Cohen & Steers is set to be the largest money manager to complete an initial public offering in nearly five years, CBS MarketWatch reports.
The countrys biggest manager of real-estate mutual funds is planning to offer 7.5 million shares of its common stock at $13 to $15 a share, which should raise between $98 million to $113 million. It was speculated that the offering could be brought as soon as Thursday afternoon. The offering is expected to be the largest since Neuberger Berman launched its IPO in 1999.
The Cohen IPO is well-timed, according to experts, as the firms real estate spotlight has been "enormously successful" and the firm has avoided the stink of the scandals in the industry, according to Burton Greenwald, president of B.J. Greenwald Associates, a consulting firm in Philadelphia. The firms assets have nearly quadrupled since 1999, tallying $15.1 billion.
Calamos Asset Management , which had more than $32 billion in assets at the end of the second quarter, also plans to go public.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.