(Mark One) | |||||||||||||||||
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||||
FOR THE QUARTERLY PERIOD ENDED |
OR | ||||||||||||||||||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||||||||||||||
FOR THE TRANSITION PERIOD FROM TO |
Delaware | 45-0969585 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
875 E. Wisconsin Avenue, Suite 800 | |||||||||||
Milwaukee, | WI | 53202 | |||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Class A common stock, par value $0.01 per share | APAM | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||||
Part I | Financial Information | |||||||||
Item 1. | Unaudited Consolidated Financial Statements | |||||||||
Unaudited Condensed Consolidated Statements of Financial Condition as of | ||||||||||
Unaudited Consolidated Statements of Operations for thethree andsix months ended | ||||||||||
Unaudited Consolidated Statements of Comprehensive Income for thethree andsix months ended | ||||||||||
Unaudited Consolidated Statements of Changes in Stockholders’ Equity for thethree andsix months ended | ||||||||||
Unaudited Consolidated Statements of Cash Flows for the | ||||||||||
Item 2. | ||||||||||
Item 3. | ||||||||||
Item 4. | ||||||||||
Part II | Other Information | |||||||||
Item 1. | ||||||||||
Item 1A. | ||||||||||
Item 2. | ||||||||||
Item 3. | ||||||||||
Item 4. | ||||||||||
Item 5. | ||||||||||
Item 6. | ||||||||||
March 31, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 170,749 | $ | 134,621 | Cash and cash equivalents | $ | 190,855 | $ | 134,621 | ||||||||||||||||||||||||||||||
Accounts receivable | Accounts receivable | 96,712 | 81,868 | Accounts receivable | 94,106 | 81,868 | ||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 4,865 | 23,878 | Investment securities | 5,297 | 23,878 | ||||||||||||||||||||||||||||||||||
Property and equipment, net | Property and equipment, net | 38,782 | 39,495 | Property and equipment, net | 37,564 | 39,495 | ||||||||||||||||||||||||||||||||||
Deferred tax assets | Deferred tax assets | 466,973 | 435,897 | Deferred tax assets | 465,648 | 435,897 | ||||||||||||||||||||||||||||||||||
Restricted cash | Restricted cash | 629 | 629 | Restricted cash | 629 | 629 | ||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | 12,957 | 12,688 | Prepaid expenses and other assets | 11,028 | 12,688 | ||||||||||||||||||||||||||||||||||
Operating lease assets | Operating lease assets | 84,395 | 87,155 | Operating lease assets | 81,783 | 87,155 | ||||||||||||||||||||||||||||||||||
Assets of consolidated investment products | Assets of consolidated investment products | Assets of consolidated investment products | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 6,646 | 9,005 | Cash and cash equivalents | 4,800 | 9,005 | ||||||||||||||||||||||||||||||||||
Accounts receivable and other | Accounts receivable and other | 1,655 | 1,647 | Accounts receivable and other | 2,797 | 1,647 | ||||||||||||||||||||||||||||||||||
Investment assets, at fair value | Investment assets, at fair value | 89,631 | 106,736 | Investment assets, at fair value | 107,396 | 106,736 | ||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 973,994 | $ | 933,619 | Total assets | $ | 1,001,903 | $ | 933,619 | ||||||||||||||||||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses, and other | Accounts payable, accrued expenses, and other | $ | 18,869 | $ | 19,926 | Accounts payable, accrued expenses, and other | $ | 28,672 | $ | 19,926 | ||||||||||||||||||||||||||||||
Accrued incentive compensation | Accrued incentive compensation | 70,046 | 16,159 | Accrued incentive compensation | 79,260 | 16,159 | ||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 199,148 | 199,103 | Borrowings | 199,194 | 199,103 | ||||||||||||||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 97,793 | 101,154 | Operating lease liabilities | 94,944 | 101,154 | ||||||||||||||||||||||||||||||||||
Amounts payable under tax receivable agreements | Amounts payable under tax receivable agreements | 406,177 | 375,324 | Amounts payable under tax receivable agreements | 392,116 | 375,324 | ||||||||||||||||||||||||||||||||||
Liabilities of consolidated investment products | Liabilities of consolidated investment products | Liabilities of consolidated investment products | ||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses, and other | Accounts payable, accrued expenses, and other | 30,335 | 34,156 | Accounts payable, accrued expenses, and other | 23,208 | 34,156 | ||||||||||||||||||||||||||||||||||
Investment liabilities, at fair value | Investment liabilities, at fair value | 3,655 | 6,186 | Investment liabilities, at fair value | 12,676 | 6,186 | ||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 826,023 | 752,008 | Total liabilities | 830,070 | 752,008 | ||||||||||||||||||||||||||||||||||
Commitments and contingencies | Commitments and contingencies | Commitments and contingencies | ||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | 37,223 | 43,110 | Redeemable noncontrolling interests | 46,027 | 43,110 | ||||||||||||||||||||||||||||||||||
Common stock | Common stock | Common stock | ||||||||||||||||||||||||||||||||||||||
Class A common stock ($0.01 par value per share, 500,000,000 shares authorized, 60,647,331 and 56,429,825 shares outstanding at March 31, 2020 and December 31, 2019, respectively) | 606 | 564 | ||||||||||||||||||||||||||||||||||||||
Class B common stock ($0.01 par value per share, 200,000,000 shares authorized, 5,980,743 and 7,803,364 shares outstanding at March 31, 2020 and December 31, 2019, respectively) | 60 | 78 | ||||||||||||||||||||||||||||||||||||||
Class C common stock ($0.01 par value per share, 400,000,000 shares authorized, 11,962,349 and 13,568,665 shares outstanding at March 31, 2020 and December 31, 2019, respectively) | 120 | 136 | ||||||||||||||||||||||||||||||||||||||
Class A common stock ($0.01 par value per share, 500,000,000 shares authorized, 61,354,644 and 56,429,825 shares outstanding at June 30, 2020 and December 31, 2019, respectively) | Class A common stock ($0.01 par value per share, 500,000,000 shares authorized, 61,354,644 and 56,429,825 shares outstanding at June 30, 2020 and December 31, 2019, respectively) | 614 | 564 | |||||||||||||||||||||||||||||||||||||
Class B common stock ($0.01 par value per share, 200,000,000 shares authorized, 5,589,292 and 7,803,364 shares outstanding at June 30, 2020 and December 31, 2019, respectively) | Class B common stock ($0.01 par value per share, 200,000,000 shares authorized, 5,589,292 and 7,803,364 shares outstanding at June 30, 2020 and December 31, 2019, respectively) | 56 | 78 | |||||||||||||||||||||||||||||||||||||
Class C common stock ($0.01 par value per share, 400,000,000 shares authorized, 11,631,164 and 13,568,665 shares outstanding at June 30, 2020 and December 31, 2019, respectively) | Class C common stock ($0.01 par value per share, 400,000,000 shares authorized, 11,631,164 and 13,568,665 shares outstanding at June 30, 2020 and December 31, 2019, respectively) | 116 | 136 | |||||||||||||||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 86,224 | 89,149 | Additional paid-in capital | 88,098 | 89,149 | ||||||||||||||||||||||||||||||||||
Retained earnings | Retained earnings | 21,294 | 44,455 | Retained earnings | 34,562 | 44,455 | ||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (2,475) | (1,425) | Accumulated other comprehensive income (loss) | (2,539) | (1,425) | ||||||||||||||||||||||||||||||||||
Total Artisan Partners Asset Management Inc. stockholders’ equity | Total Artisan Partners Asset Management Inc. stockholders’ equity | 105,829 | 132,957 | Total Artisan Partners Asset Management Inc. stockholders’ equity | 120,907 | 132,957 | ||||||||||||||||||||||||||||||||||
Noncontrolling interests - Artisan Partners Holdings | Noncontrolling interests - Artisan Partners Holdings | 4,919 | 5,544 | Noncontrolling interests - Artisan Partners Holdings | 4,899 | 5,544 | ||||||||||||||||||||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | $ | 110,748 | $ | 138,501 | Total stockholders’ equity | $ | 125,806 | $ | 138,501 | ||||||||||||||||||||||||||||||
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity | Total liabilities, redeemable noncontrolling interests, and stockholders’ equity | $ | 973,994 | $ | 933,619 | Total liabilities, redeemable noncontrolling interests, and stockholders’ equity | $ | 1,001,903 | $ | 933,619 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management fees | Management fees | $ | 199,904 | $ | 186,864 | Management fees | $ | 194,927 | $ | 196,400 | $ | 394,831 | $ | 383,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performance fees | Performance fees | 2,932 | 98 | Performance fees | 8,015 | 4,327 | 10,947 | 4,425 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 202,836 | $ | 186,962 | Total revenues | $ | 202,942 | $ | 200,727 | $ | 405,778 | $ | 387,689 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses | Operating Expenses | Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | 104,717 | 99,282 | Compensation and benefits | 102,204 | 101,486 | 206,921 | 200,768 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution, servicing and marketing | Distribution, servicing and marketing | 5,548 | 5,403 | Distribution, servicing and marketing | 5,355 | 5,836 | 10,903 | 11,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 5,189 | 7,567 | Occupancy | 5,213 | 5,341 | 10,402 | 12,908 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communication and technology | Communication and technology | 9,205 | 9,428 | Communication and technology | 9,682 | 10,269 | 18,887 | 19,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 7,217 | 7,550 | General and administrative | 3,861 | 6,937 | 11,078 | 14,487 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 131,876 | 129,230 | Total operating expenses | 126,315 | 129,869 | 258,191 | 259,099 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating income | Total operating income | 70,960 | 57,732 | Total operating income | 76,627 | 70,858 | 147,587 | 128,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating income (expense) | Non-operating income (expense) | Non-operating income (expense) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (2,685) | (2,775) | Interest expense | (2,715) | (2,827) | (5,400) | (5,602) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment gain (loss) of consolidated investment products | Net investment gain (loss) of consolidated investment products | (12,924) | 2,346 | Net investment gain (loss) of consolidated investment products | 12,877 | 2,043 | (47) | 4,389 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other net investment gain (loss) | Other net investment gain (loss) | (2,257) | 1,957 | Other net investment gain (loss) | 1,174 | 1,383 | (1,083) | 3,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-operating income (expense) | Total non-operating income (expense) | (17,866) | 1,528 | Total non-operating income (expense) | 11,336 | 599 | (6,530) | 2,127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 53,094 | 59,260 | Income before income taxes | 87,963 | 71,457 | 141,057 | 130,717 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 9,451 | 9,442 | Provision for income taxes | 16,256 | 11,484 | 25,707 | 20,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income before noncontrolling interests | Net income before noncontrolling interests | 43,643 | 49,818 | Net income before noncontrolling interests | 71,707 | 59,973 | 115,350 | 109,791 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings | Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings | 16,112 | 17,309 | Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings | 18,132 | 19,795 | 34,244 | 37,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests - consolidated investment products | (7,294) | 970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests - consolidated investment products | Less: Net income attributable to noncontrolling interests - consolidated investment products | 7,424 | 990 | 130 | 1,960 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Artisan Partners Asset Management Inc. | Net income attributable to Artisan Partners Asset Management Inc. | $ | 34,825 | $ | 31,539 | Net income attributable to Artisan Partners Asset Management Inc. | $ | 46,151 | $ | 39,188 | $ | 80,976 | $ | 70,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share | Basic and diluted earnings per share | $ | 0.53 | $ | 0.47 | Basic and diluted earnings per share | $ | 0.72 | $ | 0.66 | $ | 1.26 | $ | 1.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted weighted average number of common shares outstanding | Basic and diluted weighted average number of common shares outstanding | 53,265,479 | 50,145,684 | Basic and diluted weighted average number of common shares outstanding | 55,884,366 | 51,242,911 | 54,574,923 | 50,697,329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared per Class A common share | Dividends declared per Class A common share | $ | 1.28 | $ | 1.59 | Dividends declared per Class A common share | $ | 0.61 | $ | 0.55 | $ | 1.89 | $ | 2.14 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income before noncontrolling interests | Net income before noncontrolling interests | $ | 43,643 | $ | 49,818 | Net income before noncontrolling interests | $ | 71,707 | $ | 59,973 | $ | 115,350 | $ | 109,791 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation gain (loss) | Foreign currency translation gain (loss) | (1,242) | 378 | Foreign currency translation gain (loss) | (44) | (460) | (1,286) | (82) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | (1,242) | 378 | Total other comprehensive income (loss) | (44) | (460) | (1,286) | (82) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 42,401 | 50,196 | Comprehensive income | 71,663 | 59,513 | 114,064 | 109,709 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests - Artisan Partners Holdings | Comprehensive income attributable to noncontrolling interests - Artisan Partners Holdings | 15,920 | 17,449 | Comprehensive income attributable to noncontrolling interests - Artisan Partners Holdings | 18,152 | 19,683 | 34,072 | 37,132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products | (7,294) | 970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests - consolidated investment products | Comprehensive income attributable to noncontrolling interests - consolidated investment products | 7,424 | 990 | 130 | 1,960 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Artisan Partners Asset Management Inc. | Comprehensive income attributable to Artisan Partners Asset Management Inc. | $ | 33,775 | $ | 31,777 | Comprehensive income attributable to Artisan Partners Asset Management Inc. | $ | 46,087 | $ | 38,840 | $ | 79,862 | $ | 70,617 |
