Reports from various media outlets have implied that Cohen & Steers Inc. is closing down its private equity real estate business unit. The news reports refer to an email emanating from the firm's division head as the source of the announcement. Cohen & Steers Inc. is an asset manager focused on publicly traded property firms. The company operates from its headquarters in New York City.
Steve Coyle is the chief investment officer of Cohen & Steers' Global Realty Partners unit. He wrote, "The firm has decided to no longer be active in the private-equity real estate space. As a result, my team and I will depart the firm effective this Friday."
Mr. Coyle was a chief investment strategist of Citigroup's property division before he joined Cohen & Steers in 2008. While with Cohen & Steers, Mr. Coyle raised substantial capital allowing him to invest with other real estate fund firms. According to its latest financial reports, Cohen & Steers had around US$47.8 billion of assets under management.
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