Total revenue for the first quarter of 2013 was $72.5 million, an increase of 13.7% from $63.7 million for the first quarter of 2012. The first quarter 2013 results include after-tax expenses of approximately $0.10 per share associated primarily with the offering of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc. ("MIE"), a closed-end mutual fund.
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After adjusting for these items, earnings per share would have been $0.44.
Assets Under Management:
Assets under management were a record $49.3 billion as of March 31, 2013, an increase of 7.7% from $45.8 billion at December 31, 2012 and an increase of 9.9% from $44.9 billion at March 31, 2012. The increase from December 31, 2012 was due to market appreciation of $2.8 billion and net inflows of $773 million, primarily from preferred securities and global infrastructure strategies. The increase from March 31, 2012 was due to market appreciation of $5.8 billion, partially offset by net outflows of $1.4 billion. Average assets under management were a record $47.4 billion for the quarter ended March 31, 2013, an increase of 5.7% from $44.9 billion for the quarter ended December 31, 2012 and an increase of 10.2% from $43.0 billion for the quarter ended March 31, 2012.
Assets under management for institutional accounts were $26.1 billion as of March 31, 2013, an increase of 5.0% from $24.9 billion at December 31, 2012 and a decrease of 2.0% from $26.6 billion at March 31, 2012. The increase from December 31, 2012 was due to market appreciation of $1.6 billion, partially offset by net outflows of $344 million, primarily from global/international real estate strategies associated with subadvisory relationships. The decrease from March 31, 2012 was due to net outflows of $4.1 billion, primarily from global/international real estate strategies associated with subadvisory relationships, partially offset by market appreciation of $3.5 billion. Average assets under management for institutional accounts were $25.4 billion for the quarter ended March 31, 2013, an increase of 4.1% from $24.4 billion for the quarter ended December 31, 2012 and a decrease of 2.0% from $25.9
billion for the quarter ended March 31, 2012.
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By GlobalDataAssets under management for open-end mutual funds were a record $14.4 billion as of March 31, 2013, an increase of 11.5% from $13.0 billion at December 31, 2012 and an increase of 24.7% from $11.6 billion at March 31, 2012. The increase from December 31, 2012 was due to market appreciation of $826 million and net inflows of $659 million, primarily from preferred securities and U.S. real estate strategies. The increase from March 31, 2012 was due to market appreciation of $1.7 billion and net inflows of $1.2 billion, primarily from the preferred securities strategy. Average assets under management for open-end mutual funds were a record $13.8
billion for the quarter ended March 31, 2013, an increase of 9.5% from $12.6 billion for the quarter ended December 31, 2012 and an increase of 30.5% from $10.6 billion for the quarter ended March 31, 2012.
Assets under management for closed-end mutual funds were $8.8 billion as of March 31, 2013, an increase of 10.1% from $8.0 billion at December 31, 2012 and an increase of 31.4% from $6.7 billion at March 31, 2012. The increase from December 31, 2012 was due to inflows of $458 million from the launch of MIE and market appreciation of $350 million. The increase from March 31, 2012 was due to net inflows of $1.5 billion, primarily from the launches of Cohen & Steers Limited Duration Preferred and Income Fund, Inc. and MIE, and market appreciation of $637 million. Average assets under management for closed-end mutual funds were $8.3 billion for
the quarter ended March 31, 2013, an increase of 4.4% from $7.9 billion for the quarter ended December 31, 2012 and an increase of 25.8% from $6.6 billion for the quarter ended March 31, 2012.
