Artisan Partners Asset Management saw assets under management increase slightly in the fourth quarter of 2014 to $107.9 billion, capping what President and CEO Eric Colson said in an earnings release were “mixed results” for the company last year.
The AUM was up 1.6% from three months earlier and up 2.3% from Dec. 31, 2013.
Artisan reported $500 million in net client outflows for the quarter and $2.2 billion in market appreciation. For the year, it experienced $800 million in net inflows and $1.6 billion in market appreciation.
Revenue of $206 million in the quarter was down 3% from the previous quarter but up 4.3% from the fourth quarter of 2013.
Net income of $21.3 million in the fourth quarter was up slightly from $20.4 million three months earlier and up significantly from $10.1 million in the final quarter of 2013.
Mr. Colson said that 2014 was a difficult year for active management as market results were significantly impacted by price momentum and market volatility due to geopolitical and macro results.
"The impact on our investment strategies varied, but in general the fundamental approach of our teams is less likely to be rewarded in a market like the one we saw in 2014,” Mr. Colson said.