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| 8-K - 8-K COHEN & STEERS, INC. - COHEN & STEERS, INC. | cns-8kx33114.htm |
Cohen & Steers, Inc.
280 Park Avenue
New York, NY 10017-1216
Tel (212) 832-3232
Contact:
Matthew S. Stadler
Executive Vice President
Chief Financial Officer
Cohen & Steers, Inc.
Tel (212) 446-9168
COHEN & STEERS REPORTS FIRST QUARTER
2014 RESULTS
NEW YORK, NY, April 16, 2014—Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $19.4 million, or $0.43 per diluted share and $0.44 per basic share, for the quarter ended March 31, 2014, compared with $15.1 million, or $0.34 per share (diluted and basic), for the quarter ended March 31, 2013. Total revenue for the first quarter of 2014 was $72.8 million, an increase of 0.5% from $72.5 million for the first quarter of 2013.
The first quarter of 2013 results included after-tax expenses of approximately $0.10 per share associated primarily with the offering of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc., a closed-end mutual fund. After adjusting for these items, earnings per share would have been $0.44.
Financial Highlights (Unaudited)
March 31, 2014 Compared with December 31, 2013
(in thousands, except per share data) | Three Months Ended | |||||||||||||
March 31, 2014 | December 31, 2013 | $ Change | % Change | |||||||||||
Revenue | $ | 72,835 | $ | 73,432 | $ | (597 | ) | (0.8 | %) | |||||
Expenses | $ | 45,239 | $ | 44,076 | $ | 1,163 | 2.6 | % | ||||||
Operating income | $ | 27,596 | $ | 29,356 | $ | (1,760 | ) | (6.0 | %) | |||||
Operating margin | 37.9 | % | 40.0 | % | (209) bps | |||||||||
Total non-operating income | $ | 3,181 | $ | 1,971 | $ | 1,210 | 61.4 | % | ||||||
Net income attributable to common stockholders | $ | 19,445 | $ | 19,413 | $ | 32 | 0.2 | % | ||||||
Diluted earnings per share attributable to common stockholders | $ | 0.43 | $ | 0.43 | $ | 0.00 | (0.2 | %) | ||||||
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Revenue
Total revenue for the first quarter of 2014 was $72.8 million, a decrease of $597,000 from $73.4 million for the fourth quarter of 2013. The decrease was primarily attributable to:
• | Lower portfolio consulting and other revenue which decreased $416,000, primarily due to lower average assets under advisement from model-based strategies; and |
• | A decline in open-end mutual fund revenue of $201,000, as the increase in average assets under management was more than offset by two fewer days in the first quarter of 2014. |
Expenses
Expenses for the first quarter of 2014 were $45.2 million, an increase of $1.2 million from $44.1 million for the fourth quarter of 2013. The increase was primarily due to the following:
• | An increase in employee compensation and benefits of $1.7 million, primarily due to higher incentive compensation and higher amortization of restricted stock units; and |
• | Lower general and administrative expenses which decreased $325,000, primarily due to lower marketing and IT related expenses. |
Operating Margin
The company's operating margin decreased to 37.9% for the first quarter of 2014 compared with 40.0% for the three months ended December 31, 2013. The 209 bps decrease was primarily due to an increase in the compensation to revenue ratio, partially offset by a decrease in the G&A to revenue ratio.
Non-operating Income
Non-operating income, excluding net income attributable to redeemable noncontrolling interest, increased to $3.0 million for the three months ended March 31, 2014 compared with $2.0 million for the three months ended December 31, 2013, primarily due to higher earnings from the company's seed investments.
