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AUM and Revenue Trends - Artisan Partners reported preliminary AUM of $155.7 billion as of Apr 30, 2024, a 2.9% decline from the prior quarter's $160.4 billion [1] - Artisan Funds and Artisan Global Funds accounted for $75.5 billion (48.4%) of total AUM, while separate accounts and other AUM totaled $80.2 billion (51.5%) [1] - The company's AUM has shown a five-year CAGR of 9.3% from 2018 to 2023, with continued improvement in Q1 2024 [1] - Net revenues have grown at a CAGR of 3.3% over the past five years, driven by a solid AUM balance and diverse product offerings [2] Product and Strategy Development - Artisan Partners has expanded its investment strategies with the launch of Value Income, Artisan Emerging Markets Local Opportunities, Artisan Global Unconstrained, and Artisan Emerging Markets Debt Opportunities Strategies in 2022 [2] - The company continues to invest in new teams, technological capabilities, and operational improvements to support long-term growth [2] Competitive Landscape - Victory Capital Holdings reported an AUM of $163.6 billion for April 2024, a 4% decline from $170.3 billion in March 2024 [5] - Franklin Resources reported preliminary AUM of $1.60 trillion as of Apr 30, 2024, a 2.5% decrease from the prior month, driven by negative markets and long-term net outflows [6] Market Performance - APAM shares have risen 23.4% over the past six months, compared to the industry's 27.9% growth [3]

MILWAUKEE, May 09, 2024 (GLOBE NEWSWIRE) -- Artisan Partners Asset Management Inc. (NYSE:APAM) today reported that its preliminary assets under management ("AUM") as of April 30, 2024 totaled $155.7 billion. Artisan Funds and Artisan Global Funds accounted for $75.5 billion of total firm AUM, while separate accounts and other AUM1 accounted for $80.2 billion. PRELIMINARY ASSETS UNDER MANAGEMENT BY STRATEGY2     As of April 30, 2024 - ($ Millions)  Growth Team  Global Opportunities$        21,778         Glo ...

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Assets Under Management (AUM) - Assets under management increased to $160.4 billion, up $10.2 billion (7%) from $150.2 billion at December 31, 2023, driven by $10.8 billion of market appreciation, partially offset by net client cash outflows of $0.5 billion[84] - Average assets under management for Q1 2024 were $154.2 billion, a 14% increase from $135.4 billion in Q1 2023 and a 10% increase from $140.3 billion in Q4 2023[84] - Total assets under management increased to $160.384 billion as of March 31, 2024, up from $138.498 billion in the same period last year[97][98] - Total assets under management increased to $160.4 billion as of March 31, 2024, up from $150.2 billion at the beginning of the quarter, driven by investment returns and net client cash flows[102] - Artisan Funds & Artisan Global Funds AUM increased to $77.414 billion, up from $66.979 billion in Q1 2023[100] - Separate Accounts and Other AUM grew to $82.970 billion, up from $71.519 billion in Q1 2023[100] - Global Equity team's AUM increased to $14.259 billion, up from $13.725 billion at the start of Q1 2024[97] - Developing World Peak team's AUM grew to $3.837 billion, up from $3.453 billion at the start of Q1 2024[97] - Total Assets Under Management across all strategies is $160.384 billion[95] Revenue and Earnings - Revenue for Q1 2024 was $264.4 million, a 13% increase from $234.5 million in Q1 2023[84] - Revenues increased 13% to $264.4 million for Q1 2024 compared to $234.5 million in Q1 2023, primarily due to a 14% increase in average assets under management[104] - Earnings per share were $0.84 (basic and diluted) and $0.76 (adjusted) for Q1 2024[84] - Net income attributable to Artisan Partners Asset Management Inc. increased 17% to $59.5 million in Q1 2024 compared to $50.8 million in Q1 2023[104] - Adjusted net income increased by $9.8 million (19%) to $61.6 million for Q1 2024[117] Operating Margin and Expenses - GAAP operating margin was 29.4% for Q1 2024, compared to 29.1% in Q1 2023, while adjusted operating margin was 30.9% in Q1 2024 versus 29.9% in Q1 2023[84] - Adjusted operating margin improved to 30.9% for Q1 2024 from 29.9% in Q1 2023[117] - Compensation and benefits expenses increased 14% to $149.9 million, driven by higher incentive compensation and a 4% increase in full-time associates[109] - Other operating expenses increased 6% to $36.8 million, primarily due to higher distribution costs and increased travel expenses[109] Client Cash Flows and Investment Strategies - Net client cash flows were -$523 million in Q1 2024, an improvement from -$1,231 million in Q1 2023[89] - Net client cash flows were negative at -$523 million for Q1 2024, compared to -$1.231 billion