Cohen & Steers, Inc. (CNS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da gestão alternativa de investimentos, Cohen & A Steers, Inc. (SNC) se destaca como uma força pioneira, transformando como os investidores institucionais e de varejo abordam investimentos imobiliários e de infraestrutura. Com um modelo de negócios sofisticado que combina pesquisa de ponta, estratégias personalizadas e soluções inovadoras de investimento, a empresa esculpiu um nicho único no cenário financeiro competitivo. Sua abordagem vai além dos paradigmas de investimento tradicionais, oferecendo aos clientes um caminho estratégico para a diversificação, geração de renda e gerenciamento sofisticado de portfólio que os diferencia no ecossistema global de investimentos.

Cohen & Steers, Inc. (CNS) - Modelo de Negócios: Principais Parcerias

Empresas de gerenciamento de ativos e instituições financeiras

Cohen & Steers mantém parcerias estratégicas com as seguintes instituições financeiras principais:

Instituição parceira	Foco em parceria	Detalhes da colaboração
BlackRock	Plataforma de investimento	Integração de rede de distribuição global
Fidelity Investments	Soluções de investimento	Fundo mútuo e distribuição de ETF
Charles Schwab	Plataforma de investimento	Acesso ao investimento institucional

Plataformas de investimento globais e redes de distribuição

As principais parcerias globais de distribuição incluem:

• Morningstar Direct
• Terminal Bloomberg
• FACTSET PESQUISA SISTEMAS
• Refinitiv Eikon

Provedores de pesquisa e análise de dados

Cohen & Steers colabora com provedores de pesquisa especializados:

Provedor de pesquisa	Especialização de dados	Valor anual de assinatura
MSCI Inc.	Índices de mercado globais	US $ 1,2 milhão
S&P Global Market Intelligence	Dados de pesquisa financeira	$850,000

Consultores de investimento institucional

Parcerias de consultoria estratégica incluem:

• Cambridge Associates
• Mercer Investments
• Willis Towers Watson

Provedores de serviços de tecnologia para soluções de investimento

Parcerias de tecnologia que apoiam a infraestrutura de investimento:

Provedor de tecnologia	Tipo de serviço	Custo de implementação
Aladdin por BlackRock	Plataforma de gerenciamento de riscos	US $ 3,5 milhões anualmente
SimCorp	Sistemas de gerenciamento de investimentos	US $ 2,1 milhões anualmente

Cohen & Steers, Inc. (SNC) - Modelo de negócios: Atividades -chave

Gerenciamento ativo de fundos de investimento imobiliário e de infraestrutura

A partir do quarto trimestre 2023, Cohen & Os Steers conseguiram US $ 85,3 bilhões em ativos imobiliários e de infraestrutura. A empresa gerencia 34 estratégias de investimento distintas nesses setores.

Categoria de ativos	Total de ativos gerenciados	Número de estratégias
Fundos imobiliários	US $ 62,7 bilhões	22 estratégias
Fundos de infraestrutura	US $ 22,6 bilhões	12 estratégias

Pesquisa de investimento e desenvolvimento de estratégia de portfólio

Cohen & A Steers emprega 47 profissionais de investimento dedicados ao desenvolvimento de pesquisas e estratégias.

• Equipe global de pesquisa que cobre mais de 40 países
• Pesquisa especializada foco em ativos reais
• Estruturas de análise quantitativa e qualitativa proprietárias

Gerenciamento de relacionamento com o cliente e serviços de consultoria

A empresa atende a mais de 1.200 clientes institucionais e individuais em todo o mundo, com US $ 172,4 bilhões em ativos totais sob gerenciamento em 31 de dezembro de 2023.

Tipo de cliente	Número de clientes	Ativos sob gestão
Clientes institucionais	850	US $ 138,6 bilhões
Clientes individuais	350	US $ 33,8 bilhões

Gerenciamento de riscos e otimização de desempenho

Cohen & Steers mantém uma equipe dedicada de gerenciamento de riscos que monitora o desempenho do portfólio em estratégias.

• Foco de retorno ajustado ao risco
• Monitoramento contínuo de desempenho
• Tecnologias avançadas de avaliação de risco

Inovação de produtos em estratégias de investimento especializadas

Em 2023, a empresa lançou três novas estratégias de investimento focadas em ativos e infraestrutura reais sustentáveis.

