CNS AR24 Digital - Book - Page 19
PART I
Item 1. Business
Overview
Cohen & Steers, founded in 1986, is a global investment manager specializing in real assets and alternative income,
including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multistrategy solutions. Headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore, we
serve institutional and individual investors around the world.
Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company
for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers
Securities, LLC (CSS), Cohen & Steers UK Limited (CSUK), Cohen & Steers Ireland Limited (CSIL), Cohen & Steers Asia
Limited (CSAL), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Singapore Private Limited (CSSG). CNS and its
subsidiaries are collectively referred to as the Company, we, us or our.
Our distribution network encompasses two major channels, wealth and institutional. Our wealth channel includes
registered investment advisers, wirehouses, independent and regional broker dealers and bank trusts. Our institutional channel
includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and
defined contribution plans, as well as other financial institutions that access our investment management services directly or
through consultants and other intermediaries.
Investment Vehicles
We manage three types of investment vehicles: open-end funds, institutional accounts and closed-end funds.
Open-end Funds
The U.S. and non-U.S. open-end funds, for which we serve as investment adviser, offer and issue new shares
continuously as investors subscribe and redeem shares when investors sell. The share price for purchases and redemptions is
determined by each fund9s net asset value, which is calculated at the end of each business day. The net asset value (NAV) per
share is the current value of a fund9s assets less its liabilities, divided by the fund9s total shares outstanding.
Open-end funds also include assets of third-party investment vehicles for which we provide model portfolios. We
regularly provide the investment manager of that investment vehicle with a model portfolio of securities in accordance with
the investment objectives and investment guidelines of that vehicle as set forth in such vehicle9s investment advisory
agreement.
In 2024, Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT), a non-traded REIT for which we serve as
investment adviser, commenced principal operations. CNSREIT is a perpetual-life, non-listed REIT formed to invest
primarily in high quality, income-focused, stabilized properties within the United States. Shares of CNSREIT are sold and
repurchased by CNSREIT monthly at a price generally equal to the prior month9s NAV per share.
In 2025, we launched our first active exchange traded funds (ETFs). Our initial launch included three strategies: U.S.
real estate securities, preferred securities and natural resource equities.
Institutional Accounts
The institutional accounts for which we serve as investment adviser or subadvisor represent portfolios of securities we
manage for institutional clients. We manage the assets in each institutional account in accordance with the investment
objectives and guidelines as set forth in each client9s investment management agreement.
Advisory accounts represent accounts, including certain commingled vehicles, for which we have been appointed as the
investment manager. As investment manager, we oversee certain daily activities and manage the assets in the account while
adhering to the specified investment objectives.
Subadvisory accounts generally represent commingled investment vehicles for which we have been appointed as a
subadvisor by the investment manager of that investment vehicle. As subadvisor, we manage all or a portion of the vehicle's
investments and oversee certain daily activities, while the investment manager oversees our performance as subadvisor. The
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