Artisan Partners Asset Management reported assets under management of $97 billion as of March 31, down 2.8% from three months earlier and down 10.8% from a year ago, said the company’s earnings release.
The decline in AUM in the latest quarter is the result of $1.5 billion of market depreciation and $1.3 billion in net outflows, the company said.
Eric Colson, Artisan president, CEO and chairman, in a conference call with analysts Tuesday said $1.2 billion of the $1.3 billion in net outflows came from U.S. value equity strategies.
“The relative performance of the team suffered over the last several years as momentum stocks appreciated relative to the less expensive stocks the team’s philosophy favors,“ Mr. Colson said. “Consistent with our high value-added philosophy, the team took a different view than the market and, in this case, was punished for doing so.”
Artisan had announced in late February it is closing its U.S. small-cap value strategy and Artisan Small Cap Value Fund and merging the assets with the Artisan Mid Cap Value Fund in late May.
The company reported GAAP net income of $16.3 million in the first quarter, down 18.9% from the previous quarter and down 16.4% from the year-over-year quarter.
Revenues in the latest quarter totaled $174.5 million, down 9.1% from the previous quarter and down 14.3% from the same period a year earlier.
