Artisan Partners Asset Management reported assets under management of $97 billion as of Sept. 30, down 11.2% from three months earlier and down 8.7% from a year earlier.
The decline was the result of $10.9 billion of market depreciation and $1.3 billion in net outflows, the company said in its third-quarter earnings report Monday.
“In the third quarter, total AUM was negatively impacted by the significant decline in worldwide equity markets and net … outflows,” said Artisan CEO Eric Colson in a statement that accompanied the earnings release. “During the quarter, net outflows from the strategies managed by our U.S. value team continued to more than offset positive net flows for the rest of our business,” Mr. Colson said in the statement. “We experienced a total of $1.3 billion in net outflows during the quarter, with $1.6 billion of net outflows from the U.S. value team strategies.”
The company reported income of $18.4 million in the third quarter, down 22.6% from the second quarter and down 9. 8% from the third quarter of 2014.
Revenue of $198.4 million in the most recent quarter was down 6.2% from the previous quarter and down 6.6% from the year-earlier quarter.