Artisan Partners (APAM) Asset Management's assets under management totaled $103.8 billion as March 31, up 7.2% from the fourth quarter of 2016 and up 7% year-over-year, the firm reported Thursday in its first-quarter earnings release.
The quarterly increase was the result of $7.2 billion in market appreciation slightly offset by $272 million in net client outflows, according to the earnings release. Net outflows in the previous quarter and year-earlier quarter were $231 million and $1.3 billion, respectively.
Artisan's net income under GAAP was $19.8 million in the first quarter, up from $19.3 million in the fourth quarter and $16.3 million in the first quarter of 2016.
Revenue was $184.1 million in the first quarter, up from $181.5 million in the previous quarter and $174.5 million in the year-earlier quarter.