Nova estratégia	Investimento inicial	Área de foco
Fundo de Infraestrutura Sustentável	US $ 250 milhões	Infraestrutura de energia renovável
Estratégia de ESG de ativos reais globais	US $ 180 milhões	Investimentos ambientais, sociais e de governança
Fundo imobiliário de transição climática	US $ 220 milhões	Ativos imobiliários de baixo carbono

Cohen & Steers, Inc. (CNS) - Modelo de negócios: Recursos -chave

Profissionais experientes de gerenciamento de investimentos

A partir de 2024, Cohen & Os Steers empregam 237 profissionais de investimento em todo o mundo. A equipe da empresa inclui:

Categoria profissional	Número de profissionais
Gerentes de portfólio	42
Analistas de pesquisa	95
Estrategistas de investimento seniores	28
Especialistas em negociação	72

Pesquisa de investimento proprietário e recursos analíticos

Cohen & Steers mantém um Infraestrutura de pesquisa abrangente Com as seguintes características:

• Banco de dados de pesquisa proprietária, cobrindo mais de 3.500 títulos imobiliários globais
• Ferramentas de análise quantitativa avançada
• Equipe de pesquisa dedicada com experiência média no setor de 16 anos

Infraestrutura de tecnologia robusta

Investimento em tecnologia	Despesas anuais
Infraestrutura de TI	US $ 18,7 milhões
Sistemas de segurança cibernética	US $ 4,2 milhões
Tecnologia de pesquisa	US $ 6,5 milhões

Forte reputação da marca

Métricas de marca a partir de 2024:

• Ativos sob gestão (AUM): US $ 95,3 bilhões
• Taxa de retenção de clientes: 92,4%
• Classificações da Morningstar: 4.2/5 Média entre estratégias de investimento

Extensa rede de investimentos globais

Presença geográfica	Número de escritórios	Países cobertos
Escritórios globais	7	24
Cobertura de investimento	-	55+ mercados

Cohen & Steers, Inc. (CNS) - Modelo de Negócios: Proposições de Valor

Estratégias de investimento especializadas em imóveis e infraestrutura

A partir do quarto trimestre 2023, Cohen & Os Steers conseguiram US $ 95,5 bilhões em ativos focados especificamente em investimentos imobiliários e de infraestrutura. As estratégias de investimento da empresa demonstram experiência especializada nos seguintes segmentos:

Estratégia de investimento	Total de ativos sob gestão
Títulos imobiliários globais	US $ 54,3 bilhões
Títulos de infraestrutura	US $ 22,7 bilhões
Valores mobiliários preferidos	US $ 18,5 bilhões

Fundos gerenciados ativamente consistentemente de alto desempenho

Cohen & Steers rastreia as métricas de desempenho demonstrando desempenho consistente do fundo:

• Retorno médio de fundo de 5 anos: 8,7%
• Retorno médio de fundo de 10 anos: 11,2%
• Taxa de despesa líquida: 0,95%

Especialização em soluções alternativas de investimento geradoras de renda

As soluções alternativas de investimento da empresa geraram US $ 3,2 bilhões em receita para investidores em 2023, com foco especializado em:

• Fluxos de renda de ativos reais
• Títulos imobiliários listados globais
• Veículos de investimento em infraestrutura

Oportunidades de diversificação para investidores institucionais e de varejo

Segmento de investidores	Total de ativos	Porcentagem de portfólio
Investidores institucionais	US $ 68,3 bilhões	71.4%
Investidores de varejo	US $ 27,4 bilhões	28.6%

Abordagens de investimento inovadoras e direcionadas

Cohen & Os novilhos utilizam metodologias avançadas de investimento com Plataformas de pesquisa proprietárias e Redes de investimentos globais. Métricas de abordagem de investimento incluem:

• Equipe de pesquisa: 45 profissionais de investimento
• Locais globais de escritórios: 6 escritórios internacionais
• Estratégias de investimento: 12 estratégias de investimento distintas

Cohen & Steers, Inc. (CNS) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de investimento personalizados

Cohen & Steers fornece Serviços de consultoria de investimento personalizado com US $ 211,6 bilhões em ativos sob administração a partir do quarto trimestre 2023.

