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Milwaukee-based global investment management firm Artisan Partners Asset Management Inc. on Monday reported lower first quarter earnings as a result of market volatility.
Net income attributable to Artisan Partners was $16.3 million, or 35 cents per share, down from $19.5 million, or 43 cents per share, in the first quarter of 2015.
Operating income was $54.8 million, down from $67.8 million in the same period a year ago.
Artisan Partners’ revenue was $174.5 million in the first quarter, down from $203.6 million in the first quarter of 2015.
At the end of the first quarter, Artisan Partners had $97 billion in assets under management, down from $108.7 billion at the end of 2015’s first quarter.
The firm’s leadership emphasized the long-term value of its investment funds, just as it did in its fourth quarter report.
“Over full market cycles, we believe that our strategies will meet client and investor goals and deliver outcomes that are superior to indexes and peers,” said Eric Colson, chairman and chief executive officer of Artisan.
“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,” Colson said. “We know that can happen. While the team’s relative performance has improved in 2016, the long-term underperformance is resulting in net outflows, which we expect will continue. As we announced in late February, the U.S. Value team will cease managing assets in the U.S. Small-Cap Value strategy and Artisan Small Cap Value Fund is scheduled to merge with Artisan Mid Cap Value Fund in late May 2016.”