COHEN & STEERS, INC.

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COHEN & STEERS, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

08/05/2022 | 10:56am EDT
Set forth on the following pages is management's discussion and analysis of our
financial condition and results of operations for the three and six months ended
June 30, 2022 and 2021. Such information should be read in conjunction with our
condensed consolidated financial statements and the related notes included
herein. The condensed consolidated financial statements of the Company are
unaudited. When we use the terms "Cohen & Steers," the "Company," "we," "us,"
and "our," we mean Cohen & Steers, Inc., a Delaware corporation, and its
consolidated subsidiaries.

Executive Overview

General

We are a global investment manager specializing in real assets and alternative
income, including real estate, preferred securities, infrastructure, resource
equities, commodities, as well as multi-strategy solutions. Founded in 1986, we
are headquartered in New York City, with offices in London, Dublin, Hong Kong
and Tokyo.

Our primary investment strategies include U.S. real estate, preferred securities
and low duration preferred securities, global/international real estate, global
listed infrastructure, real assets multi-strategy, midstream energy and MLPs, as
well as global natural resource equities. Our strategies seek to achieve a
variety of investment objectives for different risk profiles and are actively
managed by specialist teams of investment professionals who employ
fundamental-driven research and portfolio management processes. We offer our
strategies through a variety of investment vehicles, including U.S. and non-U.S.
registered funds and other commingled vehicles, separate accounts and subadvised
portfolios.

Our distribution network encompasses two major channels, wealth and institutional. Our wealth channel includes registered investment advisers, wirehouses, independent and regional broker dealers and bank trusts. Our institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access our investment management services directly or through consultants and other intermediaries.


Our revenue from the wealth channel is derived from investment advisory,
administration, distribution and service fees from open-end and closed-end
funds. Our revenue from the institutional channel is derived from fees received
from our clients for managing advised and subadvised accounts. Our fees are
based on contractually specified rates applied to the value of the assets we
manage and, in certain cases, may include a performance-based fee. Our revenue
fluctuates with changes in the total value of our assets under management, which
may occur as a result of market appreciation and depreciation, contributions or
withdrawals from investor accounts and distributions. This revenue is recognized
over the period that the assets are managed.

The Russian invasion of Ukraine has impacted global financial markets,
introducing new threats to global economic growth and adding to inflationary
pressures. We have taken measures to ensure ongoing compliance with all
applicable sanctions and guidance issued by authorities globally against certain
regions, entities, or individuals. Our overall exposure to Russian and Ukrainian
securities is limited and we do not expect a material impact to our financial
results.
                                       21
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Assets Under Management
By Investment Vehicle
(in millions)
                                                     Three Months Ended                    Six Months Ended
                                                          June 30,                             June 30,
                                                   2022              2021               2022              2021
Open-end Funds
Assets under management, beginning of period   $  48,105          $ 38,623          $  50,911          $ 35,160
Inflows                                            4,859             4,577              9,745             9,647
Outflows                                          (5,103)           (2,490)            (9,781)           (5,396)
Net inflows (outflows)                              (244)            2,087                (36)            4,251
Market appreciation (depreciation)                (5,654)            3,134             (8,389)            4,671
Distributions                                       (624)             (312)              (903)             (550)
Total increase (decrease)                         (6,522)            4,909             (9,328)            8,372

Assets under management, end of period $ 41,583 $ 43,532

         $  41,583          $ 43,532
Percentage of total assets under management         47.3  %           45.2  %            47.3  %           45.2  %
Average assets under management                $  45,188          $ 41,469  

$ 46,602 $ 39,064


Institutional Accounts
Assets under management, beginning of period   $  40,956          $ 36,538          $  42,727          $ 33,255
Inflows                                            1,259             1,826              3,319             4,161
Outflows                                          (1,734)           (1,454)            (3,800)           (2,202)
Net inflows (outflows)                              (475)              372               (481)            1,959
Market appreciation (depreciation)                (5,733)            3,555             (7,227)            5,555
Distributions                                       (242)             (309)              (513)             (613)
Total increase (decrease)                         (6,450)            3,618             (8,221)            6,901

Assets under management, end of period $ 34,506 $ 40,156

         $  34,506          $ 40,156
Percentage of total assets under management         39.3  %           41.7  %            39.3  %           41.7  %
Average assets under management                $  37,506          $ 39,103  

