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• Separately Managed Accounts: Customized investment portfolios managed for institutional clients, high-net-worth individuals, and family offices.
• Pooled Investment Funds: Collective investment vehicles, such as U.S. mutual funds and European-domiciled UCITS funds, offering diverse investment strategies to a broader range of investors.

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Artisan Partners Asset Management (APAM) primarily sells its investment management services to a diverse range of **institutional clients** and distributes its strategies through **financial intermediaries**. Due to the highly diversified nature of its client base and strict client confidentiality, Artisan Partners does not publicly disclose the names of its specific major customer companies or their stock symbols. This is standard practice in the asset management industry, where no single client typically represents a dominant portion of assets under management.

Instead, Artisan Partners describes its customer base by the following categories of organizations that directly or indirectly engage its services:

1. Institutional Investors: This category encompasses a broad range of organizations such as public and corporate pension funds, endowments, foundations, sovereign wealth funds, and other large institutional clients. These entities typically engage Artisan Partners to manage their assets through separately managed accounts.
2. Financial Intermediaries: Artisan Partners distributes its investment strategies, primarily through its proprietary mutual funds (including U.S. mutual funds and UCITS funds), via various financial intermediaries. These intermediaries include wealth management firms, broker-dealers, registered investment advisers (RIAs), and other financial advisory platforms. While these intermediaries are direct customers of Artisan Partners, they serve as crucial channels to a broader base of underlying individual and institutional investors.
3. Proprietary Investment Vehicles: Artisan Partners acts as the investment adviser for its own suite of mutual funds and UCITS funds. From a legal and operational standpoint, these funds are entities for which Artisan Partners provides investment management services, making them a "customer" for its advisory expertise. Investors then purchase shares in these funds.

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Jason A. Gottlieb, Chief Executive Officer and President

Jason A. Gottlieb is the chief executive officer and president of Artisan Partners, with his appointment as CEO effective June 4, 2025. He joined Artisan Partners in October 2016 and previously served as chief operating officer of investments and president. Before joining Artisan Partners, Mr. Gottlieb was a partner and managing director at Goldman Sachs, where he was a leader in the alternative investment and manager selection group and a portfolio manager on the Goldman Sachs Multi-Manager Alternatives Fund.

Charles (C.J.) Daley Jr., Chief Financial Officer

Charles (C.J.) Daley Jr. is a managing director and the chief financial officer of Artisan Partners. He joined Artisan Partners in July 2010. Prior to his tenure at Artisan Partners, Mr. Daley was a principal, chief financial officer, and treasurer of the global asset management firm Legg Mason, Inc.

Eric R. Colson, Executive Chair

Eric R. Colson is a managing director and the executive chair of Artisan Partners, a role he will assume after June 4, 2025, transitioning from his role as chief executive officer, which he held from January 2010. Before becoming CEO, Mr. Colson served as the chief operating officer for Investment Operations. He joined Artisan Partners as a managing director in January 2005 and began his career at Callan Associates, Inc., where he managed the institutional consulting group.

Laura E. Simpson, Chief Legal Officer

Laura E. Simpson is a managing director and the chief legal officer of Artisan Partners. She was appointed general counsel in October 2022 and previously served as deputy general counsel and associate counsel for the firm. Ms. Simpson joined Artisan Partners in March 2011, having previously served as counsel at Invesco.

Eileen L. Kwei, Chief Administrative Officer

Eileen L. Kwei is a managing director and the chief administrative officer of Artisan Partners. From February 2018 to February 2021, Ms. Kwei was responsible for institutional marketing and client service for the Artisan Partners Credit Team, and prior to that, she was a relationship manager for the Artisan Partners Global Equity Team. Before joining Artisan Partners in June 2013, Ms. Kwei was a principal and senior investment consultant at Mercer Investments.

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The key risks to Artisan Partners Asset Management (APAM) primarily revolve around its talent-driven investment model and the performance and retention of its assets under management.

1. Loss of Key Investment Professionals and Senior Management: Artisan Partners' business model heavily relies on its experienced investment professionals and senior management. The highly competitive market for skilled professionals means that the loss of key personnel could significantly and adversely impact the firm's operations, investment performance, and client relationships.
2. Poor Investment Performance and Associated Loss of Assets Under Management (AUM): The core of Artisan Partners' revenue is derived from investment management fees based on its AUM. Subpar investment performance directly leads to client dissatisfaction, potential asset outflows, and a reduction in fee revenue, negatively impacting the firm's financial condition. The company's significant reliance on equity strategies also makes its AUM particularly vulnerable to market downturns.
3. Client Concentration and Outflows: Artisan Partners faces risks associated with client concentration, particularly with institutional clients. Large redemptions by a few significant institutional clients, as recently observed, can lead to material outflows of AUM and directly impact the company's revenue. This highlights the sensitivity of Artisan Partners' revenue base to client decisions and the potential for substantial withdrawals.

