Morningstar Rating

Stock Research and Analysis

by Greggory Warren, CFA

Bulls Say

Cohen & Steers' proven long-term record investing in REITs has allowed it to tap into investor demand for alternative investment products that offer diversification away from more traditional stock and bond offerings.
Cohen & Steers' funds are entrenched in the broker/dealer market, and the firm has been garnering an increasingly larger portion of its AUM from institutional clients, providing it with a relatively stable base of assets.
Of the $12.6 billion of inflows that Cohen & Steers has generated since the start of 2009, close to half have come from the institutional channel. Read more 

Bears Say

Cohen & Steers lives and dies by the state of real estate markets and the specialty finance firms making a living off them.
Net outflows of more than $2.5 billion during 2012 would have been worse had Cohen & Steers not raised close to $900 million from the launch of a new closed-end fund during the third quarter of last year.
With management fees significantly lower for its institutional accounts (at 0.35% of average AUM) than they are for its closed-end (0.84%) and open-end (0.82%) funds, Cohen & Steers' growth in the institutional channel has had an impact on its realization rate. Read more 

Management

Martin Cohen and Robert Steers co-founded Cohen & Steers in 1986 and took the firm public in 2004. Despite being publicly traded, Cohen & Steers continues to resemble a private company in many ways. The founders serve as co-chairmen and co-CEOs   Read more 

Profile

Cohen & Steers is a niche asset manager concentrating on real estate securities. The firm invests primarily in the equity shares of real estate investment trusts, with   Read more 

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