Q2 2025 Cohen & Steers Inc Earnings Call Transcript
Key Points
- Cohen & Steers Inc (CNS) reported a slight increase in revenue for Q2 2025, up 1.1% from the prior quarter to $135 million.
- The company experienced higher average assets under management (AUM) compared to the prior quarter, with ending AUM increasing to $88.9 billion.
- Cohen & Steers Inc (CNS) achieved strong investment performance, with 89% of AUM outperforming benchmarks in Q2 and 94% on a one-year basis.
- The company launched a new tactical listed and private real estate strategy, which is expected to offer higher returns and improved liquidity.
- Cohen & Steers Inc (CNS) reported positive net inflows into open-end funds for the fourth consecutive quarter, totaling $285 million in Q2.
- Earnings per share decreased slightly to $0.73 from $0.75 sequentially.
- Operating margin declined to 33.6% from 34.7% in the prior quarter.
- The company experienced net outflows of $131 million after three consecutive quarters of inflows.
- Total expenses increased by 2.9% from the prior quarter, driven by higher compensation and benefits costs.
- Institutional net outflows offset the positive net inflows into open-end funds.
Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers' second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded, Friday, July 18, 2025.
I would now like to turn the conference over to Brian Heller, Senior Vice President and Deputy General Counsel of Cohen & Steers. Please go ahead.
Thank you and welcome to the Cohen & Steers second-quarter 2025 earnings conference call. Joining me are Joe Harvey, our Chief Executive Officer; Raja Dakkuri, our Chief Financial Officer; and Jon Cheigh, our President and Chief Investment Officer.
I want to remind you that some of our comments and answers to your questions may include forward-looking statements. We believe these statements are reasonable based on information currently available to us, but actual outcomes could differ materially due to a number of factors, including those described in our accompanying second quarter
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