in Q1 2023[97] - Net client cash flows were negative at $523 million for the quarter, with equity strategies experiencing outflows of $1.592 billion, partially offset by inflows in fixed income and alternative strategies[102] - 11 of 25 investment strategies had net outflows totaling $2.3 billion in Q1 2024, partially offset by $1.8 billion of net inflows across the remaining 14 strategies[92] - Artisan High Income Fund, Artisan International Value Fund, and Artisan International Small-Mid Fund are closed to most new investors as of the filing date[92] - Approximately 15% of assets under management at March 31, 2024 were excluded from performance composites due to client-imposed restrictions or non-USD currency management[92] Investment Performance - Global Opportunities Strategy has $22.599 billion in AUM with a 1-year return of 26.43% and a 5-year average annual return of 13.23%[94] - U.S. Mid-Cap Growth Strategy shows $13.771 billion in AUM with a 1-year return of 23.21% and a 5-year average annual return of 12.64%[94] - Non-U.S. Growth Strategy has $13.722 billion in AUM with a 1-year return of 17.22% and a 5-year average annual return of 7.92%[94] - International Value Strategy reports $42.956 billion in AUM with a 1-year return of 18.02% and a 5-year average annual return of 12.50%[94] - Global Value Strategy has $27.298 billion in AUM with a 1-year return of 25.29% and a 5-year average annual return of 11.21%[94] - Antero Peak Strategy shows $2.039 billion in AUM with a 1-year return of 30.78% and a 5-year average annual return of 14.46%[95] - Non-U.S. Small-Mid Growth Strategy has $7.390 billion in AUM with a 1-year return of 8.65% and a 5-year average annual return of 8.94%[95] - Global Unconstrained Strategy reports $596 million in AUM with a 1-year return of 11.74%[95] - Emerging Markets Debt Opportunities Strategy has $110 million in AUM with a 1-year return of 15.16%[95] Institutional and Retail Channels - Institutional channel assets under management grew to $101.028 billion, representing 63.0% of total AUM, up from $88.204 billion (63.7%) in 2023[98] - Retail channel AUM decreased to $5.562 billion (3.5% of total), down from $5.948 billion (4.3%) in Q1 2023[98] - Defined contribution plan clients accounted for approximately 9% of total AUM as of March 31, 2024[98] Management Fees and Performance Fees - Weighted average management fee decreased to 69.1 basis points in Q1 2024 from 70.4 basis points in Q1 2023[89] - Weighted average investment management fee decreased to 69.1 basis points in Q1 2024 from 70.4 basis points in Q1 2023, due to mix and tiered billing structures[107] - Approximately 3% of the $160.4 billion in assets under management as of March 31, 2024 have performance fee billing arrangements[105] - Artisan Funds and Artisan Global Funds accounted for 48% of ending assets under management as of March 31, 2024, with a weighted average management fee of 89.1 basis points[108] Compensation and Incentives - Long-term incentive compensation awards granted in Q1 2024 had a total grant date fair value of $59.2 million, consisting of $20.8 million in restricted share-based awards and $38.4 million in franchise capital awards[109] - Seed investments totaled $155.5 million as of March 31, 2024, with $152.5 million related to long-term incentive compensation plans[119][120] Cash Flow and Financial Position - Net cash provided by operating activities increased to $147.0 million in Q1 2024, up from $120.9 million in Q1 2023, driven by higher operating income and changes in working capital[127] - Cash, cash equivalents, and restricted cash increased to $228.6 million as of March 31, 2024, compared to $173.1 million as of March 31, 2023[127] - Net cash used in investing activities decreased to $29.1 million in Q1 2024, down from $36.2 million in Q1 2023, primarily due to reduced purchases of investment securities and lower capital expenditures[127] - Net cash used in financing activities increased to $63.8 million in Q1 2024, up from $54.9 million in Q1 2023, mainly due to higher dividend payments[127] - The deconsolidation of an investment product resulted in a $4.0 million decrease in cash, cash equivalents, and restricted cash in Q1 2024[127] - Cash and cash equivalents increased by $43.2 million to $184.2 million as of March 31, 2024[120] - Company has $200 million in unsecured notes and $100 million unused revolving credit facility[120] Dividends and Distributions - APAM declared a quarterly dividend of $0.68 per share for Class A Common stock in Q1 2024, compared to $0.55 per share in Q1 2023, representing a 23.6% increase[124] - The company expects to pay a quarterly dividend of approximately 80% of the cash generated each quarter, with a variable quarterly