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The accelerating adoption of direct indexing and highly personalized separately managed accounts (SMAs) by wealth management platforms, fintech companies, and large financial institutions. These solutions allow investors to bypass traditional mutual funds and ETFs by directly owning customized portfolios of individual securities, often with superior tax efficiency and lower costs. This emerging model directly competes with the traditional actively managed fund offerings of firms like Artisan Partners by offering a more tailored and often cheaper alternative, particularly for high-net-worth clients and institutions, thereby threatening to erode demand for their core products and reduce assets under management.

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Artisan Partners Asset Management (APAM) primarily offers active investment management services, including mutual funds, separately managed accounts, and collective investment trusts, across global equity and fixed income markets. The addressable markets for these services can be analyzed through the broader global and U.S. asset management markets, with a particular focus on actively managed assets.

Global Addressable Market:

• The global asset management industry's assets under management (AuM) reached a record-breaking $128 trillion in 2024. This market is projected to grow to approximately $145.4 trillion by 2025 and $164.5 trillion by the end of 2025.
• In terms of revenue, the global asset management market generated an estimated $264.68 billion in 2023 and is expected to reach $1.38 trillion by 2030, demonstrating a compound annual growth rate (CAGR) of 26.6% from 2024 to 2030. Another estimate puts the global market size at $458.02 billion in 2023, growing to $3.68 trillion by 2030 at a CAGR of 36.4%.
• Specifically for active management, global actively managed assets are projected to reach $87.6 trillion by 2025, representing 60% of the total global AuM. However, the global share of actively managed assets fell below 70% in 2023.

U.S. Addressable Market:

• The U.S. asset management market is a significant portion of the global market, holding over $63.8 trillion in AuM in 2025. Other estimates place the U.S. market at $63.28 trillion in 2025, with a forecast to expand to $112.17 trillion by 2030. As of 2023, institutional investors drove over $55 trillion in AuM in the U.S..
• Regarding revenue, the North American asset management market, which includes the U.S., was valued at $178.01 billion in 2023 and $202.22 billion in 2024. The U.S. market alone is estimated to reach $184.89 billion in 2025.

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Artisan Partners Asset Management (APAM) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Growth in Assets Under Management (AUM) driven by strong investment performance: APAM's revenue is directly linked to its AUM. The company has demonstrated robust AUM growth, with an 8% increase in Q2 2025 from the prior quarter, reaching $176 billion, and further growing to an all-time high of $181.3 billion in Q3 2025. This growth is bolstered by strong investment performance, with over 70% of its assets under management outperforming their benchmarks over three years. Continued strong performance across its multi-asset, equity, and credit strategies is expected to attract and retain client assets, thereby increasing fee-related revenue.
2. Launch of new products and expansion of investment strategies, particularly in Credit and Alternatives: Artisan Partners is actively expanding its product offerings and capabilities. The company is focusing on growing its credit team's capabilities, exploring mergers and acquisitions in alternative investments (such as real estate, private equity secondaries, and specialized private credit), and planning new product launches in credit and emerging markets. For instance, the credit team closed its first drawdown fund, the Artisan Dislocation Opportunity Strategy, with $130 million in commitments in 2024. These new strategies and products aim to capture additional market share and cater to evolving client demands.
3. Expansion into new markets and distribution channels: The firm is undertaking initiatives to expand its distribution team and modernize client offerings, including venturing into private wealth channels and evolving vehicle structures by launching new ETFs and semi-liquid funds. This strategic expansion into new markets and client channels is intended to increase gross inflows and broaden the company's client base.
4. Client acquisition and retention through positive business development initiatives: Despite some outflows in certain equity strategies, Artisan Partners has reported positive net inflows in 14 out of its 26 investment strategies year-to-date, particularly in credit and emerging market offerings. The company emphasizes "positive business development initiatives" and efforts to increase gross inflows by aligning distribution incentives and evolving product structures. Sustained efforts in client acquisition and retention are crucial for long-term AUM and revenue growth.

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Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures