Ladies and gentlemen, thank you for standing by. Welcome to the First Quarter 2013 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, the conference is being recorded, Thursday, April 18, 2013. I would now like to turn the conference over to Sal Rappa, Senior Vice President. Please go ahead, sir.

Thank you. And welcome to the Cohen & Steers first quarter 2013 earnings conference call. Joining me are Co-Chairman and Co-Chief Executive Officer’s, Marty Cohen and Bob Steers; our President, Joe Harvey; and our Chief Financial Officer, Matt Stadler. Before I turn the call over to Matt, I want to point out that during the course of this conference call, we may make a number of forward-looking statements. These forward-looking statements are subject to various risks and uncertainties and there are important factors that could cause actual outcomes to differ materially from those indicated in these statements. We believe that some of these factors are described in the Risk Factors section of our 2012 Form 10-K, which is available on our website at cohenandsteers.com. I want to remind you that the company assumes no duty to update any forward-looking statements. Also, the presentation we make today contains pro forma or non-GAAP financial measures, which we believe are meaningful in evaluating the company’s performance. For detailed disclosures on these pro forma metrics and their GAAP reconciliations, you should refer to the financial data contained within the press release we issued yesterday, as well as in our previous earnings releases each available on our website. Finally, this presentation may contain information with respect to investment performance of certain of our funds and strategies. I want to remind you that past performance is not a guarantee of future performance. For more complete information about these funds including charges, expenses and risks, please call 800-330-7348 for perspectives. With that, I’ll turn the call over to Matt.

Thank you, Sal. Good morning, everyone, and thanks for joining us this morning. Yesterday, we reported net income of $0.34 per share, compared with $0.41 in the prior year and $0.49 sequentially. The first quarter of 2013 included an after tax expense of $0.10 per share, primarily due to costs associated with the offering of Cohen & Steers MLP Income and Energy Opportunity Fund. After adjusting for these items earnings per share would have been $0.44. Revenue for the quarter was record $72.5 million, compared with $63.7 million in the prior year and $71.7 million sequentially. The increase in revenue from the prior year was attributable to higher average assets, resulting primarily from market appreciation, the launch of two closed-end funds and net inflows into open-end funds. Average assets for the quarter were a record $47.4 billion, compared with $43 billion in the prior year and $44.9 billion sequentially. Our affected fee rate for the quarter was 55.9 basis points, down from 56.3 basis points in the sequential quarter. The decrease was primarily due to a decline in the value of the end, partially offset by a continued positive shift in the mix of our assets under management. Operating income for the quarter was $20.7 million, compared with $25.4 million in the prior year and $32.7 million sequentially. Excluding the closed-end fund offering costs, operating income for the first quarter of 2013 was $28.5 million. Our operating margin adjusted for the offering costs decreased to 39.4% from 46% last quarter. The decrease was primarily due to lower compensation and benefit last quarter resulting from the cumulative effect of an adjustment to incentive compensation and higher distribution and service fee expenses this quarter. Pre-tax income for the quarter was $23.3 million, net of noncontrolling interest, which represents third-party interest in the…

Thank you, Matt. It’s been a very busy period for our company so far this year. Like most asset managers, we have enjoyed strong market tailwinds. Unlike some managers, nearly all of our strategies are attracting strong interest and that’s beginning to translate into good flows. This includes retail, which has Matt discussed has enjoyed very strong organic growth, but also is institutional where despite out close from some subadvisory accounts, we are seeing strong interest globally. As we have discussed before, the asset classes that we offer are deliberately chosen for us timely. In this slow growth, low interest-rate environment that has persisted and looks like it may continued to persist, we have found that a number of trends have remained in our favor. First is that real estate continues to be an attractive proposition, due to its relatively high yield and the ability of our companies to finance asset purchases and refinance their balance sheets at extraordinarily low interest rates. We think the investments worlds of large underestimates the power of this environment. The REIT dividends story -- the REIT dividend growth story remains as strong as ever. For example, so far in 2013, 63 North American REITs have already raised their dividends, many by meaningful amount. I should mention that our Flagship Cohen & Steers realty shares fund is the nation’s largest actively managed open-end real estate mutual fund. Preferred securities have been our fastest-growing asset class due to their exceptional yield and their often complex structure that can make investing in individual issues somewhat tricky. Preferred securities in the past 12 months have increased to 10% of our total assets under management from 5%. We now manage the second largest actively managed open-end preferred securities mutual fund in the nation and it is barely three-years old.…