Three months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | Three months ended June 30, 2020 | Class A Common stock | Class B Common stock | Class C Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Non-controlling interests - Artisan Partners Holdings | Total stockholders’ equity | Redeemable non-controlling interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common stock | Class B Common stock | Class C Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Non-controlling interests - Artisan Partners Holdings | Total stockholders’ equity | Redeemable non-controlling interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 564 | $ | 78 | $ | 136 | $ | 89,149 | $ | 44,455 | $ | (1,425) | $ | 5,544 | $ | 138,501 | $ | 43,110 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2020 | Balance at April 1, 2020 | $ | 606 | $ | 60 | $ | 120 | $ | 86,224 | $ | 21,294 | $ | (2,475) | $ | 4,919 | $ | 110,748 | $ | 37,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 34,825 | — | 16,112 | 50,937 | (7,294) | Net income | — | — | — | — | 46,151 | — | 18,132 | 64,283 | 7,424 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income - foreign currency translation | Other comprehensive income - foreign currency translation | — | — | — | — | — | (930) | (312) | (1,242) | — | Other comprehensive income - foreign currency translation | — | — | — | — | — | (35) | (9) | (44) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax | Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax | — | — | — | 521 | — | (120) | (401) | — | — | Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax | — | — | — | (2,089) | — | (29) | 2,118 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of equity-based compensation | Amortization of equity-based compensation | — | — | — | 7,391 | — | — | 2,304 | 9,695 | — | Amortization of equity-based compensation | — | — | — | 6,989 | — | — | 2,000 | 8,989 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets, net of amounts payable under tax receivable agreements | Deferred tax assets, net of amounts payable under tax receivable agreements | — | — | — | 7,104 | — | — | — | 7,104 | — | Deferred tax assets, net of amounts payable under tax receivable agreements | — | — | — | 1,415 | — | — | — | 1,415 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock, net of issuance costs | Issuance of Class A common stock, net of issuance costs | 18 | — | — | 62,807 | — | — | — | 62,825 | — | Issuance of Class A common stock, net of issuance costs | — | — | — | (86) | — | — | — | (86) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures and employee/partner terminations | Forfeitures and employee/partner terminations | — | — | — | — | — | — | — | — | — | Forfeitures and employee/partner terminations | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | 9 | — | — | (9) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee net share settlement | (1) | — | — | (3,314) | — | — | (1,215) | (4,530) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of subsidiary equity | Exchange of subsidiary equity | 16 | — | (16) | — | — | — | — | — | — | Exchange of subsidiary equity | 8 | (4) | (4) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of equity and subsidiary equity | — | (18) | — | (63,009) | — | — | — | (63,027) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contributions, net | Capital contributions, net | — | — | — | — | — | — | — | — | 3,848 | Capital contributions, net | — | — | — | — | — | — | — | — | 1,380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of deconsolidation of CIPs | — | — | — | — | — | — | — | — | (2,441) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (17,076) | (17,076) | — | Distributions | — | — | — | — | — | — | (22,246) | (22,246) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | — | (14,416) | (57,986) | — | (37) | (72,439) | — | Dividends | — | — | — | (4,355) | (32,883) | — | (15) | (37,253) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 606 | $ | 60 | $ | 120 | $ | 86,224 | $ | 21,294 | $ | (2,475) | $ | 4,919 | $ | 110,748 | $ | 37,223 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | Balance at June 30, 2020 | $ | 614 | $ | 56 | $ | 116 | $ | 88,098 | $ | 34,562 | $ | (2,539) | $ | 4,899 | $ | 125,806 | $ | 46,027 |
Three months ended March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2019 | Three months ended June 30, 2019 | Class A Common stock | Class B Common stock | Class C Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Non-controlling interests - Artisan Partners Holdings | Total stockholders’ equity | Redeemable non-controlling interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common stock | Class B Common stock | Class C Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Non-controlling interests - Artisan Partners Holdings | Total stockholders’ equity | Redeemable non-controlling interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | $ | 541 | $ | 86 | $ | 142 | $ | 97,553 | $ | 38,617 | $ | (1,895) | $ | 5,443 | $ | 140,487 | $ | 34,349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2019 | Balance at April 1, 2019 | $ | 556 | $ | 80 | $ | 142 | $ | 69,471 | $ | 21,191 | $ | (1,658) | $ | 3,168 | $ | 92,950 | $ | 36,547 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 31,539 | — | 17,309 | 48,848 | 970 | Net income | — | — | — | — | 39,188 | — | 19,795 | 58,983 | 990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income - foreign currency translation | Other comprehensive income - foreign currency translation | — | — | — | — | — | 262 | 116 | 378 | — | Other comprehensive income - foreign currency translation | — | — | — | — | — | (332) | (128) | (460) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax | Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax | — | — | — | (91) | — | (25) | 116 | — | — | Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax | — | — | — | (1,737) | — | (16) | 1,753 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of equity-based compensation | Amortization of equity-based compensation | — | — | — | 8,990 | — | — | 3,359 | 12,349 | — | Amortization of equity-based compensation | — | — | — | 8,739 | — | — | 3,334 | 12,073 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets, net of amounts payable under tax receivable agreements | Deferred tax assets, net of amounts payable under tax receivable agreements | — | — | — | 1,679 | — | — | — | 1,679 | — | Deferred tax assets, net of amounts payable under tax receivable agreements | — | — | — | 479 | — | — | — | 479 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock, net of issuance costs | Issuance of Class A common stock, net of issuance costs | — | — | — | (10) | — | — | — | (10) | — | Issuance of Class A common stock, net of issuance costs | — | — | — | (8) | — | — | — | (8) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures and employee/partner terminations | Forfeitures and employee/partner terminations | — | — | — | — | — | — | — | — | — | Forfeitures and employee/partner terminations | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | 10 | — | — | (10) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee net share settlement | (1) | — | — | (1,287) | — | — | (536) | (1,824) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of subsidiary equity | Exchange of subsidiary equity | 6 | (6) | — | — | — | — | — | — | — | Exchange of subsidiary equity | 5 | (1) | (4) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Contributions, net | Capital Contributions, net | — | — | — | — | — | — | — | — | 1,228 | Capital Contributions, net | — | — | — | — | — | — | — | — | 767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (22,591) | (22,591) | — | Distributions | — | — | — | — | — | — | (25,733) | (25,733) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | — | (37,353) | (48,965) | — | (48) | (86,366) | — | Dividends | — | — | — | — | (31,014) | — | (17) | (31,031) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | 556 | $ | 80 | $ | 142 | $ | 69,471 | $ | 21,191 | $ | (1,658) | $ | 3,168 | $ | 92,950 | $ | 36,547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | Balance at June 30, 2019 | $ | 561 | $ | 79 | $ | 138 | $ | 76,944 | $ | 29,365 | $ | (2,006) | $ | 2,172 | $ | 107,253 | $ | 38,304 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. | The accompanying notes are an integral part of the consolidated financial statements. | The accompanying notes are an integral part of the consolidated financial statements. |
Six months ended June 30, 2020 | Class A Common stock | Class B Common stock | Class C Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Non-controlling interests - Artisan Partners Holdings | Total stockholders’ equity | Redeemable non-controlling interest | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 564 | $ | 78 | $ | 136 | $ | 89,149 | $ | 44,455 | $ | (1,425) | $ | 5,544 | $ | 138,501 | $ | 43,110 | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 80,976 | — | 34,244 | 115,220 | 130 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income - foreign currency translation | — | — | — | — | — | (965) | (321) | (1,286) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax | — | — | — | (1,568) | — | (149) | 1,717 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of equity-based compensation | — | — | — | 14,380 | — | — | 4,304 | 18,684 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets, net of amounts payable under tax receivable agreements | — | — | — | 8,519 | — | — | — | 8,519 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock, net of issuance costs | 18 | — | — | 62,721 | — | — | — | 62,739 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures and employee/partner terminations | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | 9 | — | — | (9) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Employee net share settlement | (1) | — | — | (3,314) | — | — | (1,215) | (4,530) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Exchange of subsidiary equity | 24 | (4) | (20) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of equity and subsidiary equity | — | (18) | — | (63,009) | — | — | — | (63,027) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Capital contributions, net | — | — | — | — | — | — | — | — | 5,228 | |||||||||||||||||||||||||||||||||||||||||||||||
Impact of deconsolidation of CIPs | — | — | — | — | — | — | — | — | (2,441) | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (39,322) | (39,322) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | (18,771) | (90,869) | — | (52) | (109,692) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 614 | $ | 56 | $ | 116 | $ | 88,098 | $ | 34,562 | $ | (2,539) | $ | 4,899 | $ | 125,806 | $ | 46,027 | ||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2019 | Class A Common stock | Class B Common stock | Class C Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Non-controlling interests - Artisan Partners Holdings | Total stockholders’ equity | Redeemable non-controlling interest | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | $ | 541 | $ | 86 | $ | 142 | $ | 97,553 | $ | 38,617 | $ | (1,895) | $ | 5,443 | $ | 140,487 | $ | 34,349 | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 70,727 | — | 37,104 | 107,831 | 1,960 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income - foreign currency translation | — | — | — | — | — | (70) | (12) | (82) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax | — | — | — | (1,828) | — | (41) | 1,869 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of equity-based compensation | — | — | — | 17,729 | — | — | 6,693 | 24,422 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets, net of amounts payable under tax receivable agreements | — | — | — | 2,158 | — | — | — | 2,158 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock, net of issuance costs | — | — | — | (18) | — | — | — | (18) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures and employee/partner terminations | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | 10 | — | — | (10) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Employee net share settlement | (1) | — | — | (1,287) | — | — | (536) | (1,824) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Exchange of subsidiary equity | 11 | (7) | (4) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Capital contributions, net | — | — | — | — | — | — | — | — | 1,995 | |||||||||||||||||||||||||||||||||||||||||||||||
Impact of deconsolidation of CIPs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (48,324) | (48,324) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | (37,353) | (79,979) | — | (65) | (117,397) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | 561 | $ | 79 | $ | 138 | $ | 76,944 | $ | 29,365 | $ | (2,006) | $ | 2,172 | $ | 107,253 | $ | 38,304 |
For the Three Months Ended March 31, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | Cash flows from operating activities | ||||||||||||||||||||||||||||||||
Net income before noncontrolling interests | Net income before noncontrolling interests | $ | 43,643 | $ | 49,818 | Net income before noncontrolling interests | $ | 115,350 | $ | 109,791 | ||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 1,624 | 1,471 | Depreciation and amortization | 3,262 | 2,967 | ||||||||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 6,881 | 7,493 | Deferred income taxes | 15,878 | 14,997 | ||||||||||||||||||||||||||||
Asset impairment | Asset impairment | — | 2,003 | Asset impairment | — | 2,107 | ||||||||||||||||||||||||||||
Noncash lease expense | Noncash lease expense | (789) | 745 | Noncash lease expense | (885) | 1,170 | ||||||||||||||||||||||||||||
Net investment (gain) loss on unconsolidated seed investment securities | 2,379 | (1,615) | ||||||||||||||||||||||||||||||||
Net investment (gain) loss on nonconsolidated seed investment securities | Net investment (gain) loss on nonconsolidated seed investment securities | 1,215 | (2,723) | |||||||||||||||||||||||||||||||
(Gain) loss on disposal of property and equipment | (Gain) loss on disposal of property and equipment | (6) | 17 | (Gain) loss on disposal of property and equipment | (4) | 128 | ||||||||||||||||||||||||||||
Amortization of debt issuance costs | Amortization of debt issuance costs | 118 | 114 | Amortization of debt issuance costs | 236 | 229 | ||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | 9,695 | 12,349 | Share-based compensation | 18,684 | 24,422 | ||||||||||||||||||||||||||||
Net investment (gain) loss of consolidated investment products | Net investment (gain) loss of consolidated investment products | 12,924 | (2,346) | Net investment (gain) loss of consolidated investment products | 47 | (4,389) | ||||||||||||||||||||||||||||
Purchase of investments by consolidated investment products | Purchase of investments by consolidated investment products | (29,092) | (36,758) | Purchase of investments by consolidated investment products | (67,156) | (71,089) | ||||||||||||||||||||||||||||
Proceeds from sale of investments by consolidated investment products | Proceeds from sale of investments by consolidated investment products | 30,160 | 16,871 | Proceeds from sale of investments by consolidated investment products | 72,073 | 42,364 | ||||||||||||||||||||||||||||
Change in assets and liabilities resulting in an increase (decrease) in cash: | Change in assets and liabilities resulting in an increase (decrease) in cash: | Change in assets and liabilities resulting in an increase (decrease) in cash: | ||||||||||||||||||||||||||||||||
Accounts receivable | Accounts receivable | (14,841) | (11,566) | Accounts receivable | (12,238) | (19,518) | ||||||||||||||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | 10,762 | (862) | Prepaid expenses and other assets | (754) | (637) | ||||||||||||||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 52,729 | 48,695 | Accounts payable and accrued expenses | 71,902 | 63,170 | ||||||||||||||||||||||||||||
Net change in operating assets and liabilities of consolidated investment products | Net change in operating assets and liabilities of consolidated investment products | (5,690) | 7,425 | Net change in operating assets and liabilities of consolidated investment products | (13,672) | 19,648 | ||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 120,497 | 93,854 | Net cash provided by operating activities | 203,938 | 182,637 | ||||||||||||||||||||||||||||
Cash flows from investing activities | Cash flows from investing activities | Cash flows from investing activities | ||||||||||||||||||||||||||||||||
Acquisition of property and equipment | Acquisition of property and equipment | (631) | (1,284) | Acquisition of property and equipment | (942) | (2,372) | ||||||||||||||||||||||||||||
Leasehold improvements | Leasehold improvements | (167) | (3,554) | Leasehold improvements | (218) | (11,894) | ||||||||||||||||||||||||||||
Proceeds from sale of investment securities | Proceeds from sale of investment securities | 5,633 | — | Proceeds from sale of investment securities | 19,365 | — | ||||||||||||||||||||||||||||
