Final CNS AR 2020 - Flipbook - Page 42
year ended December 31, 2019. The organic growth rate represents the ratio of net flows for the year to the beginning assets
under management of the respective period.
Average assets under management for the year ended December 31, 2020 increased 2.8% to $69.2 billion from $67.3
billion for the year ended December 31, 2019.
Institutional accounts
Assets under management in institutional accounts at December 31, 2020, which represented 41.6% of total assets
under management, increased 4.5% to $33.3 billion from $31.8 billion at December 31, 2019. The increase was due to net
inflows of $2.8 billion and market appreciation of $53 million, partially offset by distributions of $1.4 billion. Net inflows
included $1.9 billion into global/international real estate and $1.6 billion into U.S. real estate, partially offset by net outflows
of $662 million from global listed infrastructure. Distributions included $1.4 billion from U.S. real estate. Our organic growth
rate for institutional accounts was 8.7% for the year ended December 31, 2020, compared with organic decay of 3.4% for the
year ended December 31, 2019.
Average assets under management for institutional accounts for the year ended December 31, 2020 decreased 1.4% to
$29.9 billion from $30.3 billion for the year ended December 31, 2019.
Assets under management in institutional advisory accounts at December 31, 2020, which represented 53.0% of
institutional assets under management, increased 12.5% to $17.6 billion from $15.7 billion at December 31, 2019. The
increase was due to net inflows of $1.6 billion and market appreciation of $406 million. Net inflows included $1.3 billion into
global/international real estate and $699 million into U.S. real estate, partially offset by net outflows of $565 million from
global listed infrastructure. Market appreciation included $265 million from global/international real estate and $196 million
from preferred securities. Our organic growth rate for institutional advisory accounts was 9.9% for the year ended December
31, 2020, compared with 4.7% for the year ended December 31, 2019.
Average assets under management for institutional advisory accounts for the year ended December 31, 2020 increased
6.1% to $15.7 billion from $14.8 billion for the year ended December 31, 2019.
Assets under management in Japan subadvisory accounts at December 31, 2020, which represented 29.2% of
institutional assets under management, decreased 5.8% to $9.7 billion from $10.3 billion at December 31, 2019. The decrease
was due to market depreciation of $193 million and distributions of $1.4 billion, partially offset by net inflows of $975
million. Net inflows included $913 million into U.S. real estate. Market depreciation included $237 million from U.S. real
estate, partially offset by market appreciation of $41 million from global/international real estate. Distributions included $1.4
billion from U.S. real estate. Our organic growth rate for Japan subadvisory accounts was 9.4% for the year ended December
31, 2020, compared with organic decay of 1.4% for the year ended December 31, 2019.
Average assets under management for Japan subadvisory accounts for the year ended December 31, 2020 decreased
9.4% to $9.0 billion from $10.0 billion for the year ended December 31, 2019.
Assets under management in institutional subadvisory accounts excluding Japan at December 31, 2020, which
represented 17.8% of institutional assets under management, increased 1.5% to $5.9 billion from $5.8 billion at December 31,
2019. The increase was due to net inflows of $246 million, partially offset by market depreciation of $160 million. Net
inflows included $368 million into global/international real estate, partially offset by net outflows of $90 million from global
listed infrastructure. Market depreciation included $109 million from global/international real estate. Our organic growth rate
for institutional subadvisory accounts excluding Japan was 4.2% for the year ended December 31, 2020, compared with
organic decay of 23.3% for the year ended December 31, 2019.
Average assets under management for institutional subadvisory accounts excluding Japan for the year ended
December 31, 2020 decreased 6.7% to $5.2 billion from $5.6 billion for the year ended December 31, 2019.
Open-end funds
Assets under management in open-end funds at December 31, 2020, which represented 44.0% of total assets under
management, increased 14.4% to $35.2 billion from $30.7 billion at December 31, 2019. The increase was due to net inflows
of $5.4 billion and market appreciation of $405 million, partially offset by distributions of $1.4 billion. Net inflows included
$3.0 billion into preferred securities and $2.5 billion into U.S. real estate. Market appreciation included $851 million from
preferred securities, partially offset by market depreciation of $260 million from U.S. real estate, $95 million from global/
international real estate and $81 million from global listed infrastructure. Distributions included $742 million from U.S. real
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