(Operator Instructions) And our first question comes from the line of Mac Sykes from Gabelli & Co. Please proceed. Mac Sykes - Gabelli & Co.: Hi. Good morning gentlemen. Just a couple of quick things, I was wondering if you can provide some color, excuse me, color on the model-based strategies. And so the AUM dipped this quarter, so what’s the outlook there. Any visibility on that business?

What strategy?

The long-based portfolio on the assets and advisory?

Mac, we don’t really provide guidance on that. I mean, I think we’ve seen in the model base that there was a decline. And in the other two categories, we had slight increases in both in ETFs and our unit investment trust business. We said in the past that the majority of what we’ve been experiencing in the model base on a net basis relates to the business in Japan. I think we’ve seen some deceleration in that both in assets under management and in the assets under advisement. But we don’t really give guidance on that because we’re just a sub-advisor in that relationship. We have had -- in the UMA channel, we have had some positive inflows from some of our other partners there. But the majority of that difference for this quarter is the Japanese relationship. Mac Sykes - Gabelli & Co.: Got it. The closing fund that was launched recently, I expect -- I mean, if you go to 30% leverage, what would be -- is there any sort of visibility on the timing of that. It might be sooner rather than later or depends on market conditions. Just sort of understanding the flows in?

Well, it’s like in the IPO where the underwriter has a greenshoe option which would take up to 45 days than typically we would set the leverage once we know what the total size of the fund would be. Mac Sykes - Gabelli & Co.: Okay.

So think of a second part of this quarter. We would get greenshoe in leverage. The fund was launched at the end of the first quarter. So it was really no fee income from that. And the fee income in the second quarter will be weighted more at the current level for the first half and then the increase for the second half in the second half of the year. Mac Sykes - Gabelli & Co.: Okay. And then if we exclude the, sort of, the impacts on the yen on the average fee rate for the firm. What would that number be?

It was included in there. I mean, that’s why we had a decline despite the positive.

Yeah. It would be if we excluded it.

It would probably be higher. It would be higher by a basis point, a little over basis point. Mac Sykes - Gabelli & Co.: Okay. Perfect. Thank you.

Thanks.

(Operator Instruction) And the next question comes from the line of Adam Beatty with the Bank of America. Please proceed.

Thank you, and good morning. Just a follow-up on the question about assets under advisement. Could you give us, maybe even just ballpark, how many strategies are in each of the three buckets that you report? Like how many ETFs are, for example, in the ETF bucket?

There is one -- the major one is our iShares. That’s the…

Okay.

I think we have three in total.

Got it.

But the one is the dominant one.

Okay.

At UMA.

That’s ICF which has 3 billion.

Right.

Yeah. And as I’ve taken, in the UMA, we have REITs, Global REITs, Infrastructure and Preferreds.

Okay.

So we have most of our strategies in those channels.

Got it. Okay. That’s very helpful. I appreciate it. And then I guess, on the high topic in terms of REIT flows in Japan. Some of the qualitative commentary which seems to indicate that there has been a bit of stampede back in having been out for while. Frankly, your sort of gradual improving trend, I think is probably healthier but number one, I guess, are you seeing a retail stampede? And if so, what’s driving, I mean, people, sort of, say low yields and I guess, low yields in Japan to me is not new news. So just any commentary around REIT flows in Japan?

