It's the oldest and largest investment shop focusing on listed real estate, with USD 80 billion in assets under management as of March 31, 2023. This is divided among a lineup of 25 open-and closed-end funds, as well as other global investment vehicles. In a model of succession planning, founders Martin Cohen and Robert Steers have gradually ceded control of the firm to a younger generation over the past decade. Cohen retired in 2013 while remaining chairman, and in 2022 Steers retired as CEO in favor of Joseph Harvey, who has been with the firm since 1992 and was named president in 2019.
Harvey and chief investment officer John Cheigh have kept Cohen & Steers moving forward while retaining the elements that made it successful. Over the past few years, the firm has laid the groundwork to move into private real estate investing, a natural extension of its expertise in listed real estate. This follows the firm's move into listed infrastructure and similar real assets, which it has done thoughtfully and judiciously. The firm has also been integrating environmental, social, and governance criteria more closely into its investment process. Amid this, its core strategies have continued to achieve solid results, with average fees that are modestly lower than those of peers.