Purchase of investment securities | Purchase of investment securities | (1,260) | — | Purchase of investment securities | (1,260) | — | ||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 3,575 | (4,838) | Net cash provided by (used in) investing activities | 16,945 | (14,266) | ||||||||||||||||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | Cash flows from financing activities | ||||||||||||||||||||||||||||||||
Partnership distributions | Partnership distributions | (17,076) | (22,591) | Partnership distributions | (39,322) | (48,324) | ||||||||||||||||||||||||||||
Dividends paid | Dividends paid | (72,439) | (86,366) | Dividends paid | (109,692) | (117,397) | ||||||||||||||||||||||||||||
Payment under the tax receivable agreements | Payment under the tax receivable agreements | (20,318) | (19,009) | |||||||||||||||||||||||||||||||
Net proceeds from issuance of common stock | Net proceeds from issuance of common stock | 63,027 | — | Net proceeds from issuance of common stock | 63,027 | — | ||||||||||||||||||||||||||||
Payment of costs directly associated with the issuance of Class A common stock | Payment of costs directly associated with the issuance of Class A common stock | (106) | — | Payment of costs directly associated with the issuance of Class A common stock | (220) | — | ||||||||||||||||||||||||||||
Purchase of equity and subsidiary equity | Purchase of equity and subsidiary equity | (63,027) | — | Purchase of equity and subsidiary equity | (63,027) | — | ||||||||||||||||||||||||||||
Taxes paid related to employee net share settlement | Taxes paid related to employee net share settlement | (4,530) | (1,824) | Taxes paid related to employee net share settlement | (4,530) | (1,824) | ||||||||||||||||||||||||||||
Capital contributions to consolidated investment products, net | Capital contributions to consolidated investment products, net | 3,848 | 1,228 | Capital contributions to consolidated investment products, net | 5,228 | 1,995 | ||||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (90,303) | (109,553) | Net cash used in financing activities | (168,854) | (184,559) | ||||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | Net increase (decrease) in cash, cash equivalents, and restricted cash | 33,769 | (20,537) | Net increase (decrease) in cash, cash equivalents, and restricted cash | 52,029 | (16,188) | ||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash | ||||||||||||||||||||||||||||||||
Beginning of period | Beginning of period | 144,255 | 175,535 | Beginning of period | 144,255 | 175,535 | ||||||||||||||||||||||||||||
End of period | End of period | $ | 178,024 | $ | 154,998 | End of period | $ | 196,284 | $ | 159,347 | ||||||||||||||||||||||||
Cash, cash equivalents and restricted cash as of the end of the period | Cash, cash equivalents and restricted cash as of the end of the period | Cash, cash equivalents and restricted cash as of the end of the period | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 170,749 | $ | 152,217 | Cash and cash equivalents | $ | 190,855 | $ | 152,622 | ||||||||||||||||||||||||
Restricted cash | Restricted cash | 629 | 629 | Restricted cash | 629 | 629 | ||||||||||||||||||||||||||||
Cash and cash equivalents of consolidated investment products | Cash and cash equivalents of consolidated investment products | 6,646 | 2,152 | Cash and cash equivalents of consolidated investment products | 4,800 | 6,096 | ||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash | $ | 178,024 | $ | 154,998 | Cash, cash equivalents and restricted cash | $ | 196,284 | $ | 159,347 | ||||||||||||||||||||||||
Supplementary information | Supplementary information | Supplementary information | ||||||||||||||||||||||||||||||||
Noncash activity: | Noncash activity: | Noncash activity: | ||||||||||||||||||||||||||||||||
Establishment of deferred tax assets | Establishment of deferred tax assets | $ | 37,957 | $ | 7,069 | Establishment of deferred tax assets | $ | 45,629 | $ | 11,054 | ||||||||||||||||||||||||
Establishment of amounts payable under tax receivable agreements | Establishment of amounts payable under tax receivable agreements | 30,853 | 5,389 | Establishment of amounts payable under tax receivable agreements | 37,110 | 8,894 | ||||||||||||||||||||||||||||
Increase in investment securities due to deconsolidation of CIPs | Increase in investment securities due to deconsolidation of CIPs | 1,469 | — | Increase in investment securities due to deconsolidation of CIPs | 1,469 | — | ||||||||||||||||||||||||||||
Operating lease assets obtained in exchange for operating lease liabilities | Operating lease assets obtained in exchange for operating lease liabilities | — | 2,191 | Operating lease assets obtained in exchange for operating lease liabilities | — | 3,606 |
As of March 31, 2020 | As of December 31, 2019 | As of June 30, 2020 | As of December 31, 2019 | |||||||||||||||||||
Investments in equity securities | Investments in equity securities | $ | 2,915 | $ | 7,543 | Investments in equity securities | $ | 3,575 | $ | 7,543 | ||||||||||||
Investments in equity securities accounted for under the equity method | Investments in equity securities accounted for under the equity method | 1,950 | 16,335 | Investments in equity securities accounted for under the equity method | 1,722 | 16,335 | ||||||||||||||||
Total investment securities | Total investment securities | $ | 4,865 | $ | 23,878 | Total investment securities | $ | 5,297 | $ | 23,878 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) recognized on investment securities | Net gains (losses) recognized on investment securities | $ | (2,379) | $ | 1,615 | Net gains (losses) recognized on investment securities | $ | 1,164 | $ | 1,108 | $ | (1,215) | $ | 2,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net realized gains (losses) recognized on investment securities sold during the period | Less: Net realized gains (losses) recognized on investment securities sold during the period | 4,877 | — | Less: Net realized gains (losses) recognized on investment securities sold during the period | 119 | — | 4,996 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) recognized on investment securities held as of the end of the period | Unrealized gains (losses) recognized on investment securities held as of the end of the period | $ | (7,256) | $ | 1,615 | Unrealized gains (losses) recognized on investment securities held as of the end of the period | $ | 1,045 | $ | 1,108 | $ | (6,211) | $ | 2,723 |
Assets and Liabilities at Fair Value | Assets and Liabilities at Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | NAV Practical Expedient (No Fair Value Level) | Level 1 | Level 2 | Level 3 | Total | NAV Practical Expedient (No Fair Value Level) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | Money market funds | $ | 30,811 | $ | — | $ | 30,811 | $ | — | $ | — | Money market funds | $ | 70,846 | $ | — | $ | 70,846 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 4,865 | 696 | 4,169 | — | — | Equity securities | 5,297 | 69 | 5,228 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | Money market funds | $ | 30,673 | $ | — | $ | 30,673 | $ | — | $ | — | Money market funds | $ | 30,673 | $ | — | $ | 30,673 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 23,878 | 15,068 | 8,810 | — | — | Equity securities | 23,878 | 15,068 | 8,810 | — | — |
Maturity | Outstanding Balance | Interest Rate Per Annum | |||||||||||||||||||||
Revolving credit agreement | August 2022 | $ | — | NA | |||||||||||||||||||
Senior notes | |||||||||||||||||||||||
Series C | August 2022 | 90,000 | 5.82 | % | |||||||||||||||||||
Series D | August 2025 | 60,000 | 4.29 | % | |||||||||||||||||||
Series E | August 2027 | 50,000 | 4.53 | % | |||||||||||||||||||
Total borrowings | $ | 200,000 |
2020 | $ | — | |||
2021 | — | ||||
2022 | 90,000 | ||||
2023 | — | ||||
2024 | — | ||||
Thereafter | 110,000 | ||||
Total | $ | 200,000 |
Assets and Liabilities at Fair Value | Assets and Liabilities at Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | Money market funds | $ | 5,146 | $ | 5,146 | $ | — | $ | — | Money market funds | $ | 4,700 | $ | 4,700 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities - long position | Equity securities - long position | 4,326 | 4,326 | — | — | Equity securities - long position | 6,211 | 6,211 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income instruments - long position | Fixed income instruments - long position | 84,974 | — | 84,974 | — | Fixed income instruments - long position | 101,185 | — | 101,185 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | 331 | 331 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income instruments - short position | Fixed income instruments - short position | $ | 3,514 | $ | — | $ | 3,514 | $ | — | Fixed income instruments - short position | $ | 12,662 | $ | — | $ | 12,662 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | 141 | 141 | — | — | Derivative liabilities | 14 | 14 | — | — |
Assets and Liabilities at Fair Value | |||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 5,005 | $ | 5,005 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Equity securities - long position | 9,933 | 9,933 | — | — | |||||||||||||||||||||||||||||||||||||
Fixed income instruments - long position | 96,681 | — | 96,681 | — | |||||||||||||||||||||||||||||||||||||
Derivative assets | 122 | 22 | 100 | — | |||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Fixed income instruments - short position | $ | 6,005 | $ | — | $ | 6,005 | $ | — | |||||||||||||||||||||||||||||||||
Derivative liabilities | 181 | — | 181 | — |
As of March 31, 2020 | As of December 31, 2019 | As of June 30, 2020 | As of December 31, 2019 | |||||||||||||||||||
Net CIP assets included in the table above | Net CIP assets included in the table above | $ | 91,122 | $ | 105,555 | Net CIP assets included in the table above | $ | 99,420 | $ | 105,555 | ||||||||||||
Net CIP assets/(liabilities) not included in the table above | Net CIP assets/(liabilities) not included in the table above | (27,180) | (28,509) | Net CIP assets/(liabilities) not included in the table above | (20,311) | (28,509) | ||||||||||||||||
Total Net CIP assets | Total Net CIP assets | 63,942 | 77,046 | Total Net CIP assets | 79,109 | 77,046 | ||||||||||||||||
Less: redeemable noncontrolling interest | Less: redeemable noncontrolling interest | 37,223 | 43,110 | Less: redeemable noncontrolling interest | 46,027 | 43,110 | ||||||||||||||||
Artisan’s direct equity investment in CIPs | Artisan’s direct equity investment in CIPs | $ | 26,719 | $ | 33,936 | Artisan’s direct equity investment in CIPs | $ | 33,082 | $ | 33,936 |
Holdings GP Units | Limited Partnership Units | Total | APAM Ownership % | Holdings GP Units | Limited Partnership Units | Total | APAM Ownership % | |||||||||||||||||||||
Balance at December 31, 2019 | Balance at December 31, 2019 | 56,429,825 | 21,372,029 | 77,801,854 | 73 | % | Balance at December 31, 2019 | 56,429,825 | 21,372,029 | 77,801,854 | 73 | % | ||||||||||||||||
2020 Follow-On Offering | 2020 Follow-On Offering | 1,802,326 | (1,802,326) | — | 2 | % | 2020 Follow-On Offering | 1,802,326 | (1,802,326) | — | 2 | % | ||||||||||||||||
Holdings Common Unit Exchanges | Holdings Common Unit Exchanges | 1,626,611 | (1,626,611) | — | 2 | % | Holdings Common Unit Exchanges | 2,349,247 | (2,349,247) | — | 3 | % | ||||||||||||||||
Issuance of APAM Restricted Shares(1) | Issuance of APAM Restricted Shares(1) | 916,085 | — | 916,085 | — | % | Issuance of APAM Restricted Shares(1) | 916,085 | — | 916,085 | — | % | ||||||||||||||||
Delivery of Shares Underlying RSUs (1) | Delivery of Shares Underlying RSUs (1) | 24,233 | — | 24,233 | — | % | Delivery of Shares Underlying RSUs (1) | 24,233 | — | 24,233 | — | % | ||||||||||||||||
Restricted Share Award Net Share Settlement (1) | Restricted Share Award Net Share Settlement (1) | (126,971) | — | (126,971) | — | % | Restricted Share Award Net Share Settlement (1) | (126,971) | — | (126,971) | — | % | ||||||||||||||||
Forfeitures of Holdings GP Units from Employee Terminations (1) | Forfeitures of Holdings GP Units from Employee Terminations (1) | (24,778) | — | (24,778) | — | % | Forfeitures of Holdings GP Units from Employee Terminations (1) | (40,101) | — | (40,101) | — | % | ||||||||||||||||
Balance at March 31, 2020 | 60,647,331 | 17,943,092 | 78,590,423 | 77 | % | |||||||||||||||||||||||
Balance at June 30, 2020 | Balance at June 30, 2020 | 61,354,644 | 17,220,456 | 78,575,100 | 78 | % |
Statement of Financial Condition | Statement of Financial Condition | For the Three Months Ended March 31, | Statement of Financial Condition | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||
2020 | 2019 | Statement of Financial Condition | 2020 | 2019 | ||||||||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | $ | 521 | $ | (91) | Additional paid-in capital | $ | $ | (1,828) | |||||||||||||||||||||||||
Noncontrolling interests - Artisan Partners Holdings | Noncontrolling interests - Artisan Partners Holdings | (401) | 116 | Noncontrolling interests - Artisan Partners Holdings | 2,118 | 1,869 | ||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (120) | (25) | Accumulated other comprehensive income (loss) | (29) | (41) | ||||||||||||||||||||||||||||
Net impact to financial condition | Net impact to financial condition | $ | — | $ | — | Net impact to financial condition | $ | — | $ | — |
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Authorized | As of March 31, 2020 | As of December 31, 2019 | Voting Rights (1) | Economic Rights | Authorized | As of June 30, 2020 | As of December 31, 2019 | Voting Rights (1) | Economic Rights | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares | Common shares | Common shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A, par value $0.01 per share | Class A, par value $0.01 per share | 500,000,000 | 60,647,331 | 56,429,825 | 1 vote per share | Proportionate | Class A, par value $0.01 per share | 500,000,000 | 61,354,644 | 56,429,825 | 1 vote per share | Proportionate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B, par value $0.01 per share | Class B, par value $0.01 per share | 200,000,000 | 5,980,743 | 7,803,364 | 1 vote per share | None | Class B, par value $0.01 per share | 200,000,000 | 5,589,292 | 7,803,364 | 1 vote per share | None | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C, par value $0.01 per share | Class C, par value $0.01 per share | 400,000,000 | 11,962,349 | 13,568,665 | 1 vote per share | None | Class C, par value $0.01 per share | 400,000,000 | 11,631,164 | 13,568,665 | 1 vote per share | None | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) The Company’s employees to whom Artisan has granted equity have entered into a stockholders agreement with respect to all shares of APAM common stock they have acquired from the Company and any shares they may acquire from the Company in the future, pursuant to which they granted an irrevocable voting proxy to a Stockholders Committee. As of March 31, 2020, Artisan’s employees held 5,202,060 restricted shares of Class A common stock and all 5,980,743 outstanding shares of Class B common stock, all of which were subject to the agreement. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) The Company’s employees to whom Artisan has granted equity have entered into a stockholders agreement with respect to all shares of APAM common stock they have acquired from the Company and any shares they may acquire from the Company in the future, pursuant to which they granted an irrevocable voting proxy to a Stockholders Committee. As of June 30, 2020, Artisan’s employees held 5,186,737 restricted shares of Class A common stock and all 5,589,292 outstanding shares of Class B common stock, all of which were subject to the agreement. | (1) The Company’s employees to whom Artisan has granted equity have entered into a stockholders agreement with respect to all shares of APAM common stock they have acquired from the Company and any shares they may acquire from the Company in the future, pursuant to which they granted an irrevocable voting proxy to a Stockholders Committee. As of June 30, 2020, Artisan’s employees held 5,186,737 restricted shares of Class A common stock and all 5,589,292 outstanding shares of Class B common stock, all of which were subject to the agreement. |
