NEW YORK - Cohen & Steers, Inc. (NYSE:CNS), a global investment management firm, announced the promotion of Jon Cheigh to President, effective January 1, 2025. Cheigh will retain his role as Chief Investment Officer, emphasizing his continued leadership in the company's investment department.
Cheigh's career at Cohen & Steers began in 2005 when he joined as a research analyst. His progression within the firm saw him rise to the position of portfolio manager in 2008, Head of Global Real Estate in 2012, and Chief Investment Officer in 2019. This latest appointment as President is part of the company's strategic leadership succession planning.
Joseph Harvey, Chief Executive Officer of Cohen & Steers, highlighted Cheigh's significant contributions to the firm, noting his transformative influence on the real estate team and the broader investment department. Harvey's statement credited Cheigh with delivering consistent investment performance and fostering a culture of creativity and excellence within the firm.
In response to his new appointment, Cheigh expressed his commitment to mentoring investment teams and advancing the firm's strategic growth alongside the executive leadership. He acknowledged the mentorship he received from the firm's co-founders and expressed enthusiasm for his expanded role.
Cohen & Steers specializes in real assets and alternative income, with a focus on listed and private real estate, preferred securities, infrastructure, resource equities, commodities, and multi-strategy solutions. Since its inception in 1986, the New York City-headquartered firm has expanded to operate additional offices across the globe.
The information for this article is based on a press release statement from Cohen & Steers, Inc.
In other recent news, Cohen & Steers reported a decrease in its assets under management (AUM) for October, down to $89.7 billion from the $91.8 billion reported at the end of September. This decline is attributed to market depreciation and distributions, partially offset by net inflows. In the realm of personnel, the firm welcomed Karen Wilson Thissen to its Board of Directors, a move that is expected to bolster the company's governance and oversight capabilities.
On the financial front, Cohen & Steers disclosed positive Q3 earnings growth, with earnings per share rising to $0.77 from $0.68, and revenues increasing to $133 million from $122 million. These recent developments also included the company's announcement of a Q4 cash dividend of $0.59 per share, payable to stockholders of record as of November 18, 2024.
In terms of future expectations, analysts anticipate stable compensation ratios and a 6-7% increase in G&A expenses for the year. The firm also expects $1 billion in redemptions, split between two quarters. Despite some challenges, including outflows in Japan sub-advisory, Cohen & Steers remains focused on leveraging its expertise in real estate and preferred securities.
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