Rodrigo Faria

Rodrigo Faria asked about the recent progress in the institutional channel, including the nature of conversations and future growth potential compared to a year ago, and inquired about the dynamics driving the observed increase in the amount of won and funded mandates intra-quarter within Cohen & Steers' pipeline.

Answer

CEO Joseph Harvey described a critical inflection point in the institutional channel with a strong, broadened, and deepened pipeline. He attributed this to an improved environment for allocators, characterized by more portfolio liquidity, reestablished fixed income allocations, and persistent inflation. Regarding the won and unfunded pipeline, Mr. Harvey clarified that the recent uptick in intra-quarter funding is a reflection of the broader positive market dynamics, consistent with longer-term trends.

Rodrigo Faria from Bank of America asked about the observation that the amount won and funded intra-quarter within Cohen & Steers' pipeline appears to be increasing, and the dynamics behind this trend.

Answer

Joseph Harvey, CEO of Cohen & Steers, clarified that while there has been a recent uptick, the intra-quarter funding of the won and unfunded pipeline is generally consistent over the longer history, attributing the recent increase to the broader positive market dynamics previously discussed.