Type of Dividend | Type of Dividend | Class of Stock | For the Three Months Ended March 31, | Type of Dividend | Class of Stock | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly | Quarterly | Class A Common | $ | 0.68 | $ | 0.56 | Quarterly | Class A Common | $ | 0.61 | $ | 0.55 | $ | 1.29 | $ | 1.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Annual | Special Annual | Class A Common | $ | 0.60 | $ | 1.03 | Special Annual | Class A Common | $ | — | $ | — | $ | 0.60 | $ | 1.03 |
Total Stock Outstanding | Class A Common Stock(1) | Class B Common Stock | Class C Common Stock | Total Stock Outstanding | Class A Common Stock(1) | Class B Common Stock | Class C Common Stock | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | Balance at December 31, 2019 | 77,801,854 | 56,429,825 | 7,803,364 | 13,568,665 | Balance at December 31, 2019 | 77,801,854 | 56,429,825 | 7,803,364 | 13,568,665 | ||||||||||||||||||||||||||||||||||||||||||
2020 Follow-On Offering | 2020 Follow-On Offering | — | 1,802,326 | (1,777,326) | (25,000) | 2020 Follow-On Offering | — | 1,802,326 | (1,777,326) | (25,000) | ||||||||||||||||||||||||||||||||||||||||||
Holdings Common Unit Exchanges | Holdings Common Unit Exchanges | — | 1,626,611 | (45,295) | (1,581,316) | Holdings Common Unit Exchanges | — | 2,349,247 | (403,941) | (1,945,306) | ||||||||||||||||||||||||||||||||||||||||||
Restricted Share Award Grants | Restricted Share Award Grants | 916,085 | 916,085 | — | — | Restricted Share Award Grants | 916,085 | 916,085 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restricted Share Award Net Share Settlement | Restricted Share Award Net Share Settlement | (126,971) | (126,971) | — | — | Restricted Share Award Net Share Settlement | (126,971) | (126,971) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Delivery of Shares Underlying RSUs | Delivery of Shares Underlying RSUs | 24,233 | 24,233 | — | — | Delivery of Shares Underlying RSUs | 24,233 | 24,233 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Employee-Partner Terminations | (24,778) | (24,778) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 78,590,423 | 60,647,331 | 5,980,743 | 11,962,349 | ||||||||||||||||||||||||||||||||||||||||||||||||
Employee/Partner Terminations | Employee/Partner Terminations | (40,101) | (40,101) | (32,805) | 32,805 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | Balance at June 30, 2020 | 78,575,100 | 61,354,644 | 5,589,292 | 11,631,164 | |||||||||||||||||||||||||||||||||||||||||||||||
(1) There were 304,570 and 297,891 restricted stock units outstanding at March 31, 2020 and December 31, 2019, respectively. In addition, there were 60,000 performance share units outstanding at March 31, 2020. Based on the current status of the market and performance conditions, the 60,000 unvested performance share units would ultimately result in the issuance of 90,000 shares of Class A common stock if all other vesting conditions were met. Restricted stock units and performance share units are not reflected in the table because they are not considered outstanding or issued stock. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) There were 304,570 and 297,891 restricted stock units outstanding at June 30, 2020 and December 31, 2019, respectively. In addition, there were 60,000 performance share units outstanding at June 30, 2020. Based on the current status of the market and performance conditions, the 60,000 unvested performance share units would ultimately result in the issuance of 90,000 shares of Class A common stock if all other vesting conditions were met. Restricted stock units and performance share units are not reflected in the table because they are not considered outstanding or issued stock. | (1) There were 304,570 and 297,891 restricted stock units outstanding at June 30, 2020 and December 31, 2019, respectively. In addition, there were 60,000 performance share units outstanding at June 30, 2020. Based on the current status of the market and performance conditions, the 60,000 unvested performance share units would ultimately result in the issuance of 90,000 shares of Class A common stock if all other vesting conditions were met. Restricted stock units and performance share units are not reflected in the table because they are not considered outstanding or issued stock. |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holdings Partnership Distributions to Limited Partners | Holdings Partnership Distributions to Limited Partners | $ | 17,076 | $ | 22,591 | Holdings Partnership Distributions to Limited Partners | $ | 22,246 | $ | 25,733 | $ | 39,322 | $ | 48,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holdings Partnership Distributions to APAM | Holdings Partnership Distributions to APAM | 45,104 | 53,401 | Holdings Partnership Distributions to APAM | 66,251 | 59,483 | 111,355 | 112,884 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Holdings Partnership Distributions | Total Holdings Partnership Distributions | $ | 62,180 | $ | 75,992 | Total Holdings Partnership Distributions | $ | 88,497 | $ | 85,216 | $ | 150,677 | $ | 161,208 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management fees | Management fees | Management fees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Artisan Funds | Artisan Funds | $ | 114,679 | $ | 106,180 | Artisan Funds | $ | 109,697 | $ | 112,025 | $ | 224,376 | $ | 218,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Artisan Global Funds | Artisan Global Funds | 8,116 | 8,135 | Artisan Global Funds | 7,313 | 8,037 | 15,429 | 16,172 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Separate accounts(1) | Separate accounts(1) | 77,109 | 72,549 | Separate accounts(1) | 77,917 | 76,338 | 155,026 | 148,887 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance fees | Performance fees | Performance fees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Separate accounts(1) | Separate accounts(1) | 2,932 | 98 | Separate accounts(1) | 8,015 | 4,327 | 10,947 | 4,425 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues(2) | Total revenues(2) | $ | 202,836 | $ | 186,962 | Total revenues(2) | $ | 202,942 | $ | 200,727 | $ | 405,778 | $ | 387,689 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Separate account revenue consists of management fees and performance fees earned from vehicles other than Artisan Funds or Artisan Global Funds, which includes traditional separate accounts, Artisan-branded collective investment trusts and funds (both public and private) that Artisan advises, including Artisan Private Funds. | (1) Separate account revenue consists of management fees and performance fees earned from vehicles other than Artisan Funds or Artisan Global Funds, which includes traditional separate accounts, Artisan-branded collective investment trusts and funds (both public and private) that Artisan advises, including Artisan Private Funds. | (1) Separate account revenue consists of management fees and performance fees earned from vehicles other than Artisan Funds or Artisan Global Funds, which includes traditional separate accounts, Artisan-branded collective investment trusts and funds (both public and private) that Artisan advises, including Artisan Private Funds. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) All management fees and performance fees from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table. | (2) All management fees and performance fees from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table. | (2) All management fees and performance fees from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table. |
As of March 31, 2020 | As of December 31, 2019 | As of June 30, 2020 | As of December 31, 2019 | |||||||||||||||||||
Customer | Customer | Customer | ||||||||||||||||||||
Artisan Funds | Artisan Funds | $ | 5,216 | $ | 6,703 | Artisan Funds | $ | 6,592 | $ | 6,703 | ||||||||||||
Artisan Global Funds | Artisan Global Funds | 2,742 | 3,588 | Artisan Global Funds | 3,226 | 3,588 | ||||||||||||||||
Separate accounts | Separate accounts | 70,410 | 69,413 | Separate accounts | 78,171 | 69,413 | ||||||||||||||||
Total receivables from contracts with customers | Total receivables from contracts with customers | $ | 78,368 | $ | 79,704 | Total receivables from contracts with customers | $ | 87,989 | $ | 79,704 | ||||||||||||
Non-customer receivables | Non-customer receivables | 18,344 | 2,164 | Non-customer receivables | 6,117 | 2,164 | ||||||||||||||||
Accounts receivable | Accounts receivable | $ | 96,712 | $ | 81,868 | Accounts receivable | $ | 94,106 | $ | 81,868 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries, incentive compensation and benefits (1) | Salaries, incentive compensation and benefits (1) | $ | 95,530 | $ | 87,708 | Salaries, incentive compensation and benefits (1) | $ | 93,139 | $ | 89,521 | $ | 188,669 | $ | 177,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted share-based award compensation expense | Restricted share-based award compensation expense | 9,187 | 11,574 | Restricted share-based award compensation expense | 9,065 | 11,965 | 18,252 | 23,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total compensation and benefits | Total compensation and benefits | $ | 104,717 | $ | 99,282 | Total compensation and benefits | $ | 102,204 | $ | 101,486 | $ | 206,921 | $ | 200,768 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Excluding restricted share-based award compensation expense | (1) Excluding restricted share-based award compensation expense | (1) Excluding restricted share-based award compensation expense |
Weighted-Average Grant Date Fair Value | Restricted Stock Awards and Restricted Stock Units | Weighted-Average Grant Date Fair Value | Restricted Stock Awards and Restricted Stock Units | |||||||||||||||||||
Unvested at January 1, 2020 | Unvested at January 1, 2020 | $ | 35.00 | 5,005,422 | Unvested at January 1, 2020 | $ | 35.00 | 5,005,422 | ||||||||||||||
Granted | Granted | 33.80 | 919,455 | Granted | 33.80 | 919,455 | ||||||||||||||||
Forfeited | Forfeited | 30.30 | (24,778) | Forfeited | 30.71 | (40,101) | ||||||||||||||||
Vested | Vested | 32.59 | (588,144) | Vested | 32.59 | (588,144) | ||||||||||||||||
Unvested at March 31, 2020 | $ | 35.08 | 5,311,955 | |||||||||||||||||||
Unvested at June 30, 2020 | Unvested at June 30, 2020 | $ | 35.09 | 5,296,632 |
Weighted-Average Grant Date Fair Value | Performance Share Units | Weighted-Average Grant Date Fair Value | Performance Share Units | |||||||||||||||||||
Unvested at January 1, 2020 | Unvested at January 1, 2020 | $ | — | — | Unvested at January 1, 2020 | $ | — | — | ||||||||||||||
Granted | Granted | 52.45 | 60,000 | Granted | 52.45 | 60,000 | ||||||||||||||||
Forfeited | Forfeited | — | — | Forfeited | — | — | ||||||||||||||||
Vested | Vested | — | — | Vested | — | — | ||||||||||||||||
Unvested at March 31, 2020 | $ | 52.45 | 60,000 | |||||||||||||||||||
Unvested at June 30, 2020 | Unvested at June 30, 2020 | $ | 52.45 | 60,000 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current: | Current: | Current: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal | Federal | $ | 1,593 | $ | 1,313 | Federal | $ | 5,553 | $ | 3,073 | $ | 7,146 | $ | 4,386 | ||||||||||||||||||||||||||||||||||||||||||||||||||
State and local | State and local | 868 | 515 | State and local | 1,651 | 800 | 2,519 | 1,315 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Foreign | 109 | 121 | Foreign | 55 | 107 | 164 | 228 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 2,570 | 1,949 | Total | 7,259 | 3,980 | 9,829 | 5,929 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred: | Deferred: | Deferred: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal | Federal | 5,898 | 6,696 | Federal | 7,712 | 6,706 | 13,610 | 13,402 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and local | State and local | 983 | 797 | State and local | 1,285 | 798 | 2,268 | 1,595 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 6,881 | 7,493 | Total | 8,997 | 7,504 | 15,878 | 14,997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | $ | 9,451 | $ | 9,442 | Income tax expense | $ | 16,256 | $ | 11,484 | $ | 25,707 | $ | 20,926 |
Deferred Tax Asset - Amortizable basis | Amounts payable under tax receivable agreements | Deferred Tax Asset - Amortizable basis | Amounts payable under tax receivable agreements | |||||||||||||||||||
December 31, 2019 | December 31, 2019 | $ | 408,140 | $ | 375,324 | December 31, 2019 | $ | 408,140 | $ | 375,324 | ||||||||||||
2020 Follow-On Offering | 2020 Follow-On Offering | 21,424 | 18,211 | 2020 Follow-On Offering | 21,424 | 18,211 | ||||||||||||||||
2020 Holdings Common Unit Exchanges | 2020 Holdings Common Unit Exchanges | 14,873 | 12,642 | 2020 Holdings Common Unit Exchanges | 22,235 | 18,899 | ||||||||||||||||
Amortization | Amortization | (8,687) | — | Amortization | (17,586) | — | ||||||||||||||||
Payments under TRA | Payments under TRA | — | (20,318) | |||||||||||||||||||
March 31, 2020 | $ | 435,750 | $ | 406,177 | ||||||||||||||||||
June 30, 2020 | June 30, 2020 | $ | 434,213 | $ | 392,116 |
As of March 31, 2020 | As of December 31, 2019 | As of June 30, 2020 | As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Deferred tax assets: | Deferred tax assets: | Deferred tax assets: | ||||||||||||||||||||||||||||||||||||||
Amortizable basis (1) | Amortizable basis (1) | $ | 435,750 | $ | 408,140 | Amortizable basis (1) | $ | 434,213 | $ | 408,140 | ||||||||||||||||||||||||||||||
Other (2) | Other (2) | 31,223 | 27,757 | Other (2) | 31,435 | 27,757 | ||||||||||||||||||||||||||||||||||
Total deferred tax assets | Total deferred tax assets | 466,973 | 435,897 | Total deferred tax assets | 465,648 | 435,897 | ||||||||||||||||||||||||||||||||||
Less: valuation allowance (3) | Less: valuation allowance (3) | — | — | Less: valuation allowance (3) | — | — | ||||||||||||||||||||||||||||||||||
Net deferred tax assets | Net deferred tax assets | $ | 466,973 | $ | 435,897 | Net deferred tax assets | $ | 465,648 | $ | 435,897 | ||||||||||||||||||||||||||||||
(1) Represents the unamortized step-up of tax basis and other tax attributes from the merger and partnership unit sales and exchanges described above. These future tax benefits are subject to the TRA agreements. | (1) Represents the unamortized step-up of tax basis and other tax attributes from the merger and partnership unit sales and exchanges described above. These future tax benefits are subject to the TRA agreements. | (1) Represents the unamortized step-up of tax basis and other tax attributes from the merger and partnership unit sales and exchanges described above. These future tax benefits are subject to the TRA agreements. | ||||||||||||||||||||||||||||||||||||||
(2) Represents the net deferred tax assets associated with the merger described above and other miscellaneous deferred tax assets. These future tax benefits are not subject to the TRA agreements. | (2) Represents the net deferred tax assets associated with the merger described above and other miscellaneous deferred tax assets. These future tax benefits are not subject to the TRA agreements. | (2) Represents the net deferred tax assets associated with the merger described above and other miscellaneous deferred tax assets. These future tax benefits are not subject to the TRA agreements. | ||||||||||||||||||||||||||||||||||||||
