Cohen & Steers, Inc. (CNS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la gestion des investissements alternatifs, Cohen & Steers, Inc. (CNS) se distingue comme une force pionnière, transformant la façon dont les investisseurs institutionnels et de détail abordent les investissements immobiliers et d'infrastructure. Avec un modèle commercial sophistiqué qui mélange des recherches de pointe, des stratégies personnalisées et des solutions d'investissement innovantes, l'entreprise a taillé un créneau unique dans le paysage financier concurrentiel. Leur approche va au-delà des paradigmes d'investissement traditionnels, offrant aux clients une voie stratégique vers la diversification, la génération de revenus et la gestion sophistiquée de portefeuille qui les distingue dans l'écosystème d'investissement mondial.

Cohen & Steers, Inc. (CNS) - Modèle commercial: partenariats clés

Sociétés de gestion des actifs et institutions financières

Cohen & Les bouviers maintiennent des partenariats stratégiques avec les principales institutions financières suivantes:

Institution partenaire	Focus de partenariat	Détails de collaboration
Blackrock	Plate-forme d'investissement	Intégration mondiale du réseau de distribution
Investissements de fidélité	Solutions d'investissement	Distribution des fonds communs de placement et des ETF
Charles Schwab	Plate-forme d'investissement	Accès d'investissement institutionnel

Plateformes d'investissement mondiales et réseaux de distribution

Les principaux partenariats de distribution mondiale comprennent:

• Morningstar Direct
• Bloomberg Terminal
• Systèmes de recherche de faits
• Raffinitiv eikon

Fournisseurs de recherche et d'analyse de données

Cohen & Steers collabore avec des fournisseurs de recherche spécialisés:

Fournisseur de recherche	Spécialisation des données	Valeur d'abonnement annuelle
MSCI Inc.	Indices de marché mondiaux	1,2 million de dollars
S&P Global Market Intelligence	Données de recherche financière	$850,000

Consultants en investissement institutionnel

Les partenariats de conseil stratégique comprennent:

• Cambridge Associates
• Mercer Investments
• Willis Towers Watson

Fournisseurs de services technologiques pour les solutions d'investissement

Partenariats technologiques soutenant les infrastructures d'investissement:

Fournisseur de technologie	Type de service	Coût de la mise en œuvre
Aladdin par Blackrock	Plateforme de gestion des risques	3,5 millions de dollars par an
Simcorp	Systèmes de gestion des investissements	2,1 millions de dollars par an

Cohen & Steers, Inc. (CNS) - Modèle d'entreprise: activités clés

Gestion active des fonds d'investissement immobilier et d'infrastructure

Depuis le quatrième trimestre 2023, Cohen & Les passants ont géré 85,3 milliards de dollars d'actifs immobiliers et d'infrastructures. L'entreprise gère 34 stratégies d'investissement distinctes dans ces secteurs.

Catégorie d'actifs	Total des actifs gérés	Nombre de stratégies
Fonds immobiliers	62,7 milliards de dollars	22 stratégies
Fonds d'infrastructure	22,6 milliards de dollars	12 stratégies

Recherche d'investissement et développement de stratégie de portefeuille

Cohen & Steers emploie 47 professionnels de l'investissement dédiés à la recherche et au développement de la stratégie.

• Équipe de recherche mondiale couvrant plus de 40 pays
• Des recherches spécialisées se concentrent sur les actifs réels
• Cadres d'analyse quantitative et qualitative propriétaire

Services de gestion des relations avec les relations avec les clients

L'entreprise dessert plus de 1 200 clients institutionnels et individuels dans le monde, avec 172,4 milliards de dollars d'actifs totaux sous gestion au 31 décembre 2023.

Type de client	Nombre de clients	Actifs sous gestion
Clients institutionnels	850	138,6 milliards de dollars
Clients individuels	350	33,8 milliards de dollars

Gestion des risques et optimisation des performances

Cohen & Les bouviers maintiennent une équipe de gestion des risques dédiée qui surveille les performances du portefeuille entre les stratégies.

• Focus de retour ajusté au risque
• Surveillance continue des performances
• Technologies d'évaluation des risques avancés

Innovation de produit dans des stratégies d'investissement spécialisées

En 2023, l'entreprise a lancé 3 nouvelles stratégies d'investissement axées sur les actifs et les infrastructures réels durables.

Nouvelle stratégie	Investissement initial	Domaine de mise au point
Fonds d'infrastructure durable	250 millions de dollars	Infrastructure d'énergie renouvelable
Stratégie globale des réels actifs ESG	180 millions de dollars	Investissements environnementaux, sociaux et de gouvernance
Fonds immobilier en transition climatique	220 millions de dollars	Actifs immobiliers à faible teneur en carbone

Cohen & Steers, Inc. (CNS) - Modèle d'entreprise: Ressources clés

Professionnels de la gestion des investissements expérimentés

Depuis 2024, Cohen & Steers emploie 237 professionnels de l'investissement dans le monde. L'équipe de l'entreprise comprend:

Catégorie professionnelle	Nombre de professionnels
Gestionnaires de portefeuille	42
Analystes de recherche	95
Stratèges d'investissement supérieur	28
Spécialistes du commerce	72

Recherche d'investissement et capacités analytiques propriétaires

Cohen & Les bouvillons maintient un infrastructure de recherche complète avec les caractéristiques suivantes:

• Base de données de recherche propriétaire couvrant plus de 3 500 titres immobiliers mondiaux
• Outils d'analyse quantitative avancés
• Équipe de recherche dédiée avec une expérience moyenne de l'industrie de 16 ans

Infrastructure technologique robuste

Investissement technologique	Dépenses annuelles
Infrastructure informatique	18,7 millions de dollars
Systèmes de cybersécurité	4,2 millions de dollars
Technologie de recherche	6,5 millions de dollars

Grande réputation de marque

Métriques de la marque à partir de 2024:

• Actif sous gestion (AUM): 95,3 milliards de dollars
• Taux de rétention des clients: 92,4%
• MorningStar Ratings: 4,2 / 5 Moyenne à travers les stratégies d'investissement

Vaste réseau d'investissement mondial

Présence géographique	Nombre de bureaux	Les pays couverts
Bureaux mondiaux	7	24
Couverture d'investissement	-	Plus de 55 marchés

Cohen & Steers, Inc. (CNS) - Modèle d'entreprise: propositions de valeur

Stratégies d'investissement spécialisées dans l'immobilier et les infrastructures

Depuis le quatrième trimestre 2023, Cohen & Steers a géré 95,5 milliards de dollars d'actifs spécifiquement axés sur les investissements immobiliers et infrastructures. Les stratégies d'investissement de l'entreprise démontrent une expertise spécialisée dans les segments suivants:

Stratégie d'investissement	Total des actifs sous gestion
Titres de l'immobilier mondial	54,3 milliards de dollars
Titres d'infrastructure	22,7 milliards de dollars
Titres préférés	18,5 milliards de dollars

Fonds activement gérés activement performants

Cohen & Steers True les métriques de performance démontrant des performances de fonds cohérentes:

• Retour moyen du fonds à 5 ans: 8,7%
• Retour moyen du fonds à 10 ans: 11,2%
• Ratio de dépenses nettes: 0,95%

Expertise en solutions d'investissement alternatives générateurs de revenus

Les solutions d'investissement alternatives de l'entreprise ont généré 3,2 milliards de dollars de revenus pour les investisseurs en 2023, avec un accent spécialisé sur:

• Réaux revenus d'actifs
• Titres immobiliers répertoriés mondiaux
• Véhicules d'investissement d'infrastructure

Opportunités de diversification pour les investisseurs institutionnels et de détail

Segment des investisseurs	Actif total	Pourcentage de portefeuille
Investisseurs institutionnels	68,3 milliards de dollars	71.4%
Investisseurs de détail	27,4 milliards de dollars	28.6%

Approches d'investissement innovantes et ciblées

Cohen & Les bouvillons utilisent des méthodologies d'investissement avancées avec plateformes de recherche propriétaires et Réseaux d'investissement mondiaux. Les métriques de l'approche d'investissement comprennent:

• Équipe de recherche: 45 professionnels de l'investissement
• Emplacements de bureaux mondiaux: 6 bureaux internationaux
• Stratégies d'investissement: 12 stratégies d'investissement distinctes

Cohen & Steers, Inc. (CNS) - Modèle d'entreprise: relations avec les clients

Services de conseil en investissement personnalisés

Cohen & Steers fournit Services de conseil en investissement sur mesure Avec 211,6 milliards de dollars d'actifs sous gestion au T2 2023.

