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Thursday, January 29, 2009

Cohen & Steers Falls into the Red

by: Neil Anderson, Managing Editor

Amidst a particularly brutal fourth quarter in the financial markets, Cohen & Steers saw its assets under management plunge 38.7 percent to $15.1 billion. On Wednesday the New York-based manager revealed that it suffered $2.4 billion in net ouflows last quarter, including $473 in net outflows from open-ended mutual funds. Still, $7.2 billion of its lost assets came from the market, not outflows.

"Stock market depreciation was the primary reason for the decline in our assets under management," stated co-chairman and co-CEO Robert Steers. "Our successful efforts to deliver value in the areas of our business that are within our control -- superior relative investment performance, asset gathering, client retention, client service and cost reduction measures -- were overshadowed by the worst market conditions in a generation." 

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