(3) Artisan assessed whether the deferred tax assets would be realizable and determined based on its history of taxable income that the benefits would more likely than not be realized. Accordingly, no valuation allowance is required. | (3) Artisan assessed whether the deferred tax assets would be realizable and determined based on its history of taxable income that the benefits would more likely than not be realized. Accordingly, no valuation allowance is required. | (3) Artisan assessed whether the deferred tax assets would be realizable and determined based on its history of taxable income that the benefits would more likely than not be realized. Accordingly, no valuation allowance is required. |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Share | Basic and Diluted Earnings Per Share | 2020 | 2019 | Basic and Diluted Earnings Per Share | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to APAM | Net income attributable to APAM | $ | 34,825 | $ | 31,539 | Net income attributable to APAM | $ | 46,151 | $ | 39,188 | $ | 80,976 | $ | 70,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Allocation to participating securities | Less: Allocation to participating securities | 6,835 | 7,733 | Less: Allocation to participating securities | 6,001 | 5,340 | 12,155 | 12,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $ | 27,990 | $ | 23,806 | Net income available to common stockholders | $ | 40,150 | $ | 33,848 | $ | 68,821 | $ | 58,203 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 53,265,479 | 50,145,684 | Weighted average shares outstanding | 55,884,366 | 51,242,911 | 54,574,923 | 50,697,329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | Earnings per share | $ | 0.53 | $ | 0.47 | Earnings per share | $ | 0.72 | $ | 0.66 | $ | 1.26 | $ | 1.15 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anti-Dilutive Weighted Average Shares Outstanding | Anti-Dilutive Weighted Average Shares Outstanding | 2020 | 2019 | Anti-Dilutive Weighted Average Shares Outstanding | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holdings limited partnership units | Holdings limited partnership units | 20,069,152 | 22,584,238 | Holdings limited partnership units | 17,692,268 | 21,707,968 | 18,880,709 | 22,143,682 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unvested restricted share-based awards | Unvested restricted share-based awards | 5,177,625 | 4,875,738 | Unvested restricted share-based awards | 5,402,581 | 5,162,101 | 5,290,103 | 5,019,710 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 25,246,777 | 27,459,976 | Total | 23,094,849 | 26,870,069 | 24,170,812 | 27,163,392 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Artisan Funds | Artisan Funds | 2020 | 2019 | Artisan Funds | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment management fees (Gross of fee waivers/expense reimbursements) | Investment management fees (Gross of fee waivers/expense reimbursements) | $ | 114,767 | $ | 106,281 | Investment management fees (Gross of fee waivers/expense reimbursements) | $ | 109,863 | $ | 112,124 | $ | 224,630 | $ | 218,405 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fee waivers / expense reimbursements | Fee waivers / expense reimbursements | $ | 88 | $ | 101 | Fee waivers / expense reimbursements | $ | 166 | $ | 99 | $ | 254 | $ | 200 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Artisan Global Funds | Artisan Global Funds | 2020 | 2019 | Artisan Global Funds | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment management fees (Gross of fee waivers/expense reimbursements) | Investment management fees (Gross of fee waivers/expense reimbursements) | $ | 8,176 | $ | 8,172 | Investment management fees (Gross of fee waivers/expense reimbursements) | $ | 7,367 | $ | 8,096 | $ | 15,543 | $ | 16,268 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elimination of management fees from consolidated investment products(1) | Elimination of management fees from consolidated investment products(1) | (13) | (16) | Elimination of management fees from consolidated investment products(1) | (13) | (16) | (26) | (32) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated investment management fees (Gross of fee waivers / expense reimbursements) | Consolidated investment management fees (Gross of fee waivers / expense reimbursements) | $ | 8,163 | $ | 8,156 | Consolidated investment management fees (Gross of fee waivers / expense reimbursements) | $ | 7,354 | $ | 8,080 | $ | 15,517 | $ | 16,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee waivers / expense reimbursements | Fee waivers / expense reimbursements | $ | 95 | $ | 124 | Fee waivers / expense reimbursements | $ | 115 | $ | 44 | $ | 210 | $ | 168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elimination of fee waivers / expense reimbursements from consolidated investment products(1) | Elimination of fee waivers / expense reimbursements from consolidated investment products(1) | (48) | (103) | Elimination of fee waivers / expense reimbursements from consolidated investment products(1) | (74) | (1) | (122) | (104) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated fee waivers / expense reimbursements | Consolidated fee waivers / expense reimbursements | $ | 47 | $ | 21 | Consolidated fee waivers / expense reimbursements | $ | 41 | $ | 43 | $ | 88 | $ | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Investment management fees and expense waivers related to consolidated investment products were eliminated from revenue upon consolidation. | (1) Investment management fees and expense waivers related to consolidated investment products were eliminated from revenue upon consolidation. | (1) Investment management fees and expense waivers related to consolidated investment products were eliminated from revenue upon consolidation. |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Artisan Private Funds | Artisan Private Funds | 2020 | 2019 | Artisan Private Funds | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment management fees (Gross of fee waivers/expense reimbursements) | Investment management fees (Gross of fee waivers/expense reimbursements) | $ | 1,280 | $ | 604 | Investment management fees (Gross of fee waivers/expense reimbursements) | $ | 1,535 | $ | 665 | $ | 2,815 | $ | 1,269 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elimination of management fees from consolidated investment products(1) | Elimination of management fees from consolidated investment products(1) | (51) | (40) | Elimination of management fees from consolidated investment products(1) | (55) | (42) | (106) | (82) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated investment management fees (Gross of fee waivers / expense reimbursements) | Consolidated investment management fees (Gross of fee waivers / expense reimbursements) | $ | 1,229 | $ | 564 | Consolidated investment management fees (Gross of fee waivers / expense reimbursements) | $ | 1,480 | $ | 623 | $ | 2,709 | $ | 1,187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee waivers / expense reimbursements | Fee waivers / expense reimbursements | $ | 45 | $ | 53 | Fee waivers / expense reimbursements | $ | 59 | $ | 29 | $ | 104 | $ | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elimination of fee waivers / expense reimbursements from consolidated investment products(1) | Elimination of fee waivers / expense reimbursements from consolidated investment products(1) | (13) | (53) | Elimination of fee waivers / expense reimbursements from consolidated investment products(1) | (17) | (29) | (30) | (82) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated fee waivers / expense reimbursements | Consolidated fee waivers / expense reimbursements | $ | 32 | $ | — | Consolidated fee waivers / expense reimbursements | $ | 42 | $ | — | $ | 74 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Investment management fees and expense waivers related to consolidated investment products were eliminated from revenue upon consolidation. | (1) Investment management fees and expense waivers related to consolidated investment products were eliminated from revenue upon consolidation. | (1) Investment management fees and expense waivers related to consolidated investment products were eliminated from revenue upon consolidation. |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
S&P 500 total returns | S&P 500 total returns | (19.6) | % | 13.6 | % | S&P 500 total returns | 20.5 | % | 4.3 | % | (3.1) | % | 18.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
MSCI All Country World total returns | MSCI All Country World total returns | (21.4) | % | 12.2 | % | MSCI All Country World total returns | 19.2 | % | 3.6 | % | (6.3) | % | 16.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
MSCI EAFE total returns | MSCI EAFE total returns | (22.8) | % | 10.0 | % | MSCI EAFE total returns | 14.9 | % | 3.7 | % | (11.3) | % | 14.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Russell Midcap® total returns | Russell Midcap® total returns | (27.1) | % | 16.5 | % | Russell Midcap® total returns | 24.6 | % | 4.1 | % | (9.1) | % | 21.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
MSCI Emerging Markets Index | MSCI Emerging Markets Index | (23.6) | % | 9.9 | % | MSCI Emerging Markets Index | 18.1 | % | 0.6 | % | (9.8) | % | 10.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
ICE BofA U.S. High Yield Master II Total Return Index | ICE BofA U.S. High Yield Master II Total Return Index | (13.1) | % | 7.4 | % | ICE BofA U.S. High Yield Master II Total Return Index | 9.6 | % | 2.6 | % | (4.8) | % | 10.2 | % |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited; dollars in millions) | (unaudited; dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under management at period end | Assets under management at period end | $ | 95,224 | $ | 107,803 | Assets under management at period end | $ | 120,574 | $ | 113,843 | $ | 120,574 | $ | 113,843 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average assets under management (1) | Average assets under management (1) | $ | 113,802 | $ | 104,938 | Average assets under management (1) | $ | 109,295 | $ | 110,201 | $ | 111,638 | $ | 107,582 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net client cash flows | Net client cash flows | $ | (449) | $ | (1,110) | Net client cash flows | $ | 3,331 | $ | (505) | $ | 2,882 | $ | (1,615) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 202.8 | $ | 187.0 | Total revenues | $ | 203.0 | $ | 200.7 | $ | 405.8 | $ | 387.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average fee (2) | 71.7 | bps | 72.3 | bps | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average management fee (2) | Weighted average management fee (2) | 71.8 | bps | 71.5 | bps | 71.2 | bps | 71.9 | bps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating margin | Operating margin | 35.0 | % | 30.9 | % | Operating margin | 37.8 | % | 35.3 | % | 36.4 | % | 33.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) We compute average assets under management by averaging day-end assets under management for the applicable period. | (1) We compute average assets under management by averaging day-end assets under management for the applicable period. | (1) We compute average assets under management by averaging day-end assets under management for the applicable period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) We compute our weighted average fee by dividing annualized investment management fees and performance fees by average assets under management for the applicable period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) We compute our weighted average management fee by dividing annualized investment management fees (excluding performance fees) by average assets under management for the applicable period. The weighted average management fee for prior periods have been recast to exclude performance fee revenue. | (2) We compute our weighted average management fee by dividing annualized investment management fees (excluding performance fees) by average assets under management for the applicable period. The weighted average management fee for prior periods have been recast to exclude performance fee revenue. |
For the Three Months Ended March 31, | Period-to-Period | For the Three Months Ended June 30, | Period-to-Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | $ | % | 2020 | 2019 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited; in millions) | (unaudited; in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning assets under management | Beginning assets under management | $ | 121,016 | $ | 96,224 | $ | 24,792 | 25.8 | % | Beginning assets under management | $ | 95,224 | $ | 107,803 | $ | (12,579) | (11.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash inflows | Gross client cash inflows | 7,079 | 4,700 | 2,379 | 50.6 | % | Gross client cash inflows | 11,301 | 4,715 | 6,586 | 139.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash outflows | Gross client cash outflows | (7,528) | (5,810) | (1,718) | (29.6) | % | Gross client cash outflows | (7,970) | (5,220) | (2,750) | (52.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net client cash flows | Net client cash flows | (449) | (1,110) | 661 | 59.5 | % | Net client cash flows | 3,331 | (505) | 3,836 | 759.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market appreciation (depreciation) (1) | (25,343) | 12,689 | (38,032) | (299.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment returns and other (1) | Investment returns and other (1) | 22,019 | 6,545 | 15,474 | 236.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending assets under management | Ending assets under management | $ | 95,224 | $ | 107,803 | $ | (12,579) | (11.7) | % | Ending assets under management | $ | 120,574 | $ | 113,843 | $ | 6,731 | 5.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average assets under management | Average assets under management | $ | 113,802 | $ | 104,938 | $ | 8,864 | 8.4 | % | Average assets under management | $ | 109,295 | $ | 110,201 | $ | (906) | (0.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes the impact of translating the value of assets under management denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. | (1) Includes the impact of translating the value of assets under management denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. | (1) Includes the impact of translating the value of assets under management denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, | Period-to-Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited; in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning assets under management | Beginning assets under management | $ | 121,016 | $ | 96,224 | $ | 24,792 | 25.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash inflows | Gross client cash inflows | 18,380 | 9,415 | 8,965 | 95.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash outflows | Gross client cash outflows | (15,498) | (11,030) | (4,468) | (40.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net client cash flows | Net client cash flows | 2,882 | (1,615) | 4,497 | 278.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment returns and other (1) | Investment returns and other (1) | (3,324) | 19,234 | (22,558) | (117.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending assets under management | Ending assets under management | $ | 120,574 | $ | 113,843 | $ | 6,731 | 5.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average assets under management | Average assets under management | $ | 111,638 | $ | 107,582 | $ | 4,056 | 3.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes the impact of translating the value of assets under management denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. | (1) Includes the impact of translating the value of assets under management denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. |
Average Annual Value-Added(1) Since Inception (bps) | Average Annual Value-Added(1) Since Inception (bps) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composite Inception | Strategy AUM | Average Annual Total Returns (gross) (%) | Composite Inception | Strategy AUM | Average Annual Total Returns (gross) (%) | Average Annual Value-Added(1) Since Inception (bps) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Team and Strategy | Investment Team and Strategy | Date | (in $MM) | 1 YR | 3 YR | 5 YR | 10 YR | Inception | Investment Team and Strategy | Date | (in $MM) | 1 YR | 3 YR | 5 YR | 10 YR | Inception | Average Annual Value-Added(1) Since Inception (bps) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Growth Team | Growth Team | Growth Team | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Opportunities Strategy | Global Opportunities Strategy | 2/1/2007 | $ | 16,542 | 2.53% | 9.70% | 9.84% | 12.93% | 9.84% | 635 | Global Opportunities Strategy | 2/1/2007 | $ | 21,469 | 23.41% | 15.89% | 14.31% | 16.81% | 11.68% | 689 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSCI All Country World Index | MSCI All Country World Index | (11.26)% | 1.50% | 2.85% | 5.87% | 3.49% | MSCI All Country World Index | 2.11% | 6.13% | 6.45% | 9.15% | 4.79% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Discovery Strategy | Global Discovery Strategy | 9/1/2017 | $ | 764 | 4.22% | -- | 10.34% | 1,144 | Global Discovery Strategy | 9/1/2017 | $ | 1,018 | 24.36% | -- | 20.25% | 1,491 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSCI All Country World Index | MSCI All Country World Index | (11.26)% | -- | (1.10)% | MSCI All Country World Index | 2.11% | -- | 5.34% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Mid-Cap Growth Strategy | US Mid-Cap Growth Strategy | 4/1/1997 | $ | 9,273 | 1.28% | 10.66% | 7.87% | 12.96% | 14.41% | 563 | US Mid-Cap Growth Strategy | 4/1/1997 | $ | 13,900 | 26.09% | 20.25% | 14.51% | 17.59% | 15.82% | 611 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russell Midcap® Index | Russell Midcap® Index | (18.31)% | (0.81)% | 1.85% | 8.76% | 8.78% | Russell Midcap® Index | (2.24)% | 5.79% | 6.75% | 12.34% | 9.71% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russell Midcap® Growth Index | Russell Midcap® Growth Index | (9.45)% | 6.53% | 5.60% | 10.88% | 8.48% | Russell Midcap® Growth Index | 11.91% | 14.74% | 11.59% | 15.08% | 9.63% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Small-Cap Growth Strategy | US Small-Cap Growth Strategy | 4/1/1995 | $ | 3,112 | (1.99)% | 13.52% | 11.20% | 14.49% | 10.55% | 299 | US Small-Cap Growth Strategy | 4/1/1995 | $ | 4,692 | 26.17% | 23.87% | 16.76% | 19.15% | 11.85% | 340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russell 2000® Index | Russell 2000® Index | (23.99)% | (4.64)% | (0.25)% | 6.90% | 7.56% | Russell 2000® Index | (6.63)% | 2.01% | 4.28% | 10.49% | 8.45% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russell 2000® Growth Index | Russell 2000® Growth Index | (18.58)% | 0.10% | 1.70% | 8.88% | 6.61% | Russell 2000® Growth Index | 3.48% | 7.85% | 6.85% | 12.91% | 7.68% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Equity Team | Global Equity Team | Global Equity Team | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Equity Strategy | Global Equity Strategy | 4/1/2010 | $ | 1,489 | (1.37)% | 10.78% | 7.15% | 11.06 | 11.06% | 519 | Global Equity Strategy | 4/1/2010 | $ | 2,104 | 12.27% | 16.00% | 11.10% | 14.81 | 13.13% | 558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSCI All Country World Index | MSCI All Country World Index | (11.26)% | 1.50% | 2.85% | 5.87 | 5.87% | MSCI All Country World Index | 2.11% | 6.13% | 6.45% | 9.15 | 7.55% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-US Growth Strategy | Non-US Growth Strategy | 1/1/1996 | $ | 18,423 | (6.61)% | 4.16% | 1.02% | 6.19% | 9.20% | 546 | Non-US Growth Strategy | 1/1/1996 | $ | 19,976 | 0.81% | 6.43% | 4.31% | 9.18% | 9.81% | 552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSCI EAFE Index | MSCI EAFE Index | (14.38)% | (1.82)% | (0.62)% | 2.71% | 3.74% | MSCI EAFE Index | (5.13)% | 0.81% | 2.05% | 5.72% | 4.29% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-US Small-Mid Growth Strategy | Non-US Small-Mid Growth Strategy | 1/1/2019 | $ | 2,112 | (5.56)% | -- | 7.30% | 1,691 | Non-US Small-Mid Growth Strategy | 1/1/2019 | $ | 3,367 | 12.29% | -- | 24.76% | 2,026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSCI All Country World Index Ex USA Small Mid Cap | MSCI All Country World Index Ex USA Small Mid Cap | (20.05)% | -- | (9.61)% | MSCI All Country World Index Ex USA Small Mid Cap | (5.13)% | -- | 4.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Value Team | US Value Team | US Value Team | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value Equity Strategy | Value Equity Strategy | 7/1/2005 | $ | 2,355 | (17.26)% | (3.00)% | 1.98% | 7.10% | 6.05% | (156) | Value Equity Strategy | 7/1/2005 | $ | 2,832 | (5.53)% | 2.27% | 5.83% | 10.17% | 7.19% | (171) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russell 1000® Index | Russell 1000® Index | (8.03)% | 4.64% | 6.21% | 10.38% | 7.61% | Russell 1000® Index | 7.48% | 10.63% | 10.46% | 13.96% | 8.90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russell 1000® Value Index | Russell 1000® Value Index | (17.17)% | (2.17)% | 1.90% | 7.66% | 5.38% | Russell 1000® Value Index | (8.84)% | 1.82% | 4.64% | 10.40% | 6.23% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Mid-Cap Value Strategy | US Mid-Cap Value Strategy | 4/1/1999 | $ | 2,618 | (27.22)% | (7.64)% | (2.15)% | 5.80% | 10.21% | 239 | US Mid-Cap Value Strategy | 4/1/1999 | $ | 3,180 | (13.16)% | (0.84)% | 2.73% | 9.17% | 11.27% | 243 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russell Midcap® Index | Russell Midcap® Index | (18.31)% | (0.81)% | 1.85% | 8.76% | 7.82% | Russell Midcap® Index | (2.24)% | 5.79% | 6.75% | 12.34% | 8.84% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russell Midcap® Value Index | Russell Midcap® Value Index | (24.13)% | (5.96)% | (0.76)% | 7.21% | 7.65% | Russell Midcap® Value Index | (11.81)% | (0.54)% | 3.32% | 10.28% | 8.48% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International Value Team | International Value Team | International Value Team | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International Value Strategy | International Value Strategy | 7/1/2002 | $ | 15,895 | (16.82)% | (2.80)% | 0.05% | 6.40% | 9.76% | 513 | International Value Strategy | 7/1/2002 | $ | 19,193 | (6.91)% | 0.04% | 3.00% | 9.12% | 10.57% | 520 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSCI EAFE Index | MSCI EAFE Index | (14.38)% | (1.82)% | (0.62)% | 2.71% | 4.63% | MSCI EAFE Index | (5.13)% | 0.81% | 2.05% | 5.72% | 5.37% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Value Team | Global Value Team | Global Value Team | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Value Strategy | Global Value Strategy | 7/1/2007 | $ | 13,691 | (20.71)% | (3.22)% | 0.90% | 7.55% | 5.60% | 268 | Global Value Strategy | 7/1/2007 | $ | 16,000 | (11.58)% | (0.13)% | 3.81% | 10.32% | 6.71% | 245 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSCI All Country World Index | MSCI All Country World Index | (11.26)% | 1.50% | 2.85% | 5.87% | 2.92% | MSCI All Country World Index | 2.11% | 6.13% | 6.45% | 9.15% | 4.26% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Select Equity Strategy | Select Equity Strategy | 3/1/2020 | $ | 10 | -- | (19.19)% | (684) | Select Equity Strategy | 3/1/2020 | $ | 13 | -- | (5.50)% | (1,115) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
S&P 500 Market Index | S&P 500 Market Index | -- | (12.35)% | S&P 500 Market Index | -- | 5.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sustainable Emerging Markets Team | Sustainable Emerging Markets Team | Sustainable Emerging Markets Team | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sustainable Emerging Markets Strategy | Sustainable Emerging Markets Strategy | 7/1/2006 | $ | 377 | (18.90)% | (0.80)% | 2.47% | 0.79% | 3.78% | 45 | Sustainable Emerging Markets Strategy | 7/1/2006 | $ | 477 | (2.14)% | 3.82% | 6.56% | 3.73% | 5.24% | 73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSCI Emerging Markets Index | MSCI Emerging Markets Index | (17.69)% | (1.62)% | (0.37)% | 0.68% | 3.33% | MSCI Emerging Markets Index | (3.39)% | 1.89% | 2.86% | 3.27% | 4.51% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Team | Credit Team | Credit Team | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
High Income Strategy | High Income Strategy | 4/1/2014 | $ | 3,252 | (6.81)% | 1.66% | 4.39% | -- | 4.65% | 209 | High Income Strategy | 4/1/2014 | $ | 4,278 | 2.13% | 4.77% | 6.58% | -- | 6.42% | 245 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ICE BofA US High Yield Master II Total Return Index | ICE BofA US High Yield Master II Total Return Index | (7.45)% | 0.55% | 2.67% | -- | 2.56% | ICE BofA US High Yield Master II Total Return Index | (1.10)% | 2.94% | 4.58% | -- | 3.97% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Developing World Team | Developing World Team | Developing World Team | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Developing World Strategy | Developing World Strategy | 7/1/2015 | $ | 3,366 | 7.26% | 11.31% | -- | 9.55% | 1,008 | Developing World Strategy | 7/1/2015 | $ | 5,396 | 39.32% | 20.48% | 16.40% | -- | 16.40% | 1,354 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSCI Emerging Markets Index | MSCI Emerging Markets Index | (17.69)% | (1.62)% | -- | (0.53)% | MSCI Emerging Markets Index | (3.39)% | 1.89% | 2.86% | -- | 2.86% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thematic Team | Thematic Team | Thematic Team | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thematic Strategy | Thematic Strategy | 5/1/2017 | $ | 1,281 | 1.33% | -- | 19.19% | 1,431 | Thematic Strategy | 5/1/2017 | $ | 1,859 | 15.34% | 24.51% | -- | 24.66% | 1,383 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
S&P 500 Market Index (Total Return) | S&P 500 Market Index (Total Return) | (6.98)% | -- | 4.88% | S&P 500 Market Index (Total Return) | 7.50% | 10.72% | -- | 10.83% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets Under Management 2 | Other Assets Under Management 2 | $ | 664 | Other Assets Under Management 2 | $ | 820 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets Under Management | Total Assets Under Management | $ | 95,224 | Total Assets Under Management | $ | 120,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Value-added is the amount in basis points by which the average annual gross composite return of each of our strategies has outperformed the broad-based market index most commonly used by our clients to compare the performance of the relevant strategy. Value-added for periods less than one year is not annualized. The Artisan High Income Strategy may hold loans and other security types that may not be included in the ICE BofA U.S. High Yield Master II Total Return Index. At times, this causes material differences in relative performance. The Thematic strategy's investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future. (2) Other Assets Under Management includes AUM managed by the Credit Team in the Credit Opportunities strategy and by the Thematic Team in the Thematic Long/Short strategy, respectively. Strategy specific information has been omitted. | (1) Value-added is the amount in basis points by which the average annual gross composite return of each of our strategies has outperformed the broad-based market index most commonly used by our clients to compare the performance of the relevant strategy. Value-added for periods less than one year is not annualized. The Artisan High Income Strategy may hold loans and other security types that may not be included in the ICE BofA U.S. High Yield Master II Total Return Index. At times, this causes material differences in relative performance. The Thematic strategy's investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future. (2) Other Assets Under Management includes AUM managed by the Credit Team in the Credit Opportunities strategy and by the Thematic Team in the Thematic Long/Short strategy, respectively. Strategy specific information has been omitted. | (1) Value-added is the amount in basis points by which the average annual gross composite return of each of our strategies has outperformed the broad-based market index most commonly used by our clients to compare the performance of the relevant strategy. Value-added for periods less than one year is not annualized. The Artisan High Income Strategy may hold loans and other security types that may not be included in the ICE BofA U.S. High Yield Master II Total Return Index. At times, this causes material differences in relative performance. The Thematic strategy's investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future. (2) Other Assets Under Management includes AUM managed by the Credit Team in the Credit Opportunities strategy and by the Thematic Team in the Thematic Long/Short strategy, respectively. Strategy specific information has been omitted. |
By Investment Team | By Investment Team | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Growth | Global Equity | US Value | International Value | Global Value | Sustainable Emerging Markets | Credit | Developing World | Thematic | Total | Three Months Ended | Growth | Global Equity | US Value | International Value | Global Value | Sustainable Emerging Markets | Credit | Developing World | Thematic | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | (unaudited; in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2020 | (unaudited; in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning assets under management | Beginning assets under management | $ | 34,793 | $ | 27,860 | $ | 7,402 | $ | 22,000 | $ | 19,707 | $ | 234 | $ | 3,850 | $ | 3,374 | $ | 1,796 | $ | 121,016 | Beginning assets under management | $ | 29,691 | $ | 22,024 | $ | 4,973 | $ | 15,895 | $ | 13,701 | $ | 377 | $ | 3,312 | $ | 3,366 | $ | 1,885 | $ | 95,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash inflows | Gross client cash inflows | 1,420 | 1,310 | 441 | 1,273 | 640 | 282 | 632 | 588 | 493 | 7,079 | Gross client cash inflows | 3,484 | 1,449 | 255 | 2,705 | 1,075 | 23 | 946 | 942 | 422 | 11,301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash outflows | Gross client cash outflows | (2,157) | (1,346) | (686) | (1,404) | (840) | (4) | (656) | (310) | (125) | (7,528) | Gross client cash outflows | (1,623) | (2,163) | (358) | (2,139) | (922) | (7) | (351) | (331) | (76) | (7,970) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net client cash flows | Net client cash flows | (737) | (36) | (245) | (131) | (200) | 278 | (24) | 278 | 368 | (449) | Net client cash flows | 1,861 | (714) | (103) | 566 | 153 | 16 | 595 | 611 | 346 | 3,331 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market appreciation (depreciation) | (4,365) | (5,800) | (2,184) | (5,974) | (5,806) | (135) | (514) | (286) | (279) | (25,343) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment returns and other | Investment returns and other | 9,527 | 4,137 | 1,142 | 2,732 | 2,159 | 84 | 444 | 1,419 | 375 | 22,019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending assets under management | Ending assets under management | $ | 29,691 | $ | 22,024 | $ | 4,973 | $ | 15,895 | $ | 13,701 | $ | 377 | $ | 3,312 | $ | 3,366 | $ | 1,885 | $ | 95,224 | Ending assets under management | $ | 41,079 | $ | 25,447 | $ | 6,012 | $ | 19,193 | $ | 16,013 | $ | 477 | $ | 4,351 | $ | 5,396 | $ | 2,606 | $ | 120,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average assets under management | Average assets under management | $ | 33,702 | $ | 26,218 | $ | 6,337 | $ | 20,054 | $ | 17,963 | $ | 352 | $ | 3,754 | $ | 3,492 | $ | 1,930 | $ | 113,802 | Average assets under management | $ | 35,451 | $ | 24,250 | $ | 5,725 | $ | 17,873 | $ | 14,912 | $ | 422 | $ | 3,960 | $ | 4,406 | $ | 2,296 | $ | 109,295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning assets under management | Beginning assets under management | $ | 26,251 | $ | 22,967 | $ | 6,577 | $ | 17,681 | $ | 17,113 | $ | 179 | $ | 2,860 | $ | 1,993 | $ | 603 | $ | 96,224 | Beginning assets under management | $ | 30,832 | $ | 24,727 | $ | 7,170 | $ | 19,871 | $ | 18,449 | $ | 201 | $ | 3,383 | $ | 2,228 | $ | 942 | $ | 107,803 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash inflows | Gross client cash inflows | 1,117 | 715 | 170 | 1,389 | 247 | 4 | 552 | 199 | 307 | 4,700 | Gross client cash inflows | 1,120 | 1,358 | 110 | 603 | 277 | 3 | 409 | 579 | 256 | 4,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash outflows | Gross client cash outflows | (1,485) | (1,387) | (395) | (996) | (870) | (2) | (217) | (405) | (53) | (5,810) | Gross client cash outflows | (1,282) | (1,535) | (441) | (1,101) | (562) | (5) | (144) | (130) | (20) | (5,220) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net client cash flows | Net client cash flows | (368) | (672) | (225) | 393 | (623) | 2 | 335 | (206) | 254 | (1,110) | Net client cash flows | (162) | (177) | (331) | (498) | (285) | (2) | 265 | 449 | 236 | (505) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market appreciation (depreciation) | 4,949 | 2,432 | 818 | 1,797 | 1,959 | 20 | 188 | 441 | 85 | 12,689 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment returns and other | Investment returns and other | 2,348 | 2,042 | 341 | 805 | 699 | 3 | 87 | 162 | 58 | 6,545 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending assets under management | Ending assets under management | $ | 30,832 | $ | 24,727 | $ | 7,170 | $ | 19,871 | $ | 18,449 | $ | 201 | $ | 3,383 | $ | 2,228 | $ | 942 | $ | 107,803 | Ending assets under management | $ | 33,018 | $ | 26,592 | $ | 7,180 | $ | 20,178 | $ | 18,863 | $ | 202 | $ | 3,735 | $ | 2,839 | $ | 1,236 | $ | 113,843 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average assets under management | Average assets under management | $ | 29,241 | $ | 24,197 | $ | 7,179 | $ | 19,447 | $ | 18,533 | $ | 195 | $ | 3,160 | $ | 2,151 | $ | 835 | $ | 104,938 | Average assets under management | $ | 31,736 | $ | 25,468 | $ | 7,094 | $ | 19,857 | $ | 18,597 | $ | 198 | $ | 3,582 | $ | 2,529 | $ | 1,140 | $ | 110,201 |