$ 39,048 $ 36,877


Closed-end Funds
Assets under management, beginning of period   $  13,061          $ 11,879          $  12,991          $ 11,493
Inflows                                                2               103                556               168
Outflows                                               -                 -                  -                 -
Net inflows (outflows)                                 2               103                556               168
Market appreciation (depreciation)                (1,137)              703             (1,474)            1,172
Distributions                                       (153)             (148)              (300)             (296)
Total increase (decrease)                         (1,288)              658             (1,218)            1,044

Assets under management, end of period $ 11,773 $ 12,537

         $  11,773          $ 12,537
Percentage of total assets under management         13.4  %           13.0  %            13.4  %           13.0  %
Average assets under management                $  12,428          $ 12,372  

$ 12,489 $ 11,989

Total

Assets under management, beginning of period $ 102,122 $ 87,040

        $ 106,629          $ 79,908
Inflows                                            6,120             6,506             13,620            13,976
Outflows                                          (6,837)           (3,944)           (13,581)           (7,598)
Net inflows (outflows)                              (717)            2,562                 39             6,378
Market appreciation (depreciation)               (12,524)            7,392            (17,090)           11,398
Distributions                                     (1,019)             (769)            (1,716)           (1,459)
Total increase (decrease)                        (14,260)            9,185            (18,767)           16,317

Assets under management, end of period $ 87,862 $ 96,225

         $  87,862          $ 96,225
Average assets under management                $  95,122          $ 92,944          $  98,139          $ 87,930








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Assets Under Management - Institutional Accounts
By Account Type
(in millions)
                                                    Three Months Ended                   Six Months Ended
                                                         June 30,                            June 30,
                                                  2022              2021              2022              2021
Advisory

Assets under management, beginning of period $ 23,726 $ 20,279

       $ 24,599          $ 17,628
Inflows                                             769             1,512             2,342             3,449
Outflows                                         (1,177)             (493)           (2,792)             (736)
Net inflows (outflows)                             (408)            1,019              (450)            2,713
Market appreciation (depreciation)               (3,183)            1,817            (4,014)            2,774

Total increase (decrease)                        (3,591)            2,836            (4,464)            5,487

Assets under management, end of period $ 20,135 $ 23,115

        $ 20,135          $ 23,115
Percentage of institutional assets under
management                                         58.4  %           57.6  %           58.4  %           57.6  %
Average assets under management                $ 21,869          $ 22,084   

$ 22,860 $ 20,501


Japan Subadvisory
Assets under management, beginning of period   $ 10,692          $  9,924          $ 11,329          $  9,720
Inflows                                             249                22               468               120
Outflows                                           (226)             (294)             (329)             (596)
Net inflows (outflows)                               23              (272)              139              (476)
Market appreciation (depreciation)               (1,534)            1,160            (2,016)            1,872
Distributions                                      (242)             (309)             (513)             (613)

Total increase (decrease)                        (1,753)              579            (2,390)              783

Assets under management, end of period $ 8,939 $ 10,503

        $  8,939          $ 10,503
Percentage of institutional assets under
management                                         25.9  %           26.2  %           25.9  %           26.2  %
Average assets under management                $  9,604          $ 10,306   

$ 9,975 $ 9,985


Subadvisory Excluding Japan
Assets under management, beginning of period   $  6,538          $  6,335          $  6,799          $  5,907
Inflows                                             241               292               509               592
Outflows                                           (331)             (667)             (679)             (870)
Net inflows (outflows)                              (90)             (375)             (170)             (278)
Market appreciation (depreciation)               (1,016)              578            (1,197)              909

Total increase (decrease)                        (1,106)              203            (1,367)              631

Assets under management, end of period $ 5,432 $ 6,538

        $  5,432          $  6,538
Percentage of institutional assets under
management                                         15.7  %           16.3  %           15.7  %           16.3  %
Average assets under management                $  6,033          $  6,713   

$ 6,213 $ 6,391


Total Institutional Accounts
Assets under management, beginning of period   $ 40,956          $ 36,538          $ 42,727          $ 33,255
Inflows                                           1,259             1,826             3,319             4,161
Outflows                                         (1,734)           (1,454)           (3,800)           (2,202)
Net inflows (outflows)                             (475)              372              (481)            1,959
Market appreciation (depreciation)               (5,733)            3,555            (7,227)            5,555
Distributions                                      (242)             (309)             (513)             (613)

Total increase (decrease)                        (6,450)            3,618            (8,221)            6,901

Assets under management, end of period $ 34,506 $ 40,156

        $ 34,506          $ 40,156
Average assets under management                $ 37,506          $ 39,103          $ 39,048          $ 36,877









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Assets Under Management
By Investment Strategy
(in millions)
                                                       Three Months Ended                   Six Months Ended
                                                            June 30,                            June 30,
                                                     2022              2021              2022              2021
U.S. Real Estate
Assets under management, beginning of period      $ 47,268          $ 36,984          $ 49,915          $ 32,827
Inflows                                              2,582             2,592             5,875             5,718
Outflows                                            (2,433)           (1,723)           (5,169)           (3,114)
Net inflows (outflows)                                 149               869               706             2,604
Market appreciation (depreciation)                  (6,542)            4,419            (9,334)            7,256
Distributions                                         (697)             (407)           (1,109)             (822)

Total increase (decrease)                           (7,090)            4,881            (9,737)            9,038
Assets under management, end of period            $ 40,178          $ 41,865          $ 40,178          $ 41,865
Percentage of total assets under management           45.7  %           43.5  %           45.7  %           43.5  %
Average assets under management                   $ 43,917          $ 

40,269 $ 45,174 $ 37,408


Preferred Securities
Assets under management, beginning of period      $ 24,466          $ 23,790          $ 26,987          $ 23,185
Inflows                                              1,711             2,254             3,675             4,660
Outflows                                            (2,757)           (1,081)           (5,629)           (2,677)
Net inflows (outflows)                              (1,046)            1,173            (1,954)            1,983
Market appreciation (depreciation)                  (1,769)              750            (3,169)              752
Distributions                                         (202)             (215)             (415)             (422)

Total increase (decrease)                           (3,017)            1,708            (5,538)            2,313
Assets under management, end of period            $ 21,449          $ 25,498          $ 21,449          $ 25,498
Percentage of total assets under management           24.4  %           26.5  %           24.4  %           26.5  %
Average assets under management                   $ 22,915          $ 

24,546 $ 24,272 $ 24,043


Global/International Real Estate
Assets under management, beginning of period      $ 19,362          $ 16,421          $ 19,380          $ 15,214
Inflows                                                861             1,111             2,417             2,190
Outflows                                            (1,164)             (890)           (1,944)           (1,457)
Net inflows (outflows)                                (303)              221               473               733
Market appreciation (depreciation)                  (3,303)            1,664            (4,078)            2,373
Distributions                                          (47)              (86)              (66)             (100)

Total increase (decrease)                           (3,653)            1,799            (3,671)            3,006
Assets under management, end of period            $ 15,709          $ 18,220          $ 15,709          $ 18,220
Percentage of total assets under management           17.9  %           18.9  %           17.9  %           18.9  %
Average assets under management                   $ 17,524          $ 17,697          $ 18,183          $ 16,660














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Assets Under Management
By Investment Strategy - continued
(in millions)
                                                      Three Months Ended                    Six Months Ended
                                                           June 30,                             June 30,
                                                    2022              2021               2022              2021
Global Listed Infrastructure
Assets under management, beginning of period    $   9,197          $  7,604          $   8,763          $  6,729
Inflows                                               461               480                925             1,159
Outflows                                             (353)             (141)              (652)             (215)
Net inflows (outflows)                                108               339                273               944
Market appreciation (depreciation)                   (673)              355               (359)              670
Distributions                                         (58)              (52)              (103)              (97)
Total increase (decrease)                            (623)              642               (189)            1,517

Assets under management, end of period $ 8,574 $ 8,246

          $   8,574          $  8,246
Percentage of total assets under management           9.8  %            8.6  %             9.8  %            8.6  %
Average assets under management                 $   8,853          $  8,051 

$ 8,729 $ 7,595

Other

Assets under management, beginning of period $ 1,829 $ 2,241

         $   1,584          $  1,953
Inflows                                               505                69                728               249
Outflows                                             (130)             (109)              (187)             (135)
Net inflows (outflows)                                375               (40)               541               114
Market appreciation (depreciation)                   (237)              204               (150)              347
Distributions                                         (15)               (9)               (23)              (18)

Total increase (decrease)                             123               155                368               443

Assets under management, end of period $ 1,952 $ 2,396

          $   1,952          $  2,396
Percentage of total assets under management           2.2  %            2.5  %             2.2  %            2.5  %
Average assets under management                 $   1,913          $  2,381 

