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Money Management

Artisan Partners sees 12% asset gain for quarter, 6.1% drop for year

David Samra, managing director at Artisan Partners.

Artisan Partners (APAM) Asset Management had $107.8 billion in assets under management as of March 31, up 12% from three months earlier and down 6.1% from a year earlier, the company said April 30 in its first-quarter earnings report.

The active money management company saw net outflows of $1.1 billion in the first quarter, significantly less than net outflows of $4.9 billion in the fourth quarter. Net outflows in the quarter ended March 31, 2018, totaled $603 million.

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 (APAM) 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.