Cohen & Steers Inc (CNS)

History and Background

Cohen & Steers, Inc. was founded in 1986 by Martin Cohen and Robert Steers. It started as a firm specializing in real estate securities and has since expanded into other alternative asset classes.

Core Business Areas

• Real Assets: Investments in real estate, infrastructure, and natural resources. Includes both equity and debt strategies.
• Liquid Alternative Credit: Investments in alternative credit strategies, including CLOs, structured credit, and specialty finance.
• Multi-Asset Solutions: Provides customized investment solutions for institutions, incorporating a mix of asset classes.

Leadership and Structure

Robert Steers is the Executive Chairman. Joseph Harvey is the Chief Executive Officer and President. The company has a board of directors and a management team overseeing different business segments.

Key Offerings

• Real Estate Securities: Investment portfolios focused on publicly traded REITs. They are a leader in REIT investing, managing a significant portion of REIT assets globally. Competitors include Vanguard, BlackRock, and State Street.
• Infrastructure Securities: Portfolios investing in infrastructure companies globally. Competitors include Macquarie, Brookfield Asset Management, and First Sentier Investors.
• Natural Resource Equities: Investments in companies involved in the production, processing, and distribution of natural resources. Competitors include BlackRock, VanEck, and Schroders.

Industry Overview

The asset management industry is experiencing growth in alternative investments due to low interest rates and investors searching for yield. Consolidation and increasing regulatory scrutiny are also key trends.

Positioning

Cohen & Steers is a specialist asset manager focusing on real assets and alternative income. Their expertise in niche areas gives them a competitive advantage.

Total Addressable Market (TAM)

The total addressable market for alternative investments is estimated to be in the trillions of dollars. Cohen & Steers is positioned to capture a portion of this TAM through its specialized offerings.

Key Competitors

• BlackRock (BLK)
• Brookfield Asset Management (BAM)
• Vanguard (Private)

Competitive Landscape

Cohen & Steers competes with both large, diversified asset managers and smaller, specialized firms. Their focus on real assets gives them a competitive edge in that niche, but they face intense competition from larger players with greater resources.

Cohen & Steers Capital Management

• Year: 1992
• Acquisition Price (USD millions): 0
• Strategic Rationale: Formation of wholly owned subsidiary to enhance existing investment management activities.

Historical Growth: Cohen & Steers has grown organically through asset appreciation and net inflows, and through strategic acquisitions.

Future Projections: Analyst projections estimate continued growth in assets under management, driven by demand for alternative investments.

Recent Initiatives: Recent initiatives may include launching new investment products, expanding into new geographic markets, or making strategic acquisitions.

Cohen & Steers is a specialized asset manager with a strong focus on real assets and alternative income, giving them a competitive edge, but also making them susceptible to economic cycles. Their expertise in these niche areas has allowed them to build a strong brand reputation. To grow they may face increased competition from larger asset managers and need to stay ahead of regulatory changes. The company's success is tied to its ability to navigate complex markets and deliver consistent returns for its clients.

Data Sources:

• Company Filings (SEC)
• Analyst Reports
• Industry Publications

Disclaimers:

This analysis is for informational purposes only and does not constitute financial advice. Market conditions and company performance can change rapidly. Consult with a qualified financial advisor before making any investment decisions.