$ 1,781 $ 2,224

Total

Assets under management, beginning of period $ 102,122 $ 87,040

         $ 106,629          $ 79,908
Inflows                                             6,120             6,506             13,620            13,976
Outflows                                           (6,837)           (3,944)           (13,581)           (7,598)
Net inflows (outflows)                               (717)            2,562                 39             6,378
Market appreciation (depreciation)                (12,524)            7,392            (17,090)           11,398
Distributions                                      (1,019)             (769)            (1,716)           (1,459)
Total increase (decrease)                         (14,260)            9,185            (18,767)           16,317

Assets under management, end of period $ 87,862 $ 96,225

          $  87,862          $ 96,225
Average assets under management                 $  95,122          $ 92,944          $  98,139          $ 87,930













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Investment Performance at June 30, 2022

                     [[Image Removed: cns-20220630_g1.jpg]]

_________________________

(1)  Past performance is no guarantee of future results. Outperformance is
determined by comparing the annualized investment performance of each investment
strategy to the performance of specified reference benchmarks. Investment
performance in excess of the performance of the benchmark is considered
outperformance. The investment performance calculation of each investment
strategy is based on all active accounts and investment models pursuing similar
investment objectives. For accounts, actual investment performance is measured
gross of fees and net of withholding taxes. For investment models, for which
actual investment performance does not exist, the investment performance of a
composite of accounts pursuing comparable investment objectives is used as a
proxy for actual investment performance. The performance of the specified
reference benchmark for each account and investment model is measured net of
withholding taxes, where applicable. This is not investment advice and may not
be construed as sales or marketing material for any financial product or service
sponsored or provided by Cohen & Steers.
(2)  © 2022 Morningstar, Inc. All Rights Reserved. The information contained
herein: (1) is proprietary to Morningstar and/or its content providers; (2) may
not be copied or distributed; and (3) is not warranted to be accurate, complete,
or timely. Neither Morningstar nor its content providers are responsible for any
damages or losses arising from any use of this information. Morningstar
calculates its ratings based on a risk-adjusted return measure that accounts for
variation in a fund's monthly performance (including the effects of sales
charges, loads, and redemption fees), placing more emphasis on downward
variations and rewarding consistent performance. The top 10% of funds in each
category receive five stars, the next 22.5% receive four stars, the next 35%
receive three stars, the next 22.5% receive two stars and the bottom 10% receive
one star. Past performance is no guarantee of future results. Based on
independent rating by Morningstar, Inc. of investment performance of each Cohen
& Steers-sponsored open-end U.S.-registered mutual fund for all share classes
for the overall period at June 30, 2022. Overall Morningstar rating is a
weighted average based on the 3-year, 5-year and 10-year Morningstar rating.
Each share class is counted as a fraction of one fund within this scale and
rated separately, which may cause slight variations in the distribution
percentages. This is not investment advice and may not be construed as sales or
marketing material for any financial product or service sponsored or provided by
Cohen & Steers.

Overview

Assets under management at June 30, 2022 decreased 8.7% to $87.9 billion from
$96.2 billion at June 30, 2021. The decrease was due to market depreciation of
$7.5 billion and distributions of $4.0 billion, partially offset by net inflows
of $3.1 billion. Net inflows included $3.1 billion into U.S. real estate. Market
depreciation included $3.0 billion from preferred securities, $2.5 billion from
global/international real estate and $2.2 billion from U.S. real estate,
partially offset by market appreciation of $225 million from global listed
infrastructure. Distributions included $2.6 billion from U.S. real estate and
$978 million from preferred securities. Our organic growth rate for the twelve
months ended June 30, 2022 was 3.2%. The organic growth/decay rate represents
the ratio of net flows for the period to the beginning assets under management.

Average assets under management for the three months ended June 30, 2022 increased 2.3% to $95.1 billion from $92.9 billion for the three months ended June 30, 2021.

                                       26
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Open-end funds


Assets under management in open-end funds at June 30, 2022, which represented
47.3% of total assets under management, decreased 4.5% to $41.6 billion from
$43.5 billion at June 30, 2021. The decrease was due to market depreciation of
$4.1 billion and distributions of $2.3 billion, partially offset by net inflows
of $4.5 billion. Net inflows included $3.3 billion into U.S. real estate and
$708 million into real assets multi-strategy (included in "Other" in the table
on pages 25 and 26). Market depreciation included $2.1 billion from preferred
securities and $1.5 billion from U.S. real estate. Distributions included $1.4
billion from U.S. real estate and $756 million from preferred securities. Of
these distributions, $2.0 billion was reinvested and included in net inflows.
Our organic growth rate for open-end funds for the twelve months ended June 30,
2022 was 10.3%.