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Assets Under Management Highlights (Unaudited)
March 31, 2014 Compared with December 31, 2013
(in millions) | Assets Under Management | |||||||||||||
As of | ||||||||||||||
By Investment Vehicle | March 31, 2014 | December 31, 2013 | $ Change | % Change | ||||||||||
Institutional accounts | $ | 24,479 | $ | 22,926 | $ | 1,553 | 6.8 | % | ||||||
Open-end mutual funds | 15,148 | 14,016 | 1,132 | 8.1 | % | |||||||||
Closed-end mutual funds | 9,404 | 8,965 | 439 | 4.9 | % | |||||||||
Total | $ | 49,031 | $ | 45,907 | 3,124 | 6.8 | % | |||||||
By Investment Strategy | ||||||||||||||
U.S. real estate | $ | 25,251 | $ | 23,116 | $ | 2,135 | 9.2 | % | ||||||
Global/international real estate | 9,721 | 9,498 | 223 | 2.3 | % | |||||||||
Preferred securities | 5,126 | 4,722 | 404 | 8.6 | % | |||||||||
Global listed infrastructure | 5,072 | 4,714 | 358 | 7.6 | % | |||||||||
Large cap value | 2,857 | 2,907 | (50 | ) | (1.7 | %) | ||||||||
Other | 1,004 | 950 | 54 | 5.7 | % | |||||||||
Total | $ | 49,031 | $ | 45,907 | 3,124 | 6.8 | % | |||||||
Assets under management were $49.0 billion as of March 31, 2014, an increase of $3.1 billion from $45.9 billion at December 31, 2013. The increase from December 31, 2013 was due to market appreciation of $3.2 billion, partially offset by net outflows of $116 million.
Institutional Accounts
Assets under management for institutional accounts were $24.5 billion as of March 31, 2014, an increase of 6.8% from $22.9 billion at December 31, 2013. The increase from December 31, 2013 was due to the following:
• | Market appreciation of $1.8 billion, including $1.2 billion from U.S. real estate, $350 million from global/international real estate and $100 million from global listed infrastructure; |
• | Net outflows of $176 million from subadvisory relationships, including $164 million from global/international real estate and $23 million from large cap value, partially offset by net inflows of $21 million into commodities (which is included in "Other" above); and |
• | Net outflows of $44 million from advisory relationships, including net outflows of $117 million from large cap value, partially offset by net inflows of $84 million into global listed infrastructure. |
Open-End Mutual Funds
Assets under management for open-end mutual funds were a record $15.1 billion as of March 31, 2014, an increase of $1.1 billion from $14.0 billion at December 31, 2013. The increase from December 31, 2013 was due to the following:
• | Market appreciation of $1.0 billion, including $847 million from U.S. real estate, $101 million from preferred securities and $56 million from global/international real estate; and |
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• | Net inflows of $104 million, including net inflows of $179 million into preferred securities, partially offset by net outflows of $76 million from U.S. real estate. |
Closed-End Mutual Funds
Assets under management for closed-end mutual funds were $9.4 billion as of March 31, 2014, an increase of 4.9% from $9.0 billion at December 31, 2013. The increase from December 31, 2013 was due to market appreciation of $439 million.
Balance Sheet Information
As of March 31, 2014, cash, cash equivalents and investments were $177 million. As of March 31, 2014, stockholders' equity was $231 million and the company had no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, April 17, 2014 at 11:00 a.m. (ET) to discuss the company's first quarter results. Investors and analysts can access the live conference call by dialing (800) 741-3792 (U.S.) or (212) 231-2903 (international); passcode: 21713820. Participants should plan to register at least 10 minutes before the conference call begins.
A replay of the call will be available for two weeks starting at approximately 1:00 p.m. (ET) on April 17, 2014 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21713820. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company - Investor Relations." The webcast will be archived on the website for one month.
About Cohen & Steers
Founded in 1986, Cohen & Steers is a leading global investment manager with a long history of innovation and a focus on real assets, including real estate, infrastructure and commodities. Headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle, Cohen & Steers serves institutional and individual investors around the world.
