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Cohen & Steers Inc CNS

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Asset Manager Industry Consolidation Gathering Steam in a What's Likely to be a Decadeslong Process

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

For much of the past five years, we've believed that industry consolidation was inevitable for the traditional U.S.-based asset managers as they faced a new world order where organic growth and fees would be pressured, participants were expected to spend more on their investment operations and distribution capabilities, and profit margins were pressured. As we move forward, we expect to see a combination of capability-based transactions (aimed at filling product holes or diversifying a firm's operations by asset class/product, distribution channel or geography), transformative-scale acquisitions (which would be a hybrid of capability-based and pure-consolidation transaction) and deals that are purely aimed at the consolidation of existing fund infrastructure.

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Company Profile

Business Description

Cohen & Steers is a niche asset manager concentrating on real estate securities. The firm invests mainly in the equity shares of real estate investment trusts, with holdings in domestic and international real estate securities accounting for just over 62% of its $101.6 billion in managed assets at the end of October 2021. Cohen & Steers also manages portfolios dedicated to preferred securities, utilities stocks, and other high-yield offerings. It expects to balance distribution among its closed-end mutual funds, open-end mutual funds, and institutional accounts over time. During the past year, the firm garnered 42% (27%) of its assets under management (base management fees) from institutional clients, 45% (52%) from open-end funds, and 13% (21%) from closed-end funds.

280 Park Avenue, 10th Floor
New York, NY, 10017
T +1 212 832-3232
Sector Financial Services
Industry Asset Management
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 347