Well, I’ll make a couple of comments. And you touched on one of them in your question. And that is the characteristics of flows in Japan do vary depending on the type of distribution you have and the distributors that you have. And so whereas the distributors that are comparable to the wire houses here in the states have much higher velocity of flows in and out whereas bank distribution is much more measure both in and out. And while we have exposure to both, the preponderance of our assets have been distributed to regional banks. Now, that said, I think investors, it’s hard to generalize, frankly about what’s going on in Japan. I think there is a lot going on. There is a change in sentiment. There seems to be more optimism about investing in a broad range of things but certainly, income-oriented, non-yen denominated investments like U.S. REITs look particularly good with the acceleration of the yen’s decline. So the flow trends are very favorable and improving. And so we are trying not to get too optimistic about the prospects for the rest of the year. But certainly the momentum is moving back in our favor.

Got it. That’s very helpful. Thank you. And then a little bit on maybe the institutional advisory side. Yesterday, the IMF had a report out, talking about pension funds and again probably not new news how critical underfunded pensions are sort of stretching for yield end or capital appreciation. Just a view on that, it sounds like the RFP pipeline is strengthening which is good. How you see higher yielding securities like REIT, like Infrastructure playing into that. And also on the supply side, any movements you’re seeing in terms of more public listing of those types of securities?

Well, with respect to institutional demand for REIT and similar portfolios, I would say that there too we’re seeing a gradual improvement in the level of interest and the pipeline. As you may recall, up until about three or six months ago, in our global and international strategies, we were in the penalty box because of under performance. Our performance in last six or nine months has improved substantially. And so there too, we’re becoming more optimistic. Those accounts that might have been on watch list or not on watch list any more. And we are seeing additional interest there. We are particularly seeing an improvement in interest in listed infrastructure institutionally. And frankly, even Preferreds which heretofore had not been a investment strategy that was widely embraced by the institutional market place.

I’ll answer the second part of the question which is what we’re seeing in terms of the markets manufacturing new securities that fit into these strategies. I know three different areas. The first is in the preferred area. It’s probably among the most dynamic and that’s being driven by the changes in the regulatory environment for financials in particular banks. And it’s happening on a global scale. So we’re seeing significant new issuance of Preferreds. In some cases, it’s refinancing to take out all Preferreds to lower coupons. But in another case, it’s to help build capital to meet the new regulatory requirements. So that’s very exciting to us and very dynamic. The secondary would be infrastructure where we’re seeing a lot of activity, particularly in the master limited partnership area, where there are new companies being brought public and existing company issuing new shares to help finance the midstream energy industry in this country which I’m sure many of you have read about. Then the third area is in the real estate securities segment where we had a very good time in the real estate cycle. As Marty mentioned earlier, our companies have tremendous access to capital. So the existing companies are using that access to expand their businesses on terms that are very accretive. But we’re also seeing some new companies being formed in Asia occasionally and in the U.S. and also some emerging markets like Mexico. So as long as the conditions that we are in today continue, we’re going to continue to see more capital formation and company creation in the real estate area.

Great. Excellent detail. Thanks for hitting both side of the questions. I appreciate. That’s all I had today.

And our next question comes from the line of [John Dunn] from (inaudible) Co. Please proceed.

Thanks for taking my question. On the 2013 investment spend, which areas do you think are likely to see the most spend?

Sorry, I didn’t quite catch the question, investment…

Sure. On the 2013 investment spend, which areas do you think need the most?

Yeah. There is a great deal on distribution. I think our popularity has probably outgrown our distribution force. And we need to service those distribution channels. We need to penetrate them a little better than we have. We think we can do that whether it’s in the retirement market in the U.S. or in Asia where we’re seeing a lot of interest in all of our strategies. So we have -- I would say distribution is where most of investment spending will be.

Right. Okay. And then on the closed-end fund side, do you have a sense of how many could be launched in 2013. Another words, if you get to the end of the year, what would you consider to be a successful year on that front?

It’s very heard to say. I don’t think we want to put a number out. But as I mentioned we are at work looking at strategy that would accommodate the market. There is a lot of steps to come in public. And one of these is got to be a good strategy in the underwriting and accounting to open up. So I don’t think we would be that comfortable given you a number.

Okay. Great. Thank you. I appreciate it.

There are no further questions at this time.

Thank you very much for joining us. And we look forward to speaking with you next quarter.

Ladies and gentlemen, that does conclude the conference call for today. We thank you for your presentation and ask that you please disconnect your line.