Artisan Partners Asset Management on Tuesday reported $109.2 billion in assets under management as of June 30, up 0.4% from March 31 but down 2.6% from a year earlier.
The company experienced $305 million in net outflows for the second quarter, compared with $2.2 billion in net outflows for the previous quarter and net inflows of $558 million for the second quarter of 2014.
CEO Eric Colson said in a statement in the company’s earnings release that the bulk of the firm’s net outflows were in its four midcap and small-cap domestic strategies.
“While relative performance of the U.S. small-cap value and U.S. midcap value strategies has suffered during the prolonged bull market, we believe some of the outflows across all four strategies is part of a larger trend of investors and clients rebalancing portfolios away from the mid- and small-cap domestic sectors where absolute performance has generally been exceptional over the last five years,” Mr. Colson said
The non-U.S. growth strategy had $1 billion in net inflows, while the global opportunities strategy had net inflows of $878 million.
Revenue was $211.5 million for the quarter, up 4% from the previous quarter and up 1.4% from the quarter ended June 30, 2014. Net income attributable to Artisan Partners Asset Management, meanwhile, was $23.8 million in the second quarter, up 22% from $19.5 million in the first quarter and up 23.3% from $19.3 million the second quarter of 2014.