曲棍球运动员 - 和资产管理人员 - 曾经可以通过游戏进行髋关节。那不够。

Cohen＆Steers在80秒内开始，从Reits开头的财务角落的销售返回。然而，今天首席执行官鲍勃斯特队在被动投资和低费用的世界中每天都在努力作出违约。

With AC/DC’s sports fan classic "You Shook Me All Night Long" reverberating off the ice at New York’s Madison Square Garden at a recent Rangers game, Bob Steers tells a reporter, “The last thing you want to do is stare at the puck.”

像许多记者一样，我显然盯着冰球。

1986年共同创立了与现在退休的Marty Cohen的Cohen＆Steers的Steers，65岁，他究竟知道了在哪里看起来。曲棍球是家庭运动。每个人都玩过，从Steers和他的两个兄弟到他的四个孩子，甚至他的91岁的母亲（“或至少这就是她所说的，”他笑了）。长大后的阉牛在纽约里面举起自己的家庭，在高中扮演曲棍球，直到两年前，在黑麦游侠男人的团队。作为他的孩子队的教练，他很快指出，他的女儿是家庭中最自然的溜冰者。

我们坐在家庭座位上，坐落在家庭座位上，纽约游骑兵，安德鲁和吉普斯 - 有四个新手防御员和一个新秀守门员 - 面对匹兹堡企鹅。在他自己早期的职业生涯中，Steers在20世纪70年代末作为一个股票研究分析师在花旗银行作为股票研究分析师工作，然后在1984年加入了一个共同基金公司，他开始了第一个专注于公共房地产公司的基金。Steers招募了科恩，他在Citi举行会议，然后是管理房地产股票基金和一些房地产投资信托的银行，以监督基金。

两年后，两年后才能专注于休养工馆，使投资者主流投资者获得商业房地产。美国最富有的家庭当时仍然控制了该部门。Steers和Cohen投注他们的早期开始将最终使他们成为当时的首页 - 其中有60亿美元的市场上限 - 主流。然而，作为第一次搬家，他们也持续了七年，比如向投资者解释的令人沮丧的基本事物，因为在获得任何牵引力之前究竟是什么。

他们的头开始了。在20世纪90年代，该公司成为Reits之王，即使其竞争对手成为其他一切的传递者。到2000年代初，科恩和斯特尔开始谦虚地扩展到其他相关资产，如首选库存，上市基础设施和商品和自然资源。2004年，该公司公开了。

这是第二个时期和企鹅在迷信运动粉丝们努力帮助游侠的努力，仍然是努力的第二个时期和企鹅评分两个目标 - 包括在比赛前的晚餐和偷偷地安排父亲和本记者的习惯。但企鹅两次卫冕斯坦利杯冠军，都拥有冰球并占据主导地位。“游侠正试图陷入困境，并制作一场比赛，有时欠款胜利。我认为今晚不会发生这种情况，“斯蒂尔说。

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MORE THAN 30 YEARS after its founding, Cohen & Steers is part of the establishment, but still has plenty of competitors in every product — including REITs, now a $1.7 trillion sector the firm had a hand in shaping. Steers says the firm is hardly immune to the industry’s woes even though it has remained focused on inefficient markets where active managers have a chance to do well and has consistently beaten benchmarks.

The firm is questioning its orthodoxy. With a slice of the asset management industry still unwilling to make changes, I ask Steers what’s different at the firm. He says other asset managers are looking at where the puck is now, not where it’s going to be. (At a Rangers game it’s hard to avoid referencing Wayne Gretzky’s puck quote.)

For one thing, Steers says, his firm has been preparing for the onslaught of passive for at least ten years. In 2015, a year when the firm had record revenues, Steers wrote these dismal words a few lines into his shareholder letter: “It is time to acknowledge the truth. Long-only active asset management in its current form is no longer a growth industry.” He went on to address the need to change: “Those who don’t are relegated to the dustbin of history alongside Eastman Kodak and Blockbuster.”

Steers says that to entice investors away from passive options, firms will have to offer even more alpha — risk-adjusted returns above the benchmark — than in the past. It’s great to beat the index, but there’s risk in choosing an active manager over an index fund, so the gains have to be worth it. In the early days there was no such thing as active-manager risk.

“There are a half-dozen ways that we’re adding alpha now that we didn’t try before, whether in the trading room, hedging in global portfolios, or tactically,” notes Steers. “Anything we can do, we’ll do.” The firm also created a quantitative group to help portfolio managers size positions and manage risk, and it’s busy buying prepackaged software so it can take advantage of machine learning and other advanced computing techniques.

On the ice, players slam into the side of the rink. Hockey, once known for players hip-checking each other throughout the game and constant fighting, has been cleaned up over the past five to ten years. “The league has worked hard,” says Steers in response to a question about the change. “There are more penalties for clutching and grabbing. The league wants the skilled players to shine.”

For decades many asset managers were lucky, grabbing market share from competitors with amateur game plans and brutish marketing. Now even the most skilled teams need to play a beautiful game to win. Steers says some longtime managers remain arrogant, aggressively defending their high fees and other outdated practices. “Why lose business when you ultimately have to cut fees anyway? Why not use it to your advantage and even have below-average fees in some cases?”

这是游戏的第三期，游侠正在努力作战。

像许多企业家、引导和科恩vision of being first in a new market and establishing themselves as experts. Millennials, though, will need to have that expertise expressed in phrases like “concentrated portfolio,” “low-fee,” and “independently owned manager” so they can tap them into their phones and get a short list of fund choices.

十年前，已经分发只看起来就像它一样。经纪公司正在削减他们建议顾问使用三分之二的资金数量。“这几乎就像亚马逊对零售的事情：稍微过时的物理分布，”操纵者解释道。“你可以拥有1000名批发商，但如果您的产品不在推荐清单上，它不会有任何差异。”

花园里的人群在第三个时期的脚下，因为弱者的游侠回来并将游戏绑了两次。他们在加班时赢得4-3。随着粉丝在线写道，“我真的不知道该怎么说这比如这样的比赛。如果游侠在季后赛中，或者狩猎季后赛，那将是您在很长一段时间内看到的最好的胜利之一。游戏有一切：迟到的目标，在最后一分钟，加班，哦，是的，胜利，“

When I ask Steers whether he misses the daily struggles of being a start-up, he smiles and says his wife, Lauren, who worked at the firm in the early years, would say those were the best days. “But we’re battling it out today. It’s not a battle for survival, but there are headwinds that are very challenging. You either get better or you disappear.”