Market appreciation was responsible for $12.7 billion of the increase in Artisan's total assets under management in the quarter ended March 31 compared to market depreciation of $15.4 billion in the prior quarter, the firm said.
Artisan Partners is "actively assessing the myriad changes occurring in the investment and wealth management marketplace to identify with trends that align with who we are as a high value-added, long-term oriented investment firm," said Eric Colson, Artisan's chairman and CEO, said in the April 30 news release accompanying the firm's earnings statement. "These trends include the evolving models for working with intermediaries and platforms, increased globalization and digitization, active ETFs, smaller-balance (separately managed accounts) and other investment vehicles."
Artisan Partners' first-quarter 2019 revenue was $187 million, down 2.4% from the previous quarter and 11.8% lower than the year-earlier quarter.
Net income under GAAP was $32 million for the quarter, compared with $33 million in net income in the fourth quarter. In the first quarter of 2018, Artisan Partners had a net gain of $41 million.