Artisan earnings up on increased assets under management

Artisan Partners Asset Management Inc. reported first quarter net income of $8.6 million, or a loss of $2.29 per share, up from $3 million, or 19 cents per share, in the first quarter of 2013.

Revenue was $201.8 million, up from $148.2 million in the same period a year ago.

Assets under management increased to $107.4 billion, up 29 percent from $24.2 billion in the first quarter of 2013, due to market appreciation and $6.4 billion in net client cash inflows.

“Our business development results in the first quarter were diversified but biased towards commingled vehicles,” said Eric Colson, president and chief executive officer. “Four of our five distribution channels and four of our six investment teams experienced positive client cash flows in the quarter. The broker dealer channel has remained an area of strength. The institutional channel has experienced outflows primarily as a result of asset allocation policy decisions, our commitment to fee discipline and performance. Across teams, our global equity and global value teams were standouts. Ongoing demand for our global value strategy led to a further closing to protect the alpha potential of the strategy over the long-term.

“Financial results across our primary financial metrics were consistent with our expectations. Organic growth remained solid and drove asset growth along with market appreciation. A healthy operating margin translated to an improvement in adjusted earnings.“

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