By Investment Team | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Growth | Global Equity | US Value | International Value | Global Value | Sustainable Emerging Markets | Credit | Developing World | Thematic | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | (unaudited; in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning assets under management | $ | 34,793 | $ | 27,860 | $ | 7,402 | $ | 22,000 | $ | 19,707 | $ | 234 | $ | 3,850 | $ | 3,374 | $ | 1,796 | $ | 121,016 | |||||||||||||||||||||||||||||||||||||||
Gross client cash inflows | 4,904 | 2,759 | 696 | 3,978 | 1,715 | 305 | 1,578 | 1,530 | 915 | 18,380 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash outflows | (3,780) | (3,509) | (1,044) | (3,543) | (1,762) | (11) | (1,007) | (641) | (201) | (15,498) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net client cash flows | 1,124 | (750) | (348) | 435 | (47) | 294 | 571 | 889 | 714 | 2,882 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment returns and other | 5,162 | (1,663) | (1,042) | (3,242) | (3,647) | (51) | (70) | 1,133 | 96 | (3,324) | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending assets under management | $ | 41,079 | $ | 25,447 | $ | 6,012 | $ | 19,193 | $ | 16,013 | $ | 477 | $ | 4,351 | $ | 5,396 | $ | 2,606 | $ | 120,574 | |||||||||||||||||||||||||||||||||||||||
Average assets under management | $ | 34,603 | $ | 25,252 | $ | 6,037 | $ | 18,980 | $ | 16,452 | $ | 387 | $ | 3,860 | $ | 3,953 | $ | 2,114 | $ | 111,638 | |||||||||||||||||||||||||||||||||||||||
June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning assets under management | $ | 26,251 | $ | 22,967 | $ | 6,577 | $ | 17,681 | $ | 17,113 | $ | 179 | $ | 2,860 | $ | 1,993 | $ | 603 | $ | 96,224 | |||||||||||||||||||||||||||||||||||||||
Gross client cash inflows | 2,237 | 2,073 | 280 | 1,992 | 524 | 7 | 961 | 778 | 563 | 9,415 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash outflows | (2,767) | (2,922) | (836) | (2,097) | (1,432) | (7) | (361) | (535) | (73) | (11,030) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net client cash flows | (530) | (849) | (556) | (105) | (908) | — | 600 | 243 | 490 | (1,615) | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment returns and other | 7,297 | 4,474 | 1,159 | 2,602 | 2,658 | 23 | 275 | 603 | 143 | 19,234 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending assets under management | $ | 33,018 | $ | 26,592 | $ | 7,180 | $ | 20,178 | $ | 18,863 | $ | 202 | $ | 3,735 | $ | 2,839 | $ | 1,236 | $ | 113,843 | |||||||||||||||||||||||||||||||||||||||
Average assets under management | $ | 30,494 | $ | 24,837 | $ | 7,136 | $ | 19,652 | $ | 18,565 | $ | 197 | $ | 3,372 | $ | 2,341 | $ | 988 | $ | 107,582 | |||||||||||||||||||||||||||||||||||||||
As of March 31, 2020 | As of March 31, 2019 | As of June 30, 2020 | As of June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | % of total | $ in millions | % of total | $ in millions | % of total | $ in millions | % of total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional | Institutional | $ | 63,397 | 66.6 | % | $ | 71,432 | 66.3 | % | Institutional | $ | 78,960 | 65.5 | % | $ | 75,959 | 66.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intermediary | Intermediary | 27,868 | 29.3 | % | 31,613 | 29.3 | % | Intermediary | 36,455 | 30.2 | % | 32,925 | 28.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Retail | 3,959 | 4.1 | % | 4,758 | 4.4 | % | Retail | 5,159 | 4.3 | % | 4,959 | 4.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Assets Under Management | Ending Assets Under Management | $ | 95,224 | 100.0 | % | $ | 107,803 | 100.0 | % | Ending Assets Under Management | $ | 120,574 | 100.0 | % | $ | 113,843 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) The allocation of assets under management by distribution channel involves the use of estimates and the exercise of judgment. | (1) The allocation of assets under management by distribution channel involves the use of estimates and the exercise of judgment. | (1) The allocation of assets under management by distribution channel involves the use of estimates and the exercise of judgment. |
Three Months Ended | Three Months Ended | Artisan Funds & Artisan Global Funds | Separate Accounts | Total | Three Months Ended | Artisan Funds & Artisan Global Funds | Separate Accounts | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | (unaudited; in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2020 | (unaudited; in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning assets under management | Beginning assets under management | $ | 57,288 | $ | 63,728 | $ | 121,016 | Beginning assets under management | $ | 44,426 | $ | 50,798 | $ | 95,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash inflows | Gross client cash inflows | 4,725 | 2,354 | 7,079 | Gross client cash inflows | 6,818 | 4,483 | 11,301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash outflows | Gross client cash outflows | (5,575) | (1,953) | (7,528) | Gross client cash outflows | (5,015) | (2,955) | (7,970) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net client cash flows | Net client cash flows | (850) | 401 | (449) | Net client cash flows | 1,803 | 1,528 | 3,331 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market appreciation (depreciation) | (11,947) | (13,396) | (25,343) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment returns and other | Investment returns and other | 10,321 | 11,698 | 22,019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net transfers (1) | Net transfers (1) | (65) | 65 | — | Net transfers (1) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending assets under management | Ending assets under management | $ | 44,426 | $ | 50,798 | $ | 95,224 | Ending assets under management | $ | 56,550 | $ | 64,024 | $ | 120,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average assets under management | Average assets under management | $ | 53,775 | $ | 60,027 | $ | 113,802 | Average assets under management | $ | 51,262 | $ | 58,033 | $ | 109,295 | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning assets under management | Beginning assets under management | $ | 46,654 | $ | 49,570 | $ | 96,224 | Beginning assets under management | $ | 51,951 | $ | 55,852 | $ | 107,803 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash inflows | Gross client cash inflows | 3,466 | 1,234 | 4,700 | Gross client cash inflows | 3,081 | 1,634 | 4,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash outflows | Gross client cash outflows | (4,113) | (1,697) | (5,810) | Gross client cash outflows | (3,736) | (1,484) | (5,220) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net client cash flows | Net client cash flows | (647) | (463) | (1,110) | Net client cash flows | (655) | 150 | (505) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market appreciation (depreciation) | 5,944 | 6,745 | 12,689 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment returns and other | Investment returns and other | 3,037 | 3,508 | 6,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net transfers (1) | Net transfers (1) | — | — | — | Net transfers (1) | (238) | 238 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending assets under management | Ending assets under management | $ | 51,951 | $ | 55,852 | $ | 107,803 | Ending assets under management | $ | 54,095 | $ | 59,748 | $ | 113,843 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average assets under management | Average assets under management | $ | 50,594 | $ | 54,344 | $ | 104,938 | Average assets under management | $ | 52,670 | $ | 57,531 | $ | 110,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Net transfers represent certain amounts that we have identified as having been transferred out of one investment strategy or investment vehicle and into another strategy or vehicle. | (1) Net transfers represent certain amounts that we have identified as having been transferred out of one investment strategy or investment vehicle and into another strategy or vehicle. | (1) Net transfers represent certain amounts that we have identified as having been transferred out of one investment strategy or investment vehicle and into another strategy or vehicle. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Artisan Funds & Artisan Global Funds | Separate Accounts | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2020 | (unaudited; in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning assets under management | Beginning assets under management | $ | 57,288 | $ | 63,728 | $ | 121,016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash inflows | Gross client cash inflows | 11,543 | 6,837 | 18,380 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash outflows | Gross client cash outflows | (10,590) | (4,908) | (15,498) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net client cash flows | Net client cash flows | 953 | 1,929 | 2,882 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment returns and other | Investment returns and other | (1,626) | (1,698) | (3,324) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net transfers (1) | Net transfers (1) | (65) | 65 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending assets under management | Ending assets under management | $ | 56,550 | $ | 64,024 | $ | 120,574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average assets under management | Average assets under management | $ | 52,563 | $ | 59,075 | $ | 111,638 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning assets under management | Beginning assets under management | $ | 46,654 | $ | 49,570 | $ | 96,224 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash inflows | Gross client cash inflows | 6,547 | 2,868 | 9,415 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross client cash outflows | Gross client cash outflows | (7,849) | (3,181) | (11,030) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net client cash flows | Net client cash flows | (1,302) | (313) | (1,615) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment returns and other | Investment returns and other | 8,981 | 10,253 | 19,234 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net transfers (1) | Net transfers (1) | (238) | 238 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending assets under management | Ending assets under management | $ | 54,095 | $ | 59,748 | $ | 113,843 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average assets under management | Average assets under management | $ | 51,635 | $ | 55,947 | $ | 107,582 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Net transfers represent certain amounts that we have identified as having been transferred out of one investment strategy or investment vehicle and into another strategy or vehicle. | (1) Net transfers represent certain amounts that we have identified as having been transferred out of one investment strategy or investment vehicle and into another strategy or vehicle. |
For the Three Months Ended March 31, | For the Period-to-Period | For the Three Months Ended June 30, | For the Period-to-Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | $ | % | 2020 | 2019 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statements of operations data: | Statements of operations data: | (unaudited; in millions, except share and per-share data) | Statements of operations data: | (unaudited; in millions, except share and per-share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 202.8 | $ | 187.0 | $ | 15.8 | 8 | % | Revenues | $ | 203.0 | $ | 200.7 | $ | 2.3 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses | Operating Expenses | Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total compensation and benefits | Total compensation and benefits | 104.7 | 99.3 | 5.4 | 5 | % | Total compensation and benefits | 102.2 | 101.5 | 0.7 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | Other operating expenses | 27.1 | 30.0 | (2.9) | (10) | % | Other operating expenses | 24.2 | 28.3 | (4.1) | (14) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 131.8 | 129.3 | 2.5 | 2 | % | Total operating expenses | 126.4 | 129.8 | (3.4) | (3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating income | Total operating income | 71.0 | 57.7 | 13.3 | 23 | % | Total operating income | 76.6 | 70.9 | 5.7 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating income (expense) | Non-operating income (expense) | Non-operating income (expense) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (2.7) | (2.8) | 0.1 | 4 | % | Interest expense | (2.7) | (2.8) | 0.1 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-operating income | Other non-operating income | (15.2) | 4.3 | (19.5) | (453) | % | Other non-operating income | 14.1 | 3.4 | 10.7 | 315 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-operating income (expense) | Total non-operating income (expense) | (17.9) | 1.5 | (19.4) | (1,293) | % | Total non-operating income (expense) | 11.4 | 0.6 | 10.8 | 1,800 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 53.1 | 59.2 | (6.1) | (10) | % | Income before income taxes | 88.0 | 71.5 | 16.5 | 23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 9.5 | 9.4 | 0.1 | 1 | % | Provision for income taxes | 16.2 | 11.5 | 4.7 | 41 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income before noncontrolling interests | Net income before noncontrolling interests | 43.6 | 49.8 | (6.2) | (12) | % | Net income before noncontrolling interests | 71.8 | 60.0 | 11.8 | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Noncontrolling interests - Artisan Partners Holdings | Less: Noncontrolling interests - Artisan Partners Holdings | 16.1 | 17.3 | (1.2) | (7) | % | Less: Noncontrolling interests - Artisan Partners Holdings | 18.2 | 19.8 | (1.6) | (8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Noncontrolling interests - consolidated investment products | Less: Noncontrolling interests - consolidated investment products | (7.3) | 1.0 | (8.3) | (830) | % | Less: Noncontrolling interests - consolidated investment products | 7.4 | 1.0 | 6.4 | 640 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Artisan Partners Asset Management Inc. | Net income attributable to Artisan Partners Asset Management Inc. | $ | 34.8 | $ | 31.5 | $ | 3.3 | 10 | % | Net income attributable to Artisan Partners Asset Management Inc. | $ | 46.2 | $ | 39.2 | $ | 7.0 | 18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Data | Share Data | Share Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share | Basic and diluted earnings per share | $ | 0.53 | $ | 0.47 | Basic and diluted earnings per share | $ | 0.72 | $ | 0.66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted weighted average number of common shares outstanding | Basic and diluted weighted average number of common shares outstanding | 53,265,479 | 50,145,684 | Basic and diluted weighted average number of common shares outstanding | 55,884,366 | 51,242,911 |