Categoria de serviço	Segmentos de clientes	Nível de personalização
Aviso institucional	Fundos de pensão	Alta personalização
Gestão de patrimônio	Indivíduos de alto patrimônio líquido	Personalização média

Relatórios de desempenho regulares e atualizações de portfólio

Os clientes recebem relatórios trimestrais de desempenho com análises detalhadas e insights de mercado.

• Frequência trimestral de relatórios de desempenho
• Análise abrangente do portfólio
• Rastreamento de investimentos em tempo real

Gerenciamento de relacionamento dedicado para clientes institucionais

Gerentes de relacionamento especializados servem investidores institucionais com Tamanhos médios de portfólio superior a US $ 50 milhões.

Tipo de cliente	Razão de gerente dedicado	Tempo médio de resposta
Grandes investidores institucionais	1: 3 proporção	4 horas
Clientes institucionais de tamanho médio	1: 5 proporção	8 horas

Plataformas de comunicação digital e engajamento de investidores

Suporte de plataformas digitais 87% das interações do cliente através de portais on -line seguros.

• Aplicativo de rastreamento de investimento móvel
• Portal de cliente seguro
• Gerenciamento de documentos digitais

Educação contínua de investidores e insights de mercado

Cohen & A Steers fornece pesquisas de mercado mensais com 42 relatórios de pesquisa publicados em 2023.

Recurso da educação	Freqüência	Canais de distribuição
Mercado Insights Webinars	Mensal	Streaming online
Publicações de pesquisa	Trimestral	Email, site

Cohen & Steers, Inc. (CNS) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre 2023, Cohen & A Steers mantém uma equipe de vendas direta de 87 representantes profissionais de vendas de investimentos.

Métrica da equipe de vendas	Valor
Total de representantes de vendas	87
Anos médios de experiência	12,4 anos
Cobertura geográfica	Estados Unidos, Europa, Ásia

Plataformas de investimento on -line

Cohen & Os Steers oferecem acesso ao investimento digital através de vários canais on -line.

• Portal de investimento on -line proprietário
• Aplicativo de investimento móvel
• Plataforma Digital Investidor Institucional

Métrica da plataforma digital	Valor
Total de usuários digitais	42,563
Downloads de aplicativos móveis	23,891

Redes de consultores financeiros

Cohen & Os Steers colaboram com extensas redes de consultores financeiros.

Advisor Network Metric	Valor
Total Partner Advisors	5,412
Ativos médios sob orientação	US $ 287 milhões

Empresas de consultoria de investimento institucional

Relacionamentos institucionais formam um canal de distribuição crítica para Cohen & Steers.

Métrica de canal institucional	Valor
Total de clientes institucionais	463
Ativos institucionais sob administração	US $ 78,3 bilhões

Canais de comunicação de marketing digital e investidores

Cohen & Os Steers utilizam várias plataformas de comunicação digital.

Métrica de comunicação digital	Valor
Seguidores do LinkedIn	37,521
Seguidores do Twitter	12,893
Visitantes mensais do site	84,672

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

Investidores institucionais

A partir do quarto trimestre 2023, Cohen & Steers gerencia US $ 87,1 bilhões em ativos institucionais. Os principais segmentos institucionais incluem:

Tipo de investidor	Alocação de ativos	Percentagem
Fundos de pensão pública	US $ 32,4 bilhões	37.2%
Fundos de pensão corporativa	US $ 22,7 bilhões	26.1%
Doações	US $ 15,6 bilhões	17.9%
Fundações	US $ 16,4 bilhões	18.8%

Indivíduos de alta rede

Cohen & A Steers tem como alvo investidores de alta rede com estratégias de investimento especializadas:

• Tamanho médio da conta: US $ 2,5 milhões
• Total de ativos de alta rede sob gestão: US $ 24,3 bilhões
• Limite mínimo de investimento: US $ 500.000

Investidores de varejo que buscam investimentos alternativos

Características do segmento de investidores de varejo:

Métrica	Valor
Total de ativos de varejo	US $ 41,6 bilhões
Número de fundos mútuos de varejo	14
Investimento médio de varejo	$175,000

Fundos de pensão e organizações de gerenciamento de aposentadoria

Pension Fund Investment Breakdown:

