Artisan Partners Asset Management had $96.2 billion in assets under management as of Dec. 31, down 17.5% from three months earlier and down 16.7% from a year earlier, the company said Tuesday in its fourth-quarter earnings report.
The active money management company suffered net outflows of $4.9 billion in the fourth quarter vs. net outflows of $1.5 billion in the third quarter and net outflows of $2.5 billion in the fourth quarter of 2017.
Market depreciation was responsible for $15.4 billion of the decline in total assets under management in the latest quarter compared to market appreciation of $3.9 billion in the prior quarter, the firm said.
Eric Colson, chairman and CEO, attributed the decline in the firm's AUM and high net outflows in the fourth quarter to investor derisking, noting during a conference call with analysts Tuesday that investors redeemed from the firm's equity mutual funds and exchange-traded funds.