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Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2013 ("Form 10-K"), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
# # # #
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Cohen & Steers, Inc. and Subsidiaries | |||||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||||
For the Periods Ended | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2013 | December 31, 2013 | March 31, 2013 | |||||||||||||
Revenue | |||||||||||||||||
Investment advisory and administration fees | $ | 67,564 | $ | 67,658 | $ | 65,394 | |||||||||||
Distribution and service fees | 3,470 | 3,557 | 3,434 | ||||||||||||||
Portfolio consulting and other | 1,801 | 2,217 | 3,631 | ||||||||||||||
Total revenue | 72,835 | 73,432 | 72,459 | (0.8 | %) | 0.5 | % | ||||||||||
Expenses | |||||||||||||||||
Employee compensation and benefits | 24,035 | 22,377 | 23,377 | ||||||||||||||
Distribution and service fees | 8,304 | 8,127 | 15,081 | ||||||||||||||
General and administrative | 11,093 | 11,418 | 11,179 | ||||||||||||||
Depreciation and amortization | 1,262 | 1,496 | 1,347 | ||||||||||||||
Amortization, deferred commissions | 545 | 658 | 765 | ||||||||||||||
Total expenses | 45,239 | 44,076 | 51,749 | 2.6 | % | (12.6 | %) | ||||||||||
Operating income | 27,596 | 29,356 | 20,710 | (6.0 | %) | 33.2 | % | ||||||||||
Non-operating income | |||||||||||||||||
Interest and dividend income—net | 239 | 773 | 546 | ||||||||||||||
Gain from trading securities—net | 983 | 344 | 1,624 | ||||||||||||||
Gain from available-for-sale securities—net | 1,076 | 751 | 491 | ||||||||||||||
Equity in earnings of affiliates | 935 | 418 | 536 | ||||||||||||||
Other losses | (52 | ) | (315 | ) | (271 | ) | |||||||||||
Total non-operating income | 3,181 | 1,971 | 2,926 | 61.4 | % | 8.7 | % | ||||||||||
Income before provision for income taxes | 30,777 | 31,327 | 23,636 | (1.8 | %) | 30.2 | % | ||||||||||
Provision for income taxes | 11,177 | 11,899 | 8,135 | ||||||||||||||
Net income | 19,600 | 19,428 | 15,501 | 0.9 | % | 26.4 | % | ||||||||||
Less: Net income attributable to redeemable noncontrolling interest | (155 | ) | (15 | ) | (360 | ) | |||||||||||
Net income attributable to common stockholders | $ | 19,445 | $ | 19,413 | $ | 15,141 | 0.2 | % | 28.4 | % | |||||||
Earnings per share attributable to common stockholders | |||||||||||||||||
Basic | $ | 0.44 | $ | 0.44 | $ | 0.34 | (0.5 | %) | 27.0 | % | |||||||
Diluted | $ | 0.43 | $ | 0.43 | $ | 0.34 | (0.2 | %) | 26.7 | % | |||||||
Dividends declared per share | |||||||||||||||||
Quarterly | $ | 0.22 | $ | 0.20 | $ | 0.20 | 10.0 | % | 10.0 | % | |||||||
Special | $ | — | $ | 1.00 | $ | — | * | * | |||||||||
Weighted average shares outstanding | |||||||||||||||||
Basic | 44,633 | 44,325 | 44,137 | ||||||||||||||
Diluted | 45,483 | 45,338 | 44,882 | ||||||||||||||
* Not meaningful | |||||||||||||||||
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Cohen & Steers, Inc. and Subsidiaries | |||||||||||||||||
Assets Under Management (Unaudited) | |||||||||||||||||
By Investment Vehicle | |||||||||||||||||
For the Periods Ended | |||||||||||||||||
(in millions) | |||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2013 | December 31, 2013 | March 31, 2013 | |||||||||||||
Institutional Accounts | |||||||||||||||||
Assets under management, beginning of period | $ | 22,926 | $ | 23,291 | $ | 24,850 | |||||||||||
Inflows | 432 | 549 | 246 | ||||||||||||||
Outflows | (652 | ) | (1,232 | ) | (590 | ) | |||||||||||
Net outflows | (220 | ) | (683 | ) | (344 | ) | |||||||||||
