Cohen & Steers, Inc. (CNS): Business Model Canvas [Dec-2025 Updated]

You're looking to map out exactly how Cohen & Steers, Inc. makes money, especially as they push hard into active ETFs while staying true to their real assets niche. Honestly, breaking down their model reveals a focused operation managing about $90.6 billion in Assets Under Management as of late 2025, driven by specialized investment management fees-their open-end funds alone brought in $69.9 million in Q2 2025. So, if you want to see the nine building blocks that support their high-touch client service, deep real asset expertise, and significant compensation costs (like the $54.8 million in Q2 2025), dive into the canvas below; it shows you exactly where their value proposition meets the market.

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

You're looking at how Cohen & Steers, Inc. gets its specialized real assets and alternative income strategies into client hands as of late 2025. It's all about the network.

Global subadvisory alliances for international distribution

Cohen & Steers, Inc. maintains subadvisory alliances with global distribution partners to extend its expertise internationally. As of September 30, 2025, $14,503 million was held in Subadvisory accounts, representing a significant portion of the firm's total Assets Under Management (AUM) of $90.9 billion. This subadvisory channel is key for embedding Cohen & Steers, Inc.'s strategies within other firms' offerings globally.

The firm's international footprint supports these alliances, with offices located in London, Dublin, Hong Kong, Tokyo and Singapore, in addition to the New York City headquarters.

Broker-dealer networks and RIA platforms for fund access

The investment strategies from Cohen & Steers, Inc. are distributed widely through established channels. These include U.S. registered open-end funds, closed-end funds, and offshore funds, which flow through broker-dealers and Registered Investment Advisors (RIAs). Cohen & Steers Securities, LLC handles the distribution for the firm's U.S. registered open-end funds, making them available only to U.S. residents.

The firm's focus on distribution was highlighted by the promotion of Daniel Noonan to Head of Global Distribution in April 2025.

Custodians and fund administrators for operational support

Operational backbone relies on relationships with custodians and fund administrators to manage the assets and ensure compliance. Cohen & Steers, Inc. provides customized investment strategies directly to institutional investors, which include some of the world's largest pension funds, endowments and foundations. As of September 30, 2025, these Total Institutional Accounts stood at $34,711 million.

The firm's cash, cash equivalents, liquid seed investments, and U.S. Treasurys totaled $322.8 million as of June 30, 2025, indicating a strong liquidity position to support operations.

Strategic alliances for private real estate and alternative investments

Cohen & Steers, Inc. specializes in real assets and alternative income, which often requires specialized partnerships for private market access. For instance, SLC Management and its affiliated investment managers offer alternative investment strategies to the U.S. high net worth market. The firm's focus on real assets and alternative income is central to its value proposition.

The firm also partners on product development, such as the launch of Cohen & Steers active ETFs in February 2025, which provide access to flagship strategies like real estate and preferred securities.

401(k) and deferred compensation platforms

Cohen & Steers, Inc. offers Collective Investment Trusts (CITs) specifically for qualified defined benefit and defined contribution plans, which includes 401(k) plans. This allows their investment strategies to be accessed through these defined contribution platforms alongside broker-dealers and RIAs.

The firm's investment vehicles are structured to accommodate tax-advantaged accounts; for example, Brookfield Infrastructure Partners L.P. (BIP) is mentioned as being structured not to generate UBTI, making it suitable for inclusion in an IRA or 401(k).

Here's a quick look at the scale of some of these channels as of late 2025:

The distribution strategy relies on a mix of direct fund offerings and third-party access points.

You can see the reliance on open-end funds as the largest single vehicle, which is supported by the broader distribution network including broker-dealers and RIAs.

• Open-end Funds represented 48.3% of AUM as of June 30, 2025.
• North American clients accounted for 77.6% of AUM as of June 30, 2025, indicating the domestic strength of the distribution network.
• The firm offers strategies through U.S. registered open-end funds, closed-end funds, and offshore funds.

Finance: draft the Q4 2025 AUM reconciliation incorporating net flows of $1.1 billion from October 2025.

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

You're looking at the core engine of Cohen & Steers, Inc. (CNS) as of late 2025. Their key activities center on being a specialist, which is how they carve out their niche in the broader asset management space.

