Adam M. Derechin
COHEN & STEERSAbout Adam M. Derechin
Adam M. Derechin is Executive Vice President and Chief Operating Officer of Cohen & Steers, responsible for investment administration, information technology, and global corporate facilities; he joined the firm in 1993 after roles at the U.S. Securities and Exchange Commission and Bank of New England supervising mutual fund accountants, and is a CFA charterholder with a BA from Brandeis University and an MBA from the University of Maryland . In 2017, he oversaw enhancements to IT infrastructure and security, reduced operational risk, and contributed to expense reduction in IT and office management, which supported incentive outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| U.S. Securities and Exchange Commission | Staff role (mutual fund oversight) | Not disclosed | Supervised mutual fund accountants; regulatory background |
| Bank of New England | Supervisory role (mutual fund accountants) | Not disclosed | Operational finance experience; mutual fund accounting oversight |
External Roles
| Organization (Fund) | Role | Years | Strategic Impact |
|---|---|---|---|
| Cohen & Steers Real Estate Opportunities & Income Fund (RLTY) | Director | Not disclosed | Governance oversight at affiliated closed-end fund |
| Cohen & Steers Limited Duration Preferred & Income Fund (LDP) | Director | Not disclosed | Governance oversight at affiliated closed-end fund |
| Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund (PTA) | Director | Not disclosed | Governance oversight at affiliated closed-end fund |
Fixed Compensation
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Salary ($) | $375,000 | $375,000 | $375,000 |
| Bonus ($) | $978,420 | $809,400 | $555,000 |
| Stock Awards ($) | $761,511 | $902,253 | $789,598 |
| All Other Compensation ($) | $112,322 | $77,081 | $76,644 |
| Total ($) | $2,227,252 | $2,163,734 | $1,796,242 |
Notes:
- “Bonus” reflects cash portion of annual performance incentives .
- “All Other Compensation” includes 401(k) matches and dividend-equivalent RSUs accrued on unvested awards .
Performance Compensation
Compensation mix and metrics:
- Maximum annual incentive bonus framework (2015): Committee set maximum percentages of adjusted pre-tax profit; Mr. Derechin’s cap was 2.5% (with expectation actuals below max) .
- Deferral and risk mix (2017): 44% of Mr. Derechin’s total compensation was deferred and paid in RSUs; approximately 78% was variable incentive compensation .
- Deferral policy (2022): 40% of annual performance incentives for named executives (including Mr. Derechin) were mandatorily deferred into RSUs .
Performance-year compensation structure (actuals):
| Component | 2020 | 2021 | 2022 |
|---|---|---|---|
| Annual Base Salary ($) | $375,000 | $375,000 | $375,000 |
| Cash Bonus ($) | $598,538 | $978,420 | $809,400 |
| Mandatory RSU Deferral ($) | $524,212 | $902,280 | $789,600 |
| RSU Grants ($) | $237,375 | — | — |
| Total Compensation ($) | $1,735,125 | $2,255,700 | $1,974,000 |
Vesting cadence of RSU awards:
- RSUs typically vest ratably on the last business day of January over multi-year schedules (e.g., grants from 2019–2022 vest across 2023–2026) .
Equity Ownership & Alignment
Beneficial ownership and RSU holdings (multi-year):
| Metric | 2014 | 2015 | 2016 | 2017 | 2024 |
|---|---|---|---|---|---|
| Common Shares Beneficially Owned (#) | 375,494 | 398,030 | 413,440 | 425,978 | 498,371 |
| % of Outstanding Shares | <1% | <1% | <1% | <1% | 1.01% |
| Restricted Stock Units Held (#) | 79,118 | 54,649 | 53,637 | 54,609 | 27,275 |
Outstanding equity awards at fiscal year-end:
| As of 12/31/2024 | Unvested RSUs (#) | Market Value ($) |
|---|---|---|
| Adam M. Derechin | 27,792 | $2,566,313 |
Vesting schedules:
- 2022 outstanding equity footnote shows grants on Jan 31, 2019–2022 vest ratably across Jan 2023–2026; includes dividend-equivalent RSUs .
Pledging and margin accounts:
- Company ownership tables note that directors and officers “may, from time to time, hold shares in accounts that have a margin feature”; no specific pledging disclosure for Mr. Derechin was identified in retrieved CNS proxies .
Stock ownership guidelines and anti-hedging/pledging:
- Not disclosed in the CNS documents retrieved for this analysis; no company-specific policy excerpts were found in the cited CNS proxies.
Employment Terms
Potential payments upon termination or change in control (RSU acceleration only):
| Scenario Value Reference Date | RSU Value – CoC or Death/Disability ($) | Assumptions |
|---|---|---|
| 12/31/2015 | $1,634,399 | Based on $30.48 stock price; includes specified unvested RSUs and dividend equivalents |
| 12/30/2016 | $1,865,270 | Based on $33.60 stock price; includes specified unvested RSUs and dividend equivalents |
| 12/29/2017 | $2,698,557 | Based on $47.29 stock price; includes specified unvested RSUs and dividend equivalents |
| 12/31/2018 | $2,037,956 | Based on $34.32 stock price; includes specified unvested RSUs and dividend equivalents |
| 12/30/2022 | $2,151,849 | Based on $64.56 stock price; includes specified unvested RSUs and dividend equivalents |
Key terms observed:
- Tables disclose RSU value upon termination scenarios (e.g., change in control, death or disability); other severance multiples (salary+bonus) are not presented in the cited CNS tables for Mr. Derechin .
Investment Implications
- Pay-for-performance alignment: Incentives are tied to firm performance with explicit caps on adjusted pre-tax profit percentages (e.g., 2.5% cap for Mr. Derechin in 2015), and a meaningful portion of annual incentives is mandatorily deferred into RSUs (e.g., 40% in 2022), increasing equity alignment and downside exposure .
- Vesting predictability and selling pressure: RSUs vest on a consistent January cadence, implying predictable delivery dates; outstanding unvested RSUs of 27,792 units at 12/31/2024 represent future equity deliveries that could translate to sales depending on personal planning and policy constraints .
- Retention dynamics: Large, multi-year RSU schedules and dividend-equivalent accruals support retention; termination tables indicate principal value is RSU acceleration rather than cash severance multiples, limiting windfall risk but making equity value sensitive to share price volatility around corporate events .
- Governance and external roles: Board service on affiliated closed-end funds suggests strong internal network and influence over fund governance; operational achievements in IT and risk management enhance execution credibility for CNS’s platform .
Overall, Derechin’s compensation structure and ownership profile indicate strong equity alignment with controlled severance economics, moderate retention risk mitigated by ongoing RSU vesting, and potential trading signals tied to the January vesting cycle.