Market appreciation | 1,773 | 318 | 1,575 | ||||||||||||||
Total increase (decrease) | 1,553 | (365 | ) | 1,231 | |||||||||||||
Assets under management, end of period | $ | 24,479 | $ | 22,926 | $ | 26,081 | 6.8 | % | (6.1 | %) | |||||||
Percentage of total assets under management | 49.9 | % | 49.9 | % | 52.9 | % | |||||||||||
Average assets under management for period | $ | 23,858 | $ | 23,643 | $ | 25,372 | 0.9 | % | (6.0 | %) | |||||||
Open-End Mutual Funds | |||||||||||||||||
Assets under management, beginning of period | $ | 14,016 | $ | 14,262 | $ | 12,962 | |||||||||||
Inflows | 1,523 | 1,103 | 1,508 | ||||||||||||||
Outflows | (1,419 | ) | (1,373 | ) | (849 | ) | |||||||||||
Net inflows (outflows) | 104 | (270 | ) | 659 | |||||||||||||
Market appreciation | 1,028 | 24 | 826 | ||||||||||||||
Total increase (decrease) | 1,132 | (246 | ) | 1,485 | |||||||||||||
Assets under management, end of period | $ | 15,148 | $ | 14,016 | $ | 14,447 | 8.1 | % | 4.9 | % | |||||||
Percentage of total assets under management | 30.9 | % | 30.5 | % | 29.3 | % | |||||||||||
Average assets under management for period | $ | 14,607 | $ | 14,336 | $ | 13,788 | 1.9 | % | 5.9 | % | |||||||
Closed-End Mutual Funds | |||||||||||||||||
Assets under management, beginning of period | $ | 8,965 | $ | 8,783 | $ | 7,985 | |||||||||||
Inflows | — | 50 | 458 | ||||||||||||||
Outflows | — | (24 | ) | — | |||||||||||||
Net inflows | — | 26 | 458 | ||||||||||||||
Market appreciation | 439 | 156 | 350 | ||||||||||||||
Total increase | 439 | 182 | 808 | ||||||||||||||
Assets under management, end of period | $ | 9,404 | $ | 8,965 | $ | 8,793 | 4.9 | % | 6.9 | % | |||||||
Percentage of total assets under management | 19.2 | % | 19.5 | % | 17.8 | % | |||||||||||
Average assets under management for period | $ | 9,241 | $ | 8,991 | $ | 8,251 | 2.8 | % | 12.0 | % | |||||||
Total | |||||||||||||||||
Assets under management, beginning of period | $ | 45,907 | $ | 46,336 | $ | 45,797 | |||||||||||
Inflows | 1,955 | 1,702 | 2,212 | ||||||||||||||
Outflows | (2,071 | ) | (2,629 | ) | (1,439 | ) | |||||||||||
Net (outflows) inflows | (116 | ) | (927 | ) | 773 | ||||||||||||
Market appreciation | 3,240 | 498 | 2,751 | ||||||||||||||
Total increase (decrease) | 3,124 | (429 | ) | 3,524 | |||||||||||||
Assets under management, end of period | $ | 49,031 | $ | 45,907 | $ | 49,321 | 6.8 | % | (0.6 | %) | |||||||
Average assets under management for period | $ | 47,706 | $ | 46,970 | $ | 47,411 | 1.6 | % | 0.6 | % | |||||||
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Cohen & Steers, Inc. and Subsidiaries | |||||||||||||||||
Assets Under Management - Institutional Accounts (Unaudited) | |||||||||||||||||
By Investment Relationship | |||||||||||||||||
For the Periods Ended | |||||||||||||||||
(in millions) | |||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2013 | December 31, 2013 | March 31, 2013 | |||||||||||||
Subadvisory | |||||||||||||||||
Assets under management, beginning of period | $ | 16,693 | $ | 16,833 | $ | 17,582 | |||||||||||
Inflows | 311 | 385 | 147 | ||||||||||||||
Outflows | (487 | ) | (745 | ) | (504 | ) | |||||||||||
Net outflows | (176 | ) | (360 | ) | (357 | ) | |||||||||||
Market appreciation | 1,407 | 220 | 1,096 | ||||||||||||||
Total increase (decrease) | 1,231 | (140 | ) | 739 | |||||||||||||
Assets under management, end of period | $ | 17,924 | $ | 16,693 | $ | 18,321 | 7.4 | % | (2.2 | %) | |||||||
Percentage of total assets under management | 73.2 | % | 72.8 | % | 70.2 | % | |||||||||||