• Total de ativos do fundo de pensão: US $ 54,9 bilhões
• Alocação de pensões do setor público: 62%
• Alocação de pensão do setor privado: 38%

Empresas globais de gerenciamento de investimentos

Distribuição global de clientes de investimento:

Região	Ativos sob gestão	Percentagem
América do Norte	US $ 106,3 bilhões	72.4%
Europa	US $ 24,7 bilhões	16.8%
Ásia-Pacífico	US $ 15,6 bilhões	10.6%
Outras regiões	US $ 0,9 bilhão	0.2%

Cohen & Steers, Inc. (CNS) - Modelo de negócios: estrutura de custos

Compensação de funcionários e aquisição de talentos

A partir do ano fiscal de 2023, Cohen & O total das despesas compensações do funcionário foi de US $ 129,8 milhões. A empresa empregou aproximadamente 204 profissionais.

Categoria de custo	Valor ($)
Salários da base	87,500,000
Bônus e incentivos	32,600,000
Benefícios e saúde	9,700,000

Manutenção de tecnologia e infraestrutura

Custos de infraestrutura de tecnologia para Cohen & Os novilhos em 2023 totalizaram US $ 24,3 milhões.

• Sistemas de TI e software: US $ 12,5 milhões
• Computação em nuvem e armazenamento de dados: US $ 6,8 milhões
• Infraestrutura de segurança cibernética: US $ 5 milhões

Investimentos de pesquisa e desenvolvimento

As despesas de P&D para 2023 foram de US $ 18,6 milhões, representando 2,4% da receita total.

Despesas de marketing e aquisição de clientes

Os custos de marketing e aquisição de clientes para 2023 totalizaram US $ 22,1 milhões.

Canal de marketing	Despesa ($)
Marketing digital	8,700,000
Patrocínios de conferência e evento	5,400,000
Gerenciamento de relacionamento com o cliente	8,000,000

Conformidade regulatória e sobrecarga operacional

As despesas gerais regulatórias e operacionais para 2023 foram de US $ 16,5 milhões.

• Custos legais e de conformidade: US $ 7,2 milhões
• Despesas de auditoria e relatório: US $ 4,3 milhões
• Seguro e gerenciamento de riscos: US $ 5 milhões

Cohen & Steers, Inc. (CNS) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de fundos de investimento

A partir do quarto trimestre 2023, Cohen & Steers relatou taxas de gerenciamento totais de US $ 275,4 milhões. Essas taxas são geradas a partir de várias estratégias de fundos de investimento, incluindo:

Tipo de fundo	Porcentagem de taxa de gerenciamento	Receita anual estimada
Fundos imobiliários	0.75% - 1.10%	US $ 112,3 milhões
Fundos de infraestrutura	0.85% - 1.20%	US $ 85,6 milhões
Fundos de valores mobiliários preferidos	0.65% - 0.95%	US $ 77,5 milhões

Taxas de incentivo baseadas em desempenho

Em 2023, Cohen & Steers gerados US $ 18,2 milhões de taxas de incentivo baseadas em desempenho em suas estratégias de investimento.

Cobranças de serviço de consultoria

As receitas de serviço de consultoria para 2023 totalizaram US $ 24,7 milhões, com segmentos -chave, incluindo:

• Serviços de consultoria institucional
• Gerenciamento de portfólio personalizado
• Consultor de investimento estratégico

Receita de distribuição de produtos de investimento

Receitas de distribuição em 2023 alcançaram US $ 32,5 milhões, quebrado da seguinte maneira:

Canal de distribuição	Contribuição da receita
Investidores institucionais	US $ 18,3 milhões
Plataformas de investidores de varejo	US $ 14,2 milhões

Taxas de serviço de gerenciamento de ativos

Total de ativos sob gestão (AUM) em 31 de dezembro de 2023: US $ 95,3 bilhões. Taxas de serviço de gerenciamento de ativos para 2023 totalizaram US $ 386,9 milhões.

Classe de ativos	Aum	Taxa de taxa
Imobiliária	US $ 52,6 bilhões	0.85%
Infraestrutura	US $ 22,7 bilhões	0.90%
Valores mobiliários preferidos	US $ 20,0 bilhões	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.