Separate Accounts | Artisan Funds and Artisan Global Funds | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||
(unaudited; dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
Investment management fees | $ | 80.0 | $ | 72.7 | $ | 122.8 | $ | 114.3 | |||||||||||||||||||||||||||||||||
Weighted average fee | 53.7 bps | 54.3 bps | 91.8 bps | 91.6 bps | |||||||||||||||||||||||||||||||||||||
Percentage of ending AUM | 53 | % | 52 | % | 47 | % | 48 | % |
Separate Accounts | Artisan Funds and Artisan Global Funds | |||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||
(unaudited; dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 85.9 | $ | 80.6 | $ | 117.1 | $ | 120.1 | ||||||||||||||||||||||||||||||||||||
Weighted average management fee(1) | 54.1 bps | 53.3 bps | 91.8 bps | 91.4 bps | ||||||||||||||||||||||||||||||||||||||||
Percentage of ending AUM | 53 | % | 52 | % | 47 | % | 48 | % | ||||||||||||||||||||||||||||||||||||
(1) We compute our weighted average management fee by dividing annualized investment management fees (excluding performance fees) by average assets under management for the applicable period. The weighted average management fee for prior periods have been recast to exclude performance fee revenue. |
For the Three Months Ended March 31, | Period-to-Period | For the Three Months Ended June 30, | Period-to-Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | $ | % | 2020 | 2019 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited; in millions) | (unaudited; in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries, incentive compensation and benefits(1) | Salaries, incentive compensation and benefits(1) | $ | 95.5 | $ | 87.7 | $ | 7.8 | 9 | % | Salaries, incentive compensation and benefits(1) | $ | 93.1 | $ | 89.6 | $ | 3.5 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted share-based award compensation expense | Restricted share-based award compensation expense | 9.2 | 11.6 | (2.4) | (21) | % | Restricted share-based award compensation expense | 9.1 | 11.9 | (2.8) | (24) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total compensation and benefits | Total compensation and benefits | $ | 104.7 | $ | 99.3 | $ | 5.4 | 5 | % | Total compensation and benefits | $ | 102.2 | $ | 101.5 | $ | 0.7 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Excluding restricted share-based award compensation expense | (1) Excluding restricted share-based award compensation expense | (1) Excluding restricted share-based award compensation expense |
For the Three Months Ended March 31, | Period-to-Period | For the Three Months Ended June 30, | Period-to-Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | $ | % | 2020 | 2019 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited; in millions) | (unaudited; in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | $ | (2.7) | $ | (2.8) | $ | 0.1 | (4) | % | Interest expense | $ | (2.7) | $ | (2.8) | $ | 0.1 | (4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment gain (loss) of consolidated investment products | Net investment gain (loss) of consolidated investment products | (12.9) | 2.3 | (15.2) | (661) | % | Net investment gain (loss) of consolidated investment products | 12.9 | 2.1 | 10.8 | 514 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investment gain (loss) | Other investment gain (loss) | (2.3) | 2.0 | (4.3) | (215) | % | Other investment gain (loss) | 1.2 | 1.3 | (0.1) | (8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-operating income (expense) | Total non-operating income (expense) | $ | (17.9) | $ | 1.5 | $ | (19.4) | (1,293) | % | Total non-operating income (expense) | $ | 11.4 | $ | 0.6 | $ | 10.8 | 1,800 | % |
For the Six Months Ended June 30, | Period-to-Period | ||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||||||||||||||||||||
Statements of operations data: | (unaudited; in millions, except share and per share data) | ||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 405.8 | $ | 387.7 | $ | 18.1 | 5 | % | |||||||||||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||||||||||||
Total compensation and benefits | 206.9 | 200.8 | 6.1 | 3 | % | ||||||||||||||||||||||||||||||||||||
Other operating expenses | 51.3 | 58.3 | (7.0) | (12) | % | ||||||||||||||||||||||||||||||||||||
Total operating expenses | 258.2 | 259.1 | (0.9) | — | % | ||||||||||||||||||||||||||||||||||||
Total operating income | 147.6 | 128.6 | 19.0 | 15 | % | ||||||||||||||||||||||||||||||||||||
Non-operating income (expense) | |||||||||||||||||||||||||||||||||||||||||
Interest expense | (5.4) | (5.6) | 0.2 | 4 | % | ||||||||||||||||||||||||||||||||||||
Other non-operating income | (1.1) | 7.7 | (8.8) | (114) | % | ||||||||||||||||||||||||||||||||||||
Total non-operating income (expense) | (6.5) | 2.1 | (8.6) | (410) | % | ||||||||||||||||||||||||||||||||||||
Income before income taxes | 141.1 | 130.7 | 10.4 | 8 | % | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | 25.7 | 20.9 | 4.8 | 23 | % | ||||||||||||||||||||||||||||||||||||
Net income before noncontrolling interests | 115.4 | 109.8 | 5.6 | 5 | % | ||||||||||||||||||||||||||||||||||||
Less: Noncontrolling interests - Artisan Partners Holdings | 34.3 | 37.1 | (2.8) | (8) | % | ||||||||||||||||||||||||||||||||||||
Less: Noncontrolling interests - consolidated investment products | 0.1 | 2.0 | (1.9) | (95) | % | ||||||||||||||||||||||||||||||||||||
Net income attributable to Artisan Partners Asset Management Inc. | $ | 81.0 | $ | 70.7 | $ | 10.3 | 15 | % | |||||||||||||||||||||||||||||||||
Share Data | |||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share | $ | 1.26 | $ | 1.15 | |||||||||||||||||||||||||||||||||||||
Basic and diluted weighted average number of common shares outstanding | 54,574,923 | 50,697,329 |
Separate Accounts | Artisan Funds and Artisan Global Funds | |||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||
(unaudited; dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 165.9 | $ | 153.3 | $ | 239.9 | $ | 234.4 | ||||||||||||||||||||||||||||||||||||
Weighted average management fee(1) | 52.8 basis points | 53.7 basis points | 91.8 basis points | 91.5 basis points | ||||||||||||||||||||||||||||||||||||||||
Percentage of ending AUM | 53 | % | 52 | % | 47 | % | 48 | % | ||||||||||||||||||||||||||||||||||||
(1) We compute our weighted average management fee by dividing annualized investment management fees (excluding performance fees) by average assets under management for the applicable period. The weighted average management fee for prior periods have been recast to exclude performance fee revenue. |
For the Six Months Ended June 30, | Period-to-Period | ||||||||||||||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||||||||||||||
(unaudited; in millions) | |||||||||||||||||||||||||||||||||||
Salaries, incentive compensation and benefits (1) | $ | 188.6 | $ | 177.3 | $ | 11.3 | 6 | % | |||||||||||||||||||||||||||
Restricted share-based award compensation expense | 18.3 | 23.5 | (5.2) | (22) | % | ||||||||||||||||||||||||||||||
Total compensation and benefits | $ | 206.9 | $ | 200.8 | $ | 6.1 | 3 | % | |||||||||||||||||||||||||||
(1) Excluding share-based compensation |
For the Six Months Ended June 30, | Period-to-Period | ||||||||||||||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||||||||||||||
(unaudited; in millions) | |||||||||||||||||||||||||||||||||||
Interest expense | $ | (5.4) | $ | (5.6) | $ | 0.2 | (4) | % | |||||||||||||||||||||||||||
Net investment gain (loss) of consolidated investment products | — | 4.4 | (4.4) | (100) | % | ||||||||||||||||||||||||||||||
Other investment gain (loss) | (1.1) | 3.3 | (4.4) | (133) | % | ||||||||||||||||||||||||||||||
Total non-operating income (expense) | $ | (6.5) | $ | 2.1 | $ | (8.6) | (410) | % |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited; in millions, except per share data) | (unaudited; in millions, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of non-GAAP financial measures: | Reconciliation of non-GAAP financial measures: | Reconciliation of non-GAAP financial measures: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Artisan Partners Asset Management Inc. (GAAP) | Net income attributable to Artisan Partners Asset Management Inc. (GAAP) | $ | 34.8 | $ | 31.5 | Net income attributable to Artisan Partners Asset Management Inc. (GAAP) | $ | 46.2 | $ | 39.2 | $ | 81.0 | $ | 70.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings | Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings | 16.1 | 17.3 | Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings | 18.2 | 19.8 | 34.3 | 37.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add back: Provision for income taxes | Add back: Provision for income taxes | 9.5 | 9.4 | Add back: Provision for income taxes | 16.2 | 11.5 | 25.7 | 20.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add back: Net investment (gain) loss of investment products attributable to APAM | Add back: Net investment (gain) loss of investment products attributable to APAM | 8.1 | (2.9) | Add back: Net investment (gain) loss of investment products attributable to APAM | (6.6) | (2.0) | 1.5 | (4.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Adjusted provision for income taxes | Less: Adjusted provision for income taxes | 16.8 | 13.0 | Less: Adjusted provision for income taxes | 18.1 | 16.1 | 34.9 | 29.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income (Non-GAAP) | Adjusted net income (Non-GAAP) | $ | 51.7 | $ | 42.3 | Adjusted net income (Non-GAAP) | $ | 55.9 | $ | 52.4 | $ | 107.6 | $ | 94.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average shares outstanding | Average shares outstanding | Average shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A common shares | Class A common shares | 53.3 | 50.1 | Class A common shares | 55.9 | 51.2 | 54.6 | 50.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumed vesting or exchange of: | Assumed vesting or exchange of: | Assumed vesting or exchange of: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unvested Class A restricted share-based awards | Unvested Class A restricted share-based awards | 5.1 | 4.9 | Unvested Class A restricted share-based awards | 5.4 | 5.2 | 5.3 | 5.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Artisan Partners Holdings units outstanding (noncontrolling interests) | Artisan Partners Holdings units outstanding (noncontrolling interests) | 20.1 | 22.6 | Artisan Partners Holdings units outstanding (noncontrolling interests) | 17.7 | 21.7 | 18.8 | 22.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted shares | Adjusted shares | 78.5 | 77.6 | Adjusted shares | 79.0 | 78.1 | 78.7 | 77.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share (GAAP) | Basic and diluted earnings per share (GAAP) | $ | 0.53 | $ | 0.47 | Basic and diluted earnings per share (GAAP) | $ | 0.72 | $ | 0.66 | $ | 1.26 | $ | 1.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income per adjusted share (Non-GAAP) | Adjusted net income per adjusted share (Non-GAAP) | $ | 0.66 | $ | 0.55 | Adjusted net income per adjusted share (Non-GAAP) | $ | 0.71 | $ | 0.67 | $ | 1.37 | $ | 1.22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Artisan Partners Asset Management Inc. (GAAP) | Net income attributable to Artisan Partners Asset Management Inc. (GAAP) | $ | 34.8 | $ | 31.5 | Net income attributable to Artisan Partners Asset Management Inc. (GAAP) | $ | 46.2 | $ | 39.2 | $ | 81.0 | $ | 70.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings | Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings | 16.1 | 17.3 | Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings | 18.2 | 19.8 | 34.3 | 37.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add back: Net investment (gain) loss of investment products attributable to APAM | Add back: Net investment (gain) loss of investment products attributable to APAM | 8.1 | (2.9) | Add back: Net investment (gain) loss of investment products attributable to APAM | (6.6) | (2.0) | 1.5 | (4.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add back: Interest expense | Add back: Interest expense | 2.7 | 2.8 | Add back: Interest expense | 2.7 | 2.8 | 5.4 | 5.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add back: Provision for income taxes | Add back: Provision for income taxes | 9.5 | 9.4 | Add back: Provision for income taxes | 16.2 | 11.5 | 25.7 | 20.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add back: Depreciation and amortization | Add back: Depreciation and amortization | 1.6 | 2.1 | Add back: Depreciation and amortization | 1.6 | 1.5 | 3.2 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | Adjusted EBITDA (Non-GAAP) | $ | 72.8 | $ | 60.2 | Adjusted EBITDA (Non-GAAP) | $ | 78.3 | $ | 72.8 | $ | 151.1 | $ | 133.0 |
March 31, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||
(unaudited; in millions) | (unaudited; in millions) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 170.7 | $ | 134.6 | Cash and cash equivalents | $ | 190.9 | $ | 134.6 | ||||||||||||||||||||||||
Accounts receivable | Accounts receivable | $ | 96.7 | $ | 81.9 | Accounts receivable | $ | 94.1 | $ | 81.9 | ||||||||||||||||||||||||
Seed investments(1) | Seed investments(1) | $ | 31.6 | $ | 57.8 | Seed investments(1) | $ | 38.4 | $ | 57.8 | ||||||||||||||||||||||||
Undrawn commitment on revolving credit facility | Undrawn commitment on revolving credit facility | $ | 100.0 | $ | 100.0 | Undrawn commitment on revolving credit facility | $ | 100.0 | $ | 100.0 | ||||||||||||||||||||||||
(1) Seed investments include Artisan's direct equity investments in consolidated and unconsolidated Artisan-sponsored investment products. | ||||||||||||||||||||||||||||||||||
(1) Seed investments include Artisan's direct equity investments in consolidated and nonconsolidated Artisan-sponsored investment products. | (1) Seed investments include Artisan's direct equity investments in consolidated and nonconsolidated Artisan-sponsored investment products. |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited, in millions) | (unaudited, in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holdings Partnership Distributions to Limited Partners | Holdings Partnership Distributions to Limited Partners | $ | 17.1 | $ | 22.6 | Holdings Partnership Distributions to Limited Partners | $ | 22.2 | $ | 25.7 | $ | 39.3 | $ | 48.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holdings Partnership Distributions to APAM | Holdings Partnership Distributions to APAM | 45.1 | 53.4 | Holdings Partnership Distributions to APAM | 66.3 | 59.5 | 111.4 | 112.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Holdings Partnership Distributions | Total Holdings Partnership Distributions | $ | 62.2 | $ | 76.0 | Total Holdings Partnership Distributions | $ | 88.5 | $ | 85.2 | $ | 150.7 | $ | 161.2 |
Type of Dividend | Type of Dividend | Class of Stock | For the Three Months Ended March 31, | Type of Dividend | Class of Stock | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly | Quarterly | Class A Common | $ | 0.68 | $ | 0.56 | Quarterly | Class A Common | $ | 0.61 | $ | 0.55 | $ | 1.29 | $ | 1.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Annual | Special Annual | Class A Common | $ | 0.60 | $ | 1.03 | Special Annual | Class A Common | $ | — | $ | — | $ | 0