Average assets under management for period | $ | 17,480 | $ | 17,077 | $ | 17,910 | 2.4 | % | (2.4 | %) | |||||||
Advisory | |||||||||||||||||
Assets under management, beginning of period | $ | 6,233 | $ | 6,458 | $ | 7,268 | |||||||||||
Inflows | 121 | 164 | 99 | ||||||||||||||
Outflows | (165 | ) | (487 | ) | (86 | ) | |||||||||||
Net (outflows) inflows | (44 | ) | (323 | ) | 13 | ||||||||||||
Market appreciation | 366 | 98 | 479 | ||||||||||||||
Total increase (decrease) | 322 | (225 | ) | 492 | |||||||||||||
Assets under management, end of period | $ | 6,555 | $ | 6,233 | $ | 7,760 | 5.2 | % | (15.5 | %) | |||||||
Percentage of total assets under management | 26.8 | % | 27.2 | % | 29.8 | % | |||||||||||
Average assets under management for period | $ | 6,378 | $ | 6,566 | $ | 7,462 | (2.9 | %) | (14.5 | %) | |||||||
Total Institutional Accounts | |||||||||||||||||
Assets under management, beginning of period | $ | 22,926 | $ | 23,291 | $ | 24,850 | |||||||||||
Inflows | 432 | 549 | 246 | ||||||||||||||
Outflows | (652 | ) | (1,232 | ) | (590 | ) | |||||||||||
Net outflows | (220 | ) | (683 | ) | (344 | ) | |||||||||||
Market appreciation | 1,773 | 318 | 1,575 | ||||||||||||||
Total increase (decrease) | 1,553 | (365 | ) | 1,231 | |||||||||||||
Assets under management, end of period | $ | 24,479 | $ | 22,926 | $ | 26,081 | 6.8 | % | (6.1 | %) | |||||||
Average assets under management for period | $ | 23,858 | $ | 23,643 | $ | 25,372 | 0.9 | % | (6.0 | %) | |||||||
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Cohen & Steers, Inc. and Subsidiaries | |||||||||||||||||
Assets Under Management (Unaudited) | |||||||||||||||||
By Investment Strategy | |||||||||||||||||
For the Periods Ended | |||||||||||||||||
(in millions) | |||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2013 | December 31, 2013 | March 31, 2013 | |||||||||||||
U.S. Real Estate | |||||||||||||||||
Assets under management, beginning of period | $ | 23,116 | $ | 23,237 | $ | 22,613 | |||||||||||
Inflows | 756 | 766 | 753 | ||||||||||||||
Outflows | (829 | ) | (813 | ) | (450 | ) | |||||||||||
Net (outflows) inflows | (73 | ) | (47 | ) | 303 | ||||||||||||
Market appreciation (depreciation) | 2,208 | (74 | ) | 1,539 | |||||||||||||
Total increase (decrease) | 2,135 | (121 | ) | 1,842 | |||||||||||||
Assets under management, end of period | $ | 25,251 | $ | 23,116 | $ | 24,455 | 9.2 | % | 3.3 | % | |||||||
Percentage of total assets under management | 51.5 | % | 50.4 | % | 49.6 | % | |||||||||||
Average assets under management for period | $ | 24,362 | $ | 23,614 | $ | 23,541 | 3.2 | % | 3.5 | % | |||||||
Global/International Real Estate | |||||||||||||||||
Assets under management, beginning of period | $ | 9,498 | $ | 9,630 | $ | 11,155 | |||||||||||
Inflows | 485 | 345 | 317 | ||||||||||||||
Outflows | (664 | ) | (510 | ) | (748 | ) | |||||||||||
Net outflows | (179 | ) | (165 | ) | (431 | ) | |||||||||||
Market appreciation | 402 | 33 | 553 | ||||||||||||||
Total increase (decrease) | 223 | (132 | ) | 122 | |||||||||||||
Assets under management, end of period | $ | 9,721 | $ | 9,498 | $ | 11,277 | 2.3 | % | (13.8 | %) | |||||||
Percentage of total assets under management | 19.8 | % | 20.7 | % | 22.9 | % | |||||||||||
Average assets under management for period | $ | 9,595 | $ | 9,694 | $ | 11,239 | (1.0 | %) | (14.6 | %) | |||||||
Preferred Securities | |||||||||||||||||
Assets under management, beginning of period | $ | 4,722 | $ | 4,820 | $ | 4,364 | |||||||||||
Inflows | 358 | 194 | 594 | ||||||||||||||
Outflows | (180 | ) | (340 | ) | (147 | ) | |||||||||||
Net inflows (outflows) | 178 | (146 | ) | 447 | |||||||||||||
