Final CNS AR 2020 - Flipbook - Page 43
estate and $578 million from preferred securities. Our organic growth rate for open-end funds was 17.6% for the year ended
December 31, 2020, compared with 21.3% for the year ended December 31, 2019.
Average assets under management for open-end funds for the year ended December 31, 2020 increased 9.3% to $30.2
billion from $27.6 billion for the year ended December 31, 2019.
Closed-end funds
Assets under management in closed-end funds at December 31, 2020, which represented 14.4% of total assets under
management, increased 19.2% to $11.5 billion from $9.6 billion at December 31, 2019. The increase was due to net inflows
of $2.6 billion, partially offset by market depreciation of $197 million and distributions of $517 million. Net inflows included
$2.1 billion from the Company's initial public offering of the Cohen & Steers Tax-Advantaged Preferred Securities and
Income Fund (PTA) and $526 million from the Cohen & Steers Quality Income Realty Fund, Inc. (RQI) rights offering. Our
organic growth rate for closed-end funds was 26.6% for the year ended December 31, 2020, compared with organic decay of
0.9% for the year ended December 31, 2019.
Average assets under management for closed-end funds for the year ended December 31, 2020 decreased 2.6% to $9.1
billion from $9.4 billion for the year ended December 31, 2019.
Changes in Assets Under Management - 2019 Compared with 2018
Assets under management at December 31, 2019 increased 24.8% to $72.2 billion from $57.9 billion at December 31,
2018. The increase was due to net inflows of $3.7 billion and market appreciation of $14.6 billion, partially offset by
distributions of $4.0 billion. Net inflows included $2.7 million into preferred securities and $1.9 billion into U.S. real estate,
partially offset by net outflows of $676 million from large cap value (which is included in “Other” in the table on pages
23-24). Market appreciation included $7.3 billion from U.S. real estate, $2.9 billion from global/international real estate, $2.4
billion from preferred securities and $1.5 billion from global listed infrastructure. Distributions included $2.9 billion from
U.S. real estate and $597 million from preferred securities. Our overall organic growth rate was 6.5% for the year ended
December 31, 2019, compared with organic decay of 1.8% for the year ended December 31, 2018.
Average assets under management for the year ended December 31, 2019 increased 8.2% to $67.3 billion from $62.2
billion for the year ended December 31, 2018.
Institutional accounts
Assets under management in institutional accounts at December 31, 2019, which represented 44.1% of total assets
under management, increased 17.2% to $31.8 billion from $27.1 billion at December 31, 2018. The increase was due to
market appreciation of $6.9 billion, partially offset by net outflows of $915 million and distributions of $1.3 billion. Net
outflows included $510 million from large cap value (which is included in “Other” in the table on pages 23-24) and $356
million from preferred securities, partially offset by net inflows of $231 million into U.S. real estate. Market appreciation
included $3.0 billion from U.S. real estate and $2.4 million from global/international real estate. Distributions included $1.2
billion from U.S. real estate. Our organic decay rate for institutional accounts was 3.4% for the year ended December 31,
2019, compared with 2.4% for the year ended December 31, 2018.
Average assets under management for institutional accounts for the year ended December 31, 2019 increased 4.9% to
$30.3 billion from $28.9 billion for the year ended December 31, 2018.
Assets under management in institutional advisory accounts at December 31, 2019, which represented 49.3% of
institutional assets under management, increased 29.9% to $15.7 billion from $12.1 billion at December 31, 2018. The
increase was due to net inflows of $567 million and market appreciation of $3.0 billion. Net inflows included $592 million
into global/international real estate and $124 million into U.S. real estate, partially offset by net outflows of $92 million from
large cap value (which is included in “Other” in the table on pages 23-24) and $69 million from global listed infrastructure.
Market appreciation included $1.1 billion from global/international real estate, $803 million from U.S. real estate and $512
million from global listed infrastructure. Our organic growth rate for institutional advisory accounts was 4.7% for the year
ended December 31, 2019, compared with 10.4% for the year ended December 31, 2018.
Average assets under management for institutional advisory accounts for the year ended December 31, 2019 increased
25.0% to $14.8 billion from $11.8 billion for the year ended December 31, 2018.
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