Average assets under management for open-end funds for the three months ended
June 30, 2022 increased 9.0% to $45.2 billion from $41.5 billion for the three
months ended June 30, 2021.

Institutional accounts

Assets under management in institutional accounts at June 30, 2022, which
represented 39.3% of total assets under management, decreased 14.1% to $34.5
billion from $40.2 billion at June 30, 2021. The decrease was due to net
outflows of $1.9 billion, market depreciation of $2.7 billion and distributions
of $1.1 billion. Net outflows included $1.1 billion from real assets
multi-strategy (included in "Other" in the table on pages 24 and 25) and $589
million from U.S. real estate. Market depreciation included $2.0 billion from
global/international real estate and $467 million from U.S. real estate.
Distributions included $1.0 billion from U.S. real estate. Our organic decay
rate for institutional accounts for the twelve months ended June 30, 2022 was
(4.6%).

Average assets under management for institutional accounts for the three months
ended June 30, 2022 decreased 4.1% to $37.5 billion from $39.1 billion for the
three months ended June 30, 2021.

Assets under management in advisory accounts at June 30, 2022, which represented
58.4% of institutional assets under management, decreased 12.9% to $20.1 billion
from $23.1 billion at June 30, 2021. The decrease was due to net outflows of
$1.3 billion and market depreciation of $1.8 billion. Net outflows included $1.1
billion from real assets multi-strategy (included in "Other" in the table on
pages 25 and 26). Market depreciation included $1.2 billion from
global/international real estate and $402 million from preferred securities. Our
organic decay rate for advisory accounts for the twelve months ended June 30,
2022 was (5.4%).

Average assets under management for advisory accounts for the three months ended
June 30, 2022 decreased 1.0% to $21.9 billion from $22.1 billion for the three
months ended June 30, 2021.

Assets under management in Japan subadvisory accounts at June 30, 2022, which
represented 25.9% of institutional assets under management, decreased 14.9% to
$8.9 billion from $10.5 billion at June 30, 2021. The decrease was due to net
outflows of $155 million, market depreciation of $325 million and distributions
of $1.1 billion. Net outflows included $300 million from U.S. real estate,
partially offset by net inflows of $153 million into global/international real
estate. Market depreciation included $203 million from global/international real
estate and $111 million from U.S. real estate. Distributions included $1.0
billion from U.S. real estate. Our organic decay rate for Japan subadvisory
accounts for the twelve months ended June 30, 2022 was (1.5%).

Average assets under management for Japan subadvisory accounts for the three
months ended June 30, 2022 decreased 6.8% to $9.6 billion from $10.3 billion for
the three months ended June 30, 2021.

Assets under management in subadvisory accounts excluding Japan at June 30,
2022, which represented 15.7% of institutional assets under management,
decreased 16.9% to $5.4 billion from $6.5 billion at June 30, 2021. The decrease
was due to net outflows of $480 million and market depreciation of $625 million.
Net outflows included $289 million from global listed infrastructure and $192
million from global/international real estate. Market depreciation included $589
million from global/international real estate. Our organic decay rate for
subadvisory accounts excluding Japan for the twelve months ended June 30, 2022
was (7.3%).

Average assets under management for subadvisory accounts excluding Japan for the three months ended June 30, 2022 decreased 10.1% to $6.0 billion from $6.7 billion for the three months ended June 30, 2021.

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Closed-end funds


Assets under management in closed-end funds at June 30, 2022, which represented
13.4% of total assets under management, decreased 6.1% to $11.8 billion from
$12.5 billion at June 30, 2021. The decrease was due to market depreciation of
$612 million and distributions of $626 million, partially offset by net inflows
of $474 million. Inflows of $482 million, which included leverage, were
attributable to the Company's initial public offering of the Cohen & Steers Real
Estate Opportunities and Income Fund (RLTY). Our organic growth rate for
closed-end funds for the twelve months ended June 30, 2022 was 3.8%.

Average assets under management for closed-end funds was $12.4 billion for both the three months ended June 30, 2022 and 2021, respectively.

