Artisan reports 29% revenue increase

Milwaukee-based Artisan Partners Asset Management Inc. reported second quarter net income of $19.3 million, or 42 cents per share, up from $5.7 million, or 38 cents per share, in the second quarter of 2013.

Total revenues were $208.5 million, up from $162 million in the same period a year ago. Assets under management were $112 billion, up from $85.8 billion in the second quarter of 2013.

Cash flow generation has led to a healthy dividend each quarter, and asset growth has been robust because of market appreciation and organic growth, the company said.

“Our business development results in the second quarter were solid,” 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 institutional channel experienced a strong second quarter, with positive flows coming from new clients outside of the U.S. We continue to expect global expansion to be a key aspect of our growth in coming years as we introduce our business model and investment capabilities to investors globally. Our global equity team had another standout quarter, led by ongoing demand for its non-U.S. growth strategy. Our newly launched high income strategy, led by our credit team, also brought in steady flows during the quarter.”

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