Cohen & Steers’ sound efforts to build on its listed real estate expertise merit an Above Average Parent rating.
The firm remains a category-leading real estate operation. Roughly two-thirds of its more than USD 90 billion in assets under management, as of October 2025, were in listed real estate. But Cohen & Steers has taken measured steps to grow in related areas, including listed infrastructure, preferred securities, and real assets, which may help offset the cyclicality that can come with real estate investing.
Growth in private real estate has been another natural extension of its core strengths. Cohen & Steers has, in recent years, added experienced personnel, launched a nontraded REIT, and begun work on a strategy to span listed and private assets. The firm also debuted three active exchange-traded funds in 2025 that hew closely to its core investment philosophies while providing more diversified portfolios than its other offerings.
Amid its efforts to grow, Cohen & Steers has demonstrated best practices in key respects. Product fees have been reasonable, the firm has shown a willingness to close capacity-constrained strategies, and leadership succession has been orderly. For example, the firm’s eponymous co-founders remain on the board but ceded day-to-day control in 2022 to CEO Joseph Harvey, who joined in 1992. Longtime investor Jon Cheigh rose to CIO in 2019 following nearly two decades on the team, anchoring research depth and accountability. Granted, personnel turnover remains elevated at junior levels, but a focus on collaborative decision-making, repeatable processes, and meaningful manager fund ownership has kept the firm’s strong culture intact.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, Cohen & Steers (Branding Name ID: BN000008GD), is covered by Morningstar Manager Research.
United States