dividend of $0.61 per share declared for Q1 2024[124] - Total Holdings Partnership Distributions increased to $30.2 million in Q1 2024, up from $23.0 million in Q1 2023, reflecting growth in distributions to both limited partners and APAM[123] Tax and Liability - Effective income tax rate decreased slightly to 20.2% for Q1 2024 from 20.6% in Q1 2023[112] - The TRA liability increased to $375.6 million as of March 31, 2024, up from $364.0 million at December 31, 2023, with expected payments of $37.2 million in fiscal 2024, of which $27.9 million was paid in April 2024[126][128] Non-Operating Income and Investments - Interest income on cash and cash equivalents increased by $1.3 million (260%) to $1.8 million for Q1 2024 compared to Q1 2023[111] - Net investment gain of consolidated investment products increased by $4.3 million (29%) to $19.2 million for Q1 2024[111] - Total non-operating income increased by $8.9 million (40%) to $31.0 million for Q1 2024[111] Accounting and Risk Disclosures - No material changes were reported in the company's critical accounting policies or market risk disclosures compared to the previous year[129][131]

Financial Data and Key Metrics Changes - Assets under management (AUM) ended the March quarter at $160 billion, up 7% from the last quarter and up 16% from March 2023 [23] - Revenues in the quarter increased 6% compared to the last quarter and were up 13% compared to March 2023 [24] - Adjusted operating income increased 2% sequentially and 17% compared to last year's March quarter [28] Business Line Data and Key Metrics Changes - Net client cash outflows during the quarter were just over $500 million, with net outflows in equity strategies partially offset by net inflows in fixed income and alternative strategies [23] - The Artisan High-Income strategy generated average annual returns of 6.18% after fees, ranking number two out of 135 funds in the Morningstar High Yield Bond category [12] Market Data and Key Metrics Changes - The annualized organic outflow rate improved to 1% from 3% in 2023 [23] - Approximately $1.4 billion of investment returns were in excess of benchmark returns during the quarter [23] Company Strategy and Development Direction - The company is focused on expanding its credit team and alternative strategies, with a strong emphasis on high-value-added investments [10][22] - There is a strategic shift towards diversifying into real assets, infrastructure, and alternative strategies, aligning distribution to support these initiatives [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of the credit team and the potential for emerging markets debt, particularly in light of recent market disruptions [34][43] - The company is optimistic about the institutional channel's strength and the ongoing dialogue with institutional buyers [48] Other Important Information - The average recurring fee rate for the quarter was 69 basis points, consistent with the last quarter [24] - The company declared a quarterly dividend of $0.61 per share, representing approximately 80% of the cash generated in the quarter [29] Q&A Session Summary Question: Thoughts on fixed income and alternative strategies - Management discussed the importance of long-term asset allocation and the growth in the alternative space, particularly in fixed income [33][34] Question: Equity allocations and performance - Management noted that there is disruption in equity allocations, particularly in emerging markets, which could create new opportunities [37] Question: Future of fixed income business - Management highlighted the success of the credit team and the potential for growth in alternative strategies and wealth management [42][43] Question: Expense guidance for the year - Management provided insights on seasonal expenses and expected normalization of the compensation rate [44][45] Question: Institutional channel performance - Management indicated that the institutional channel was strong in the first quarter, with positive funding in fixed income and alternatives [48] Question: Demand for new alternative credit strategies - Management emphasized that demand for alternative strategies is more about client engagement than macroeconomic conditions [54][56]

Artisan Partners Asset Management Inc. (APAM) reported first-quarter 2024 adjusted net income per adjusted share of 76 cents, missing the Zacks Consensus Estimate of 79 cents. The bottom line increased 18.7% year over year.Results benefited from a rise in management fees earned from Artisan Funds & Artisan Global Funds and Separate accounts, which resulted in top-line growth. The balance sheet position and the assets under management (AUM) balance improved in the reported quarter. However, elevated operatin ...

