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Investing.com -- Cohen & Steers, Inc. (NYSE:CNS) reported second quarter 2025 adjusted earnings per share of $0.73, falling short of analyst expectations of $0.76, while revenue exceeded forecasts at $136.13 million compared to the consensus estimate of $133.19 million.
The investment management firm saw its revenue increase 1.2% from the first quarter of 2025, primarily driven by higher average assets under management in open-end funds and institutional accounts. However, adjusted operating margin declined to 33.6% from 34.7% in the previous quarter.
Cohen & Steers shares edged down 0.5% following the earnings announcement, reflecting investor reaction to the mixed results.
Total (EPA:TTEF) assets under management reached $88.9 billion as of June 30, 2025, representing a 1.5% increase from $87.6 billion at the end of the first quarter. The growth was attributed to market appreciation of $2.3 billion, partially offset by net outflows of $131 million and distributions of $762 million.
"Our second quarter results demonstrate resilience in our core business despite challenging market conditions," said a company executive. "While we experienced net outflows in certain strategies, we saw encouraging inflows in U.S. real estate, global listed infrastructure, and real assets multi-strategy."
The company’s open-end funds saw net inflows of $397 million into U.S. real estate and $156 million into global listed infrastructure, while preferred securities experienced net outflows of $418 million. Institutional accounts recorded net outflows of $252 million from global listed infrastructure.
Employee compensation and benefits expenses increased 3.8% quarter-over-quarter to $56.64 million, primarily due to accelerated vesting of restricted stock related to retirements. General and administrative expenses rose 5.3% to $18.08 million, driven by increased talent acquisition costs and higher travel and business development expenses.
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