March 30, 2004 — Money manager Cohen & Steers Inc., which oversees more than $15 billion in assets in mutual funds and other investments, plans to go public.
The company on Tuesday filed with the Securities and Exchange Commission to raise $100 million in its initial public offering of common stock.
New York-based Cohen & Steers runs four open-end mutual funds that focus on stocks of real estate investment trusts and utilities, as well as preferred stocks. Those funds had $4.4 billion in assets as of March 24, the company said in its filing.
Cohen & Steers said it also was overseeing $7.6 billion in closed-end funds, and was managing another $3.3 billion for institutions. The company, which also provides investment banking services, said asset management accounted for 84% of its revenue last year.
The company did not disclose how many shares it plans to offer or estimate a price per share. The shares would trade on the New York Stock Exchange under the symbol CNS.
Cohen & Steers said it plans to use the proceeds from the stock sale to expand its asset management activities and establish new investment vehicles, to make “strategic” acquisitions and for general corporate purposes.