Artisan Partners Asset Management (APAM) came out with quarterly earnings of $0.76 per share, missing the Zacks Consensus Estimate of $0.79 per share. This compares to earnings of $0.64 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.80%. A quarter ago, it was expected that this investment management firm would post earnings of $0.78 per share when it actually produced earnings of $0.78, delivering no surprise.Over the last ...

Financial Performance - Revenues for the March 2024 quarter were $264.4 million, a 6% increase from $249.0 million in the December 2023 quarter, driven by higher average AUM[3] - GAAP net income for the March 2024 quarter was $59.5 million, or $0.84 per share, compared to $64.8 million, or $0.92 per share, in the December 2023 quarter[3] - Adjusted net income for the March 2024 quarter was $61.6 million, or $0.76 per adjusted share, compared to $62.8 million, or $0.78 per adjusted share, in the December 2023 quarter[3] - Operating income for the same period was $77.7 million, slightly up from $76.4 million in the previous quarter and significantly higher than $68.3 million a year ago[17] - Net income attributable to Artisan Partners Asset Management Inc. was $59.5 million, down from $64.8 million in the previous quarter but up from $50.8 million year-over-year[17] - Adjusted net income (Non-GAAP) for the quarter was $61.6 million, slightly down from $62.8 million in the previous quarter and up from $51.8 million year-over-year[20] - Adjusted operating income (Non-GAAP) was $81.6 million, compared to $80.0 million in the previous quarter and $70.0 million a year ago[20] Assets Under Management (AUM) - Assets Under Management (AUM) increased to $160.4 billion as of March 31, 2024, a 7% increase from $150.2 billion at December 31, 2023, primarily due to $10.8 billion of market appreciation[3] - AUM increased by 16% from $138.5 billion at March 31, 2023, primarily due to $26.0 billion of investment returns[4] - Total assets under management (AUM) as of March 31, 2024, reached $160.384 billion, an increase from $150.167 billion at the end of the previous quarter[38] - Average AUM for the quarter was $154.158 billion, compared to $140.291 billion in the same quarter last year, reflecting a year-over-year growth[38] Operating Expenses - Operating expenses increased to $186.7 million in the March 2024 quarter, an 8% increase from $172.6 million in the December 2023 quarter, primarily due to higher incentive compensation expenses[3] - Total operating expenses increased to $186.7 million from $172.6 million in the previous quarter and $166.2 million a year ago[17] Cash Flow and Dividends - The company declared a variable quarterly dividend of $0.68 per share for the March 2024 quarter, representing approximately 80% of the cash generated[9] - Cash and cash equivalents were $184.2 million at March 31, 2024, up from $141.0 million at December 31, 2023[9] Investment Performance - Total investment gains were $31.3 million in the March 2024 quarter, compared to $36.2 million in the December 2023 quarter[3] - Investment returns and other contributions amounted to $10,825 million, down 25.7% from $14,564 million in the previous quarter[32] - The overall performance of the investment strategies is reflected in the gross composite performance metrics, which are expected to be detailed in subsequent reports[39] Client Cash Flows - Gross client cash inflows totaled $6,186 million for the three months ended March 31, 2024, a 12.3% increase from $5,506 million in the previous quarter[32] - Net client cash flows were negative at $(523) million, compared to $(398) million in the previous quarter, indicating a decline in net inflows[32] Strategic Focus - The company plans to expand its investment strategies and enhance its product offerings to drive future growth[36] - Artisan Partners has been managing client assets since 1994, focusing on value-added investment strategies[15] Conference Call Information - The conference call will be hosted on April 24, 2024, at 1:00 p.m. (Eastern Time) to discuss the financial results[12] - The conference call will be accessible via the company's website and through a dedicated phone line for international callers[12] - A replay of the conference call will be available until May 1, 2024, at 9:00 a.m. (Eastern Time)[12] Investment Strategies and Rankings - Artisan High Income Fund - Advisor Share was ranked 74 out of 666 in the High Yield Bond category for the 1-year period as of March 31, 2024[15] - The company provides a diverse range of investment strategies across multiple asset classes, committed to attracting experienced investment professionals[15] - The document includes performance data for various strategies, with specific returns and benchmarks noted[1]