Artisan Partners (APAM) Asset Management had assets under management of $109.4 billion as of June 30, up 5.4% from three months earlier and up 15.2% for the year as market performance countered continued net outflows, the firm reported Monday in its second-quarter earnings release.
Artisan saw $7.1 billion in gains from market performance, which was partially offset by $1.5 billion in net outflows. Net outflows increased from $272 million in the first quarter. The firm had experienced $3 billion in net outflows in the quarter ended June 30, 2016.
The company reported revenue of $196.2 million, up 6.6% from the previous quarter and an increase of 8.5% from the year earlier.
Net income under GAAP was $26.6 million in the latest quarter, up 34.3% from three months earlier and 45.3% from the quarter ended June 30, 2016.
CEO and Chairman Eric Colson said in the earnings release that net outflows in the first six months of 2017 came primarily from non-U.S. growth and U.S. midcap growth strategies, which have had net outflows of $4.4 billion and $2.3 billion respectively.