                                       28
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Summary of Operating Results
(in thousands, except percentages and per            Three Months Ended                     Six Months Ended
share data)                                               June 30,                              June 30,
                                                   2022               2021               2022               2021
U.S. GAAP
Revenue                                        $ 147,431          $ 144,269          $ 301,620          $ 270,016
Expenses                                       $  86,437          $  84,572          $ 189,635          $ 158,381
Operating income                               $  60,994          $  59,697          $ 111,985          $ 111,635
Non-operating income (loss) (1)                $ (25,002)         $   8,536          $ (19,892)         $  13,489
Net income attributable to common stockholders $  51,956          $  46,579          $  93,974          $  95,431
Diluted earnings per share                     $    1.06          $    0.95          $    1.91          $    1.95
Operating margin                                    41.4  %            41.4  %            37.1  %            41.3  %

As Adjusted (2)
Net income attributable to common stockholders $  47,202          $  45,917          $  98,354          $  84,546
Diluted earnings per share                     $    0.96          $    0.94          $    2.00          $    1.73
Operating margin                                    43.3  %            43.4  %            44.0  %            42.9  %


_________________________
(1)Includes amounts attributable to third-party interests in consolidated
investment vehicles. Refer to non-operating income (loss) tables on pages 30 and
32 for additional detail.
(2)Refer to pages 35-36 for reconciliations of U.S. GAAP to as adjusted results.

U.S. GAAP


Three Months Ended June 30, 2022 Compared with Three Months Ended June 30, 2021

Revenue
(in thousands)                                      Three Months Ended
                                                         June 30,
                                                   2022           2021         $ Change      % Change
Investment advisory and administration fees
Open-end funds                                  $  75,785      $  69,706      $  6,079         8.7  %
Institutional accounts                             34,429         37,381      $ (2,952)       (7.9  %)
Closed-end funds                                   27,441         27,261      $    180         0.7  %
Total                                             137,655        134,348      $  3,307         2.5  %
Distribution and service fees                       9,005          9,199      $   (194)       (2.1  %)
Other                                                 771            722      $     49         6.8  %
Total revenue                                   $ 147,431      $ 144,269      $  3,162         2.2  %



Investment advisory and administration fees increased from the three months
ended June 30, 2021, primarily due to higher average assets under management in
both open-end and closed-end funds, partially offset by lower average assets
under management in institutional accounts. In addition, the three months ended
June 30, 2021 included the recognition of performance fees from certain
institutional accounts.

•Total investment advisory and administration revenue from open-end funds
compared with average assets under management implied an annualized effective
fee rate of 67.3 bps and 67.4 bps for the three months ended June 30, 2022 and
2021, respectively.

•Total investment advisory revenue from institutional accounts compared with
average assets under management implied an annualized effective fee rate of 36.8
bps and 38.3 bps for the three months ended June 30, 2022 and 2021,
respectively. The decrease in the implied annualized effective fee rate was
primarily due to the recognition of performance fees for the three months ended
June 30, 2021. Excluding the performance fees, the implied annualized effective
fee rate would have been 36.0 bps for the three months ended June 30, 2021.

•Total investment advisory and administration revenue from closed-end funds
compared with average assets under management implied an annualized effective
fee rate of 88.6 bps and 88.4 bps for the three months ended June 30, 2022 and
2021, respectively.
                                       29
--------------------------------------------------------------------------------
Expenses
(in thousands)                             Three Months Ended
                                                June 30,
                                           2022           2021        $ Change      % Change
Employee compensation and benefits     $   53,857      $ 53,241      $    616         1.2  %
Distribution and service fees              18,236        18,848      $   (612)       (3.2  %)
General and administrative                 13,238        11,466      $  1,772        15.5  %
Depreciation and amortization               1,106         1,017      $     89         8.8  %
Total expenses                         $   86,437      $ 84,572      $  1,865         2.2  %


Employee compensation and benefits increased from the three months ended
June 30, 2021, primarily due to higher salaries of $1.3 million, an increase in
amortization of restricted stock units of $1.0 million and higher severance
expense of $427,000, partially offset by lower incentive compensation of $2.1
million.

Distribution and service fees decreased from the three months ended June 30,
2021, primarily due to a shift in the composition of assets under management
into lower cost share classes.

General and administrative expenses increased from the three months ended June 30, 2021, primarily due to higher travel and entertainment of $710,000 and an increase in information technology related expenses of $529,000.

© Edgar Online, source Glimpses

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