Artisan Partners profits up

Milwaukee-based Artisan Partners Asset Management Inc. reported net income of 47.6 million, or 67 cents per share, for the third quarter, up from 29.1 million in the same period a year ago.

Artisan closed its initial public offering on March 12.

It now has $96.9 billion in assets under management, up from $69.8 billion in the same period a year ago.

The company also announced today a public offering of 4.8 million shares of class A Common stock. The proceeds will be used to purchase shares of Artisan’s convertible preferred stock and preferred units of subsidiary Artisan Partners Holdings LP from private equity funds.

“We believe that if we focus on hiring and developing the right talent, protect the alpha potential of our investment teams and manage our business with discipline and a focus on our clients, growth will follow naturally. This approach to growth is a key element of who we are. We are strongly committed to thoughtful growth,” said Eric Colson, president and chief executive officer.

Artisan’s 13 investment strategies have added value compared to their broad performance benchmarks over the last five and 10 year periods, Colson said.

“Since our IPO our business and financial results have been gratifying,” he said. “However, we know that markets fluctuate and business results will be lumpy. We maintain reasonable expectations about our ability to generate consistently positive results if we are thoughtful about growth. We remain focused on what we can control.”

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

No posts to display