Market appreciation | 226 | 48 | 118 | ||||||||||||||
Total increase (decrease) | 404 | (98 | ) | 565 | |||||||||||||
Assets under management, end of period | $ | 5,126 | $ | 4,722 | $ | 4,929 | 8.6 | % | 4.0 | % | |||||||
Percentage of total assets under management | 10.5 | % | 10.3 | % | 10.0 | % | |||||||||||
Average assets under management for period | $ | 4,946 | $ | 4,820 | $ | 4,626 | 2.6 | % | 6.9 | % | |||||||
Global Listed Infrastructure | |||||||||||||||||
Assets under management, beginning of period | $ | 4,714 | $ | 4,469 | $ | 3,509 | |||||||||||
Inflows | 302 | 134 | 488 | ||||||||||||||
Outflows | (224 | ) | (57 | ) | (18 | ) | |||||||||||
Net inflows | 78 | 77 | 470 | ||||||||||||||
Market appreciation | 280 | 168 | 197 | ||||||||||||||
Total increase | 358 | 245 | 667 | ||||||||||||||
Assets under management, end of period | $ | 5,072 | $ | 4,714 | $ | 4,176 | 7.6 | % | 21.5 | % | |||||||
Percentage of total assets under management | 10.3 | % | 10.3 | % | 8.5 | % | |||||||||||
Average assets under management for period | $ | 5,011 | $ | 4,661 | $ | 3,630 | 7.5 | % | 38.0 | % | |||||||
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Cohen & Steers, Inc. and Subsidiaries | |||||||||||||||||
Assets Under Management (Unaudited) | |||||||||||||||||
By Investment Strategy - continued | |||||||||||||||||
For the Periods Ended | |||||||||||||||||
(in millions) | |||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2013 | December 31, 2013 | March 31, 2013 | |||||||||||||
Large Cap Value | |||||||||||||||||
Assets under management, beginning of period | $ | 2,907 | $ | 3,492 | $ | 3,465 | |||||||||||
Inflows | 9 | 8 | 30 | ||||||||||||||
Outflows | (155 | ) | (902 | ) | (64 | ) | |||||||||||
Net outflows | (146 | ) | (894 | ) | (34 | ) | |||||||||||
Market appreciation | 96 | 309 | 315 | ||||||||||||||
Total (decrease) increase | (50 | ) | (585 | ) | 281 | ||||||||||||
Assets under management, end of period | $ | 2,857 | $ | 2,907 | $ | 3,746 | (1.7 | %) | (23.7 | %) | |||||||
Percentage of total assets under management | 5.8 | % | 6.3 | % | 7.6 | % | |||||||||||
Average assets under management for period | $ | 2,822 | $ | 3,279 | $ | 3,654 | (13.9 | %) | (22.8 | %) | |||||||
Other | |||||||||||||||||
Assets under management, beginning of period | $ | 950 | $ | 688 | $ | 691 | |||||||||||
Inflows | 45 | 255 | 30 | ||||||||||||||
Outflows | (19 | ) | (7 | ) | (12 | ) | |||||||||||
Net inflows | 26 | 248 | 18 | ||||||||||||||
Market appreciation | 28 | 14 | 29 | ||||||||||||||
Total increase | 54 | 262 | 47 | ||||||||||||||
Assets under management, end of period | $ | 1,004 | $ | 950 | $ | 738 | 5.7 | % | 36.0 | % | |||||||
Percentage of total assets under management | 2.0 | % | 2.1 | % | 1.5 | % | |||||||||||
Average assets under management for period | $ | 970 | $ | 902 | $ | 721 | 7.5 | % | 34.5 | % | |||||||
Total | |||||||||||||||||
Assets under management, beginning of period | $ | 45,907 | $ | 46,336 | $ | 45,797 | |||||||||||
Inflows | 1,955 | 1,702 | 2,212 | ||||||||||||||
Outflows | (2,071 | ) | (2,629 | ) | (1,439 | ) | |||||||||||
Net (outflows) inflows | (116 | ) | (927 | ) | 773 | ||||||||||||
Market appreciation | 3,240 | 498 | 2,751 | ||||||||||||||
Total increase (decrease) | 3,124 | (429 | ) | 3,524 | |||||||||||||
Assets under management, end of period | $ | 49,031 | $ | 45,907 | $ | 49,321 | 6.8 | % | (0.6 | %) | |||||||
Average assets under management for period | $ | 47,706 | $ | 46,970 | $ | 47,411 | 1.6 | % | 0.6 | % | |||||||
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