Artisan Partners Asset Management on Tuesday reported net outflows of $2.2 billion in the first quarter of 2015, but market gains helped bring assets under management to $108.7 billion as of March 31, up 0.7% from Dec. 31 and up 1.2% year-over-year.
CEO Eric Colson said in a statement in the company’s earnings release that the bulk of net outflows were in the U.S. midcap value and U.S. small-cap value equity strategies.
“Those strategies have delivered absolute strong results during the bull market, but relative performance has been weak in recent periods,” Mr. Colson said.
“Since becoming a public company, we have repeated that we expect our results to be lumpy,” he added. Mr. Colson said he was “confident” that the firm could grow its business over the long term.
Artisan went public in March 2013.
Revenues were $203.6 million for the quarter, down 1.2% from the previous quarter but up 0.9% from the quarter ended March 31, 2014.
Artisan also saw a decline in net income to $19.5 million in the first quarter, down 8.4% from the previous quarter but up from the first quarter of 2014 by 55.8%.
The company said in its earning release that the latest quarter was impacted from the previous quarter’s earnings from startup costs related to the addition of Artisan’s seventh investment team, the Artisan Partners developing world team.