Catégorie de service	Segments du client	Niveau de personnalisation
Avis institutionnel	Fonds de pension	Personnalisation élevée
Gestion de la richesse	Individus de valeur nette élevée	Personnalisation moyenne

Mises à jour régulières des rapports de performances et du portefeuille

Les clients reçoivent des rapports de performance trimestriels avec des analyses détaillées et des informations sur le marché.

• Fréquence de rapports de performance trimestrielle
• Analyse complète du portefeuille
• Suivi des investissements en temps réel

Gestion des relations dédiées aux clients institutionnels

Les gestionnaires de relations spécialisés desservent des investisseurs institutionnels avec tailles de portefeuille moyens dépassant 50 millions de dollars.

Type de client	Ratio de gestionnaire dédié	Temps de réponse moyen
Grands investisseurs institutionnels	Ratio 1: 3	4 heures
Clients institutionnels de taille moyenne	Ratio 1: 5	8 heures

Plateformes de communication numérique et d'engagement des investisseurs

Prise en charge des plateformes numériques 87% des interactions du client via des portails en ligne sécurisés.

• Application de suivi des investissements mobiles
• Portail client sécurisé
• Gestion de documents numériques

Éducation continue des investisseurs et informations sur le marché

Cohen & Steers fournit des études de marché mensuelles avec 42 rapports de recherche publiés en 2023.

Ressource éducative	Fréquence	Canaux de distribution
Webinaires des informations sur le marché	Mensuel	Streaming en ligne
Publications de recherche	Trimestriel	E-mail, site Web

Cohen & Steers, Inc. (CNS) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Cohen & Les bouvillons maintiennent une équipe de vente directe de 87 représentants professionnels des ventes d'investissement.

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	87
Des années moyennes d'expérience	12.4 ans
Couverture géographique	États-Unis, Europe, Asie

Plateformes d'investissement en ligne

Cohen & Steers offre un accès aux investissements numériques via plusieurs canaux en ligne.

• Portail d'investissement en ligne propriétaire
• Application d'investissement mobile
• Plateforme numérique des investisseurs institutionnels

Métrique de la plate-forme numérique	Valeur
Total des utilisateurs numériques	42,563
Téléchargements d'applications mobiles	23,891

Réseaux de conseillers financiers

Cohen & Les bouviers collaborent avec de vastes réseaux de conseillers financiers.

Métrique du réseau de conseillers	Valeur
Conseillers de partenaires totaux	5,412
Actifs moyens sous conseil	287 millions de dollars

Cabinets de conseil en investissement institutionnel

Les relations institutionnelles forment un canal de distribution critique pour Cohen & Dirigeants.

Métrique du canal institutionnel	Valeur
Clients institutionnels totaux	463
Actifs institutionnels sous gestion	78,3 milliards de dollars

Canaux de marketing numérique et de communication des investisseurs

Cohen & Les passages utilisent plusieurs plateformes de communication numérique.

Métrique de communication numérique	Valeur
LinkedIn adepte	37,521
Abonnés Twitter	12,893
Visiteurs mensuels du site Web	84,672

Cohen & Steers, Inc. (CNS) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Depuis le quatrième trimestre 2023, Cohen & Les bouvillons gèrent 87,1 milliards de dollars d'actifs institutionnels. Les segments institutionnels clés comprennent:

Type d'investisseur	Allocation d'actifs	Pourcentage
Fonds de pension publique	32,4 milliards de dollars	37.2%
Fonds de retraite d'entreprise	22,7 milliards de dollars	26.1%
Dotation	15,6 milliards de dollars	17.9%
Fondations	16,4 milliards de dollars	18.8%

Individus à haute nette

Cohen & Les bouvillons ciblent les investisseurs à haute navette avec des stratégies d'investissement spécialisées:

• Taille moyenne du compte: 2,5 millions de dollars
• Actifs totaux à forte valeur en gestion: 24,3 milliards de dollars
• Seuil d'investissement minimum: 500 000 $

Les investisseurs de détail à la recherche d'investissements alternatifs

Caractéristiques du segment des investisseurs de détail:

