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Artisan assets down 3% for quarter, year

Eric Colson
Eric Colson

Artisan Partners (APAM) Asset Management reported $96.8 billion in assets under management as of Dec. 31, down 3% from both three months earlier and Dec. 31, 2015, the company reported Monday in its earnings release.

The decrease was a result of $2.8 billion in market depreciation for the quarter and $200 million in net client outflows, the release said. The company reported $935 million in net outflows in the previous three-month period and $2 billion in net outflow in the year-earlier quarter. It had $4.8 billion in net outflows for calendar year 2016. Artisan's net income under GAAP was $19.3 million in the fourth quarter, flat from the previous quarter and down 4% from the year-over-year quarter.

Revenue was $181.5 million in the quarter, down 1.4% from the previous three months and down 5.5% from the year-earlier quarter.

Eric Colson, Artisan chairman and CEO, used the earnings call to issue a statement defending active management in general. All of Artisan's strategies are active.

“It's true that, in the aggregate, investors have continued to pull assets from traditional active strategies in favor of less expensive exposure products,“ he said. “It's also true that investors continue to allocate trillions of dollars to active managers, providing a meaningful opportunity for us to grow our business. “