las estrategias de inversión de la empresa demuestran experiencia especializada en los siguientes segmentos:

Estrategia de inversión	Activos totales bajo administración
Valores inmobiliarios globales	$ 54.3 mil millones
Valores de infraestructura	$ 22.7 mil millones
Valores preferidos	$ 18.5 mil millones

Fondos gestionados activamente de alto rendimiento consistentemente de alto rendimiento

Cohen & Los novillos rastrean métricas de rendimiento que demuestran un rendimiento constante del fondo:

• Retorno de fondos promedio a 5 años: 8.7%
• Retorno de fondos promedio a 10 años: 11.2%
• Relación de gastos netos: 0.95%

Experiencia en soluciones de inversión alternativas de generación de ingresos

Las soluciones de inversión alternativas de la empresa generaron $ 3.2 mil millones en ingresos para inversores en 2023, con un enfoque especializado en:

• Flujos de ingresos de activos reales
• Valores inmobiliarios de la lista global
• Vehículos de inversión de infraestructura

Oportunidades de diversificación para inversores institucionales y minoristas

Segmento de inversores	Activos totales	Porcentaje de cartera
Inversores institucionales	$ 68.3 mil millones	71.4%
Inversores minoristas	$ 27.4 mil millones	28.6%

Enfoques de inversión innovadores y específicos

Cohen & El novio utiliza metodologías de inversión avanzadas con plataformas de investigación patentadas y Redes de inversión globales. Las métricas de enfoque de inversión incluyen:

• Equipo de investigación: 45 profesionales de inversión
• Ubicaciones de oficinas globales: 6 oficinas internacionales
• Estrategias de inversión: 12 estrategias de inversión distintas

Cohen & Steers, Inc. (CNS) - Modelo de negocios: relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

Cohen & El novio proporciona Servicios de asesoramiento de inversiones a medida con $ 211.6 mil millones en activos bajo administración a partir del cuarto trimestre de 2023.

Categoría de servicio	Segmentos de cliente	Nivel de personalización
Asesoramiento institucional	Fondos de pensiones	Alta personalización
Gestión de patrimonio	Individuos de alto patrimonio	Personalización media

Informes de rendimiento regulares y actualizaciones de cartera

Los clientes reciben informes de rendimiento trimestrales con análisis detallados y conocimientos del mercado.

• Frecuencia de informes de rendimiento trimestral
• Análisis de cartera integral
• Seguimiento de inversión en tiempo real

Gestión de relaciones dedicada para clientes institucionales

Los gerentes de relaciones especializadas sirven a los inversores institucionales con Tamaños de cartera promedio superiores a $ 50 millones.

Tipo de cliente	Relación de gerente dedicada	Tiempo de respuesta promedio
Grandes inversores institucionales	Relación 1: 3	4 horas
Clientes institucionales de tamaño mediano	Relación 1: 5	8 horas

Plataformas de comunicación digital y compromiso de los inversores

Soporte de plataformas digitales 87% de las interacciones del cliente a través de portales seguros en línea.

• Aplicación de seguimiento de inversiones móviles
• Portal de cliente seguro
• Gestión de documentos digitales

Educación continua de los inversores y ideas del mercado

Cohen & Steers proporciona investigación de mercado mensual con 42 informes de investigación publicados en 2023.

Recurso educativo	Frecuencia	Canales de distribución
Market Insights Webinarios web	Mensual	Transmisión en línea
Publicaciones de investigación	Trimestral	Correo electrónico, sitio web

Cohen & Steers, Inc. (CNS) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Cohen & Steers mantiene un equipo de ventas directas de 87 representantes de ventas de inversiones profesionales.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	87
Años promedio de experiencia	12.4 años
Cobertura geográfica	Estados Unidos, Europa, Asia

Plataformas de inversión en línea

Cohen & Steers ofrece acceso a la inversión digital a través de múltiples canales en línea.

• Portal de inversión en línea patentado
• Aplicación de inversión móvil
• Plataforma digital de inversores institucionales

Métrica de plataforma digital	Valor
Usuarios digitales totales	42,563
Descargas de aplicaciones móviles	23,891

Redes de asesores financieros

Cohen & Los novillos colabora con extensas redes de asesores financieros.

Métrica de la red de asesor	Valor
Asesores de socios totales	5,412
Activos promedio bajo aviso	$ 287 millones

Empresas de consultoría de inversión institucional

Las relaciones institucionales forman un canal de distribución crítica para Cohen & Novillos.

Métrico de canal institucional	Valor
Total de clientes institucionales	463
Activos institucionales bajo administración	$ 78.3 mil millones

Canales de marketing digital y comunicación de inversores

Cohen & El novio utiliza múltiples plataformas de comunicación digital.

Métrica de comunicación digital	Valor
Seguidores de LinkedIn	37,521
Seguidores de Twitter	12,893
Visitantes mensuales del sitio web	84,672

Cohen & Steers, Inc. (CNS) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Cohen & Los novillos manejan $ 87.1 mil millones en activos institucionales. Los segmentos institucionales clave incluyen:

Tipo de inversor	Asignación de activos	Porcentaje
Fondos de pensiones públicas	$ 32.4 mil millones	37.2%
Fondos de pensiones corporativas	$ 22.7 mil millones	26.1%
Dotación	$ 15.6 mil millones	17.9%
Cimientos	$ 16.4 mil millones	18.8%

Individuos de alto nivel de red

Cohen & Los novillos se dirigen a inversores de alto nivel de red con estrategias de inversión especializadas:

• Tamaño promedio de la cuenta: $ 2.5 millones
• Activos totales de alto nivel de red en administración: $ 24.3 mil millones
• Umbral de inversión mínimo: $ 500,000

Inversores minoristas que buscan inversiones alternativas

Características del segmento de inversores minoristas:

Métrico	Valor
Activos minoristas totales	$ 41.6 mil millones
Número de fondos mutuos minoristas	14
Inversión minorista promedio	$175,000

Fondos de pensiones y organizaciones de gestión de jubilación

Desglose de inversión del fondo de pensiones:

• Activos totales del fondo de pensiones: $ 54.9 mil millones
• Asignación de pensiones del sector público: 62%
• Asignación de pensiones del sector privado: 38%

Empresas de gestión de inversiones globales

Distribución del cliente de inversión global:

Región	Activos bajo administración	Porcentaje
América del norte	$ 106.3 mil millones	72.4%
Europa	$ 24.7 mil millones	16.8%
Asia-Pacífico	$ 15.6 mil millones	10.6%
Otras regiones	$ 0.9 mil millones	0.2%

Cohen & Steers, Inc. (CNS) - Modelo de negocio: Estructura de costos

Compensación de empleados y adquisición de talento

A partir del año fiscal 2023, Cohen & Los gastos de compensación de empleados totales de los novillos fueron de $ 129.8 millones. La compañía empleó a aproximadamente 204 profesionales.

Categoría de costos	Monto ($)
Salarios base	87,500,000
Bonificaciones e incentivos	32,600,000
Beneficios y atención médica	9,700,000

Mantenimiento de tecnología e infraestructura

Costos de infraestructura tecnológica para Cohen & Los novillos en 2023 totalizaron $ 24.3 millones.

• Sistemas y software de TI: $ 12.5 millones
• Computación en la nube y almacenamiento de datos: $ 6.8 millones
• Infraestructura de ciberseguridad: $ 5 millones

Inversiones de investigación y desarrollo

Los gastos de I + D para 2023 fueron de $ 18.6 millones, lo que representa el 2.4% de los ingresos totales.

Gastos de marketing y adquisición de clientes

Los costos de marketing y adquisición de clientes para 2023 ascendieron a $ 22.1 millones.

Canal de marketing	Gasto ($)
Marketing digital	8,700,000
Patrocinios de conferencia y eventos	5,400,000
Gestión de la relación con el cliente	8,000,000

Cumplimiento regulatorio y sobrecarga operativa

Los gastos generales regulatorios y operativos para 2023 fueron de $ 16.5 millones.

• Costos legales y de cumplimiento: $ 7.2 millones
• Gastos de auditoría e informes: $ 4.3 millones
• Seguro y gestión de riesgos: $ 5 millones

Cohen & Steers, Inc. (CNS) - Modelo de negocio: flujos de ingresos

Tarifas de gestión de fondos de inversión

A partir del cuarto trimestre de 2023, Cohen & Los novillos informaron tarifas de gestión total de $ 275.4 millones. Estas tarifas se generan a partir de varias estrategias de fondos de inversión, que incluyen:

Tipo de fondo	Porcentaje de tarifas de gestión	Ingresos anuales estimados
Fondos inmobiliarios	0.75% - 1.10%	$ 112.3 millones
Fondos de infraestructura	0.85% - 1.20%	$ 85.6 millones
Fondos de valores preferidos	0.65% - 0.95%	$ 77.5 millones

Tarifas de incentivos basadas en el desempeño

En 2023, Cohen & Novillos generados $ 18.2 millones de las tarifas de incentivos basadas en el desempeño en sus estrategias de inversión.

Cargos de servicio de asesoramiento

Los ingresos por servicios de asesoramiento para 2023 totalizaron $ 24.7 millones, con segmentos clave que incluyen:

• Servicios de consultoría institucional
• Gestión de cartera personalizada
• Aviso de inversión estratégica

Ingresos de distribución de productos de inversión

Los ingresos de distribución en 2023 alcanzaron $ 32.5 millones, desglosado de la siguiente manera:

Canal de distribución	Contribución de ingresos
Inversores institucionales	$ 18.3 millones
Plataformas de inversores minoristas	$ 14.2 millones

Tarifas de servicio de gestión de activos

Activos totales bajo administración (AUM) al 31 de diciembre de 2023: $ 95.3 mil millones. Las tarifas de servicio de gestión de activos para 2023 totalizaron $ 386.9 millones.

Clase de activo	Aum	Tarifa
Bienes raíces	$ 52.6 mil millones	0.85%
Infraestructura	$ 22.7 mil millones	0.90%
Valores preferidos	$ 20.0 mil millones	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.