Cohen & Steers is a specialty asset manager focused on real assets and alternative income, with approximately $90.5B in AUM. The firm pioneered listed REIT investing when it was founded in 1986 and has since built a broader platform spanning listed real estate, preferred securities, global listed infrastructure, global natural resource equities, and real assets multi-strategy. Cohen & Steers also operates a smaller and growing private real estate business, including a non-traded REIT and a closed-end drawdown fund. The firm serves two client channels: wealth (wirehouses, broker-dealers, RIAs, and private banks) and institutional (pension plans, sovereign wealth funds, endowments, and insurers). Wealth clients are served through open-end mutual funds, closed-end funds, active ETFs, and offshore cross-border vehicles, while institutional clients are served through separately managed and subadvisory accounts. Cohen & Steers earns revenue primarily through asset-based management fees at an effective fee rate of approximately 59 bps, with operating margins in the mid-30% range and compensation running at roughly 40% of revenue. The firm's key growth initiatives include a 2025 active ETF launch across five strategies targeting RIA clients, expansion of its private real estate platform, rebuilding its institutional pipeline, and growing its offshore wealth business across multiple geographies.