Cohen & Steers, Inc. (NYSE: CNS)

Cohen & Steers, Inc. (CNS), a global investment manager, specializes in real assets and alternative income. The company, headquartered in New York City, has a presence in London, Dublin, Hong Kong, Tokyo, and Singapore, serving clients across the globe. As a holding company, CNS oversees its subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers UK Limited (CSUK), Cohen & Steers Ireland Limited (CSIL), Cohen & Steers Asia Limited (CSAL), Cohen & Steers Japan Limited (CSJL), and Cohen & Steers Singapore Private Limited (CSSG).

CNS generates revenue through two primary channels: wealth and institutional. The wealth channel includes registered investment advisers, wirehouses, independent and regional broker-dealers, and bank trusts. On the other hand, the institutional channel serves sovereign wealth funds, corporate plans, insurance companies, public funds, and other financial institutions. Revenue from the wealth channel comes from investment advisory and administration fees, as well as distribution and service fees. Meanwhile, revenue from the institutional channel is derived from fees received from clients for managing advised and subadvised accounts.

The company manages three types of investment vehicles: open-end funds, institutional accounts, and closed-end funds. Open-end funds continuously issue and redeem shares as investors subscribe and redeem shares, with the share price determined by the fund's net asset value. Institutional accounts are managed according to each client's investment objectives and guidelines, while closed-end funds are registered investment companies that have issued a fixed number of shares through public offerings.

Cohen & Steers' investment strategies are overseen by specialist teams led by portfolio managers, supported by dedicated analysts. Each team executes fundamentally driven, actively managed investment strategies, integrating environmental, social, and governance (ESG) principles into their process. The company's core investment strategies include U.S. Real Estate Securities, Preferred Securities, Global/International Real Estate Securities, Private Real Estate Solutions, Global Listed Infrastructure, Real Assets Multi-Strategy, and Global Natural Resource Equities.

CNS competes with a large number of global and U.S. investment managers, commercial banks, broker-dealers, insurance companies, and other financial institutions. In the wealth management space, the company's direct competitors include other fund and exchange-traded-fund (ETF) sponsors, both large nationally recognized investment management firms and smaller boutique firms. In the institutional channel, Cohen & Steers competes with several investment managers offering similar products and services.

In terms of human capital, Cohen & Steers recognizes the importance of diversity and inclusion in its workplace culture. The company has a diversity and inclusion strategy that consists of four pillars: education, leadership, recruitment, and engagement. As of December 31, 2023, the company had 405 full-time employees globally, with 37% being women and 32% being people of color. Cohen & Steers was recognized as a "Best Place to Work in Money Management" by Pensions & Investments for the fourth consecutive year, highlighting the strength of its culture and commitment to excellence and inclusion.

Cohen & Steers' brand names and/or trade names of its products and services include U.S. Real Estate Securities, Preferred Securities, Global/International Real Estate Securities, Private Real Estate Solutions, Global Listed Infrastructure, Real Assets Multi-Strategy, and Global Natural Resource Equities. These investment strategies underscore the company's commitment to providing specialized investment solutions in the real assets and alternative income space.