Company: CNS
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001284812-25-000299
Chunk: 74

Company: COHEN & STEERS, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 8
Chunk 74
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 open-end funds compared with average assets under management implied an annualized effective fee rate of 67.4 bps and 66.0 bps for the nine months ended September 30, 2025 and 2024, respectively. The increase in the implied annualized effective fee rate is primarily due to a shift in the mix of assets

under management.

Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.7 bps and 38.0 bps for the nine months ended September 30, 2025 and 2024, respectively.

Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.1 bps and 88.6 bps for the nine months ended September 30, 2025 and 2024, respectively.

Distribution and service fees increased from the nine months ended September 30, 2024, primarily due to higher average assets under management in U.S. open-end funds, partially offset by a shift into lower fee paying share classes. 

26

Expenses(in thousands)Nine Months Ended September 30,20252024$ Change% ChangeEmployee compensation and benefits$168,390 $161,476 $6,914 4.3 %Distribution and service fees47,224 41,404 $5,820 14.1 %General and administrative52,022 44,351 $7,671 17.3 %Depreciation and amortization7,251 6,863 $388 5.7 %Total expenses$274,887 $254,094 $20,793 8.2 %

Employee compensation and benefits increased from the nine months ended September 30, 2024, primarily due to higher incentive compensation of $10.8 million, partially offset by lower amortization of restricted stock units of $4.8 million. 

Distribution and service fees increased from the nine months ended September 30, 2024, primarily due to higher average assets under management in U.S. open-end funds.

General and administrative expenses increased from the nine months ended September 30, 2024, primarily due to expenses paid on behalf of certain Company-sponsored funds totaling $2.6 million, higher business development-related expenses of $1.5 million and increased talent acquisition costs of $1.2 million.

Operating Margin

Operating margin for the