Specialized investment management of real assets and alternative income

This is the bedrock. Cohen & Steers, Inc. focuses its entire operation on real assets and alternative income. This means they actively manage capital across areas like listed and private real estate, infrastructure, preferred securities, resource equities, and commodities. You see the scale of this focus in their Assets Under Management (AUM). As of October 31, 2025, preliminary AUM stood at $90.6 billion. That number shows the sheer volume of capital they are actively managing across these specialized mandates. To be fair, AUM saw a slight dip to $90.6 billion from $90.9 billion the prior month, due to market depreciation of $1.3 billion, though this was partially offset by net inflows of $1.1 billion in October 2025.

The firm's core mandate is reflected in its asset base, which shows consistent performance across time horizons as of June 30, 2025:

Proprietary investment research and market analysis

Generating alpha (excess returns) in real assets requires deep, proprietary insight. This activity involves continuous, specialized research and market analysis to support their investment teams. Their Q3 2025 results showed this translated into strong flows in certain areas; for instance, global and international real estate saw a positive inflection in investor interest. The firm's ability to generate returns is key to retaining assets, as evidenced by the high percentage of AUM beating benchmarks over multiple years.

Product development, including new active ETFs

Product innovation is a clear, measurable activity for Cohen & Steers, Inc. They are actively expanding their product shelf, particularly in the exchange-traded fund (ETF) space. In Q2 2025, they launched their first active ETFs, which immediately attracted $54 million in net inflows. By Q3 2025, the company announced the successful launch of three more active ETFs. Total ETF AUM reached $133 million as of June 30, 2025. This focus on active management, convenience, and tax efficiency in ETFs is a stated area of investor interest.

Key product flow dynamics from recent quarters include:

• Net inflows into open end funds in Q3 2025: $768,000,000.
• Net inflows into active ETFs in Q2 2025: $54 million.
• Net outflows from institutional advisory in Q3 2025: $455,000,000.

Global distribution and client service management

Getting those specialized products in front of the right clients globally is a crucial activity. Cohen & Steers, Inc. has offices in New York City, London, Dublin, Hong Kong, Tokyo, and Singapore to support this. You can see a recent strategic move to bolster this area with the promotion of Daniel Noonan to Head of Global Distribution, responsible for worldwide business development, client service, and marketing. Furthermore, Brad Ispass was appointed as Head of Enterprise Wealth in June 2025, focusing on broadening reach in that sector. Revenue from distribution and service fees was $17.0 million in Q3 2025, up from $15.6 million in the prior quarter.

Regulatory compliance and risk management

Operating globally in regulated financial markets means compliance and risk management are non-negotiable, day-to-day activities. While specific compliance expenditure isn't detailed here, the financial results show the operational scale they must manage. For Q3 2025, the operating margin was 36.1%, up from 33.6% in Q2 2025, indicating effective cost control relative to revenue growth of 4.2% quarter-over-quarter. The firm maintains significant liquidity, reporting $364 million as of the end of Q3 2025. Managing the risk associated with institutional outflows is an ongoing concern that this distribution leadership change aims to address.

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

You're looking at the bedrock of Cohen & Steers, Inc. (CNS)-the tangible and intangible assets that let them run their specialized investment business. Honestly, for an asset manager, the biggest resource is the capital they are entrusted with, which directly translates to fees and influence.

The sheer scale of Assets Under Management (AUM) is a primary resource, showing client trust and the platform's capacity. As of the end of October 2025, preliminary AUM stood at exactly $90.6 billion. That number is what drives the whole operation, so it's worth seeing how it breaks down by vehicle as of that date, even if the total is slightly down from September's $90.9 billion.

It's not just the money; it's the people managing it. You can't scale specialized real assets expertise without the right talent. Cohen & Steers reports having over 60 specialized investment professionals dedicated to their strategies. That depth of expertise is a major barrier to entry for competitors, you see.

Their reach is global, which is key for sourcing real asset opportunities and serving international clients. The physical footprint supports this global mandate:

• New York City (Headquarters)
• London
• Dublin
• Hong Kong
• Tokyo
• Singapore

And then there's the track record-that's intangible capital, but it's what secures the next mandate. For long-term investors, this is critical. As of Q2 2025, the firm's long-term performance remained exceptional, with 99% of AUM outperforming its ten-year benchmark. That's a powerful signal to institutional consultants. For shorter time frames at that same date, 94% of AUM outperformed over one year, 96% over three years, and 97% over five years.

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:

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:

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:

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:

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:

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.

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.