Métrique	Valeur
Total des actifs de vente au détail	41,6 milliards de dollars
Nombre de fonds communs de placement	14
Investissement de détail moyen	$175,000

Fonds de pension et organisations de gestion de la retraite

Répartition des investissements des fonds de pension:

• Actifs totaux de fonds de retraite: 54,9 milliards de dollars
• Attribution des pensions du secteur public: 62%
• Attribution de la pension du secteur privé: 38%

Sociétés mondiales de gestion des investissements

Distribution mondiale des clients d'investissement:

Région	Actifs sous gestion	Pourcentage
Amérique du Nord	106,3 milliards de dollars	72.4%
Europe	24,7 milliards de dollars	16.8%
Asie-Pacifique	15,6 milliards de dollars	10.6%
Autres régions	0,9 milliard de dollars	0.2%

Cohen & Steers, Inc. (CNS) - Modèle d'entreprise: Structure des coûts

Compensation des employés et acquisition de talents

Depuis l'exercice 2023, Cohen & Les dépenses totales de rémunération des employés étaient de 129,8 millions de dollars. L'entreprise employait environ 204 professionnels.

Catégorie de coûts	Montant ($)
Salaires de base	87,500,000
Bonus et incitations	32,600,000
Avantages et soins de santé	9,700,000

Maintenance de technologie et d'infrastructure

Coût des infrastructures technologiques pour Cohen & Les bouvillons en 2023 ont totalisé 24,3 millions de dollars.

• Systèmes informatiques et logiciels: 12,5 millions de dollars
• Cloud Computing et stockage de données: 6,8 millions de dollars
• Infrastructure de cybersécurité: 5 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour 2023 étaient de 18,6 millions de dollars, ce qui représente 2,4% des revenus totaux.

Frais de marketing et d'acquisition des clients

Les frais de marketing et d'acquisition de clients pour 2023 s'élevaient à 22,1 millions de dollars.

Canal de marketing	Dépenses ($)
Marketing numérique	8,700,000
Conférences et parrainages d'événements	5,400,000
Gestion des relations avec les clients	8,000,000

Conformité réglementaire et frais généraux opérationnels

Les frais de frais généraux réglementaires et opérationnels pour 2023 étaient de 16,5 millions de dollars.

• Coûts juridiques et de conformité: 7,2 millions de dollars
• Frais d'audit et de rapport: 4,3 millions de dollars
• Assurance et gestion des risques: 5 millions de dollars

Cohen & Steers, Inc. (CNS) - Modèle d'entreprise: Strots de revenus

Frais de gestion des fonds d'investissement

Depuis le quatrième trimestre 2023, Cohen & Les bouvillons ont signalé des frais de gestion totaux de 275,4 millions de dollars. Ces frais sont générés à partir de diverses stratégies de fonds d'investissement, notamment:

Type de fonds	Pourcentage de frais de gestion	Revenus annuels estimés
Fonds immobiliers	0.75% - 1.10%	112,3 millions de dollars
Fonds d'infrastructure	0.85% - 1.20%	85,6 millions de dollars
Fonds de valeurs mobilières préférés	0.65% - 0.95%	77,5 millions de dollars

Frais d'incitation basés sur la performance

En 2023, Cohen & Steers générés 18,2 millions de dollars des frais d'incitation basés sur les performances dans leurs stratégies d'investissement.

Frais de service consultatif

Les revenus de service consultatif pour 2023 ont totalisé 24,7 millions de dollars, avec des segments clés, notamment:

• Services de conseil institutionnel
• Gestion de portefeuille personnalisée
• Advisory d'investissement stratégique

Revenus de distribution de produits d'investissement

Les revenus de distribution en 2023 ont atteint 32,5 millions de dollars, en panne comme suit:

Canal de distribution	Contribution des revenus
Investisseurs institutionnels	18,3 millions de dollars
Plateformes d'investisseurs de détail	14,2 millions de dollars

Frais de service de gestion des actifs

Total des actifs sous gestion (AUM) au 31 décembre 2023: 95,3 milliards de dollars. Les frais de service de gestion des actifs pour 2023 ont totalisé 386,9 millions de dollars.

Classe d'actifs	Aum	Taux de frais
Immobilier	52,6 milliards de dollars	0.85%
Infrastructure	22,7 milliards de dollars	0.90%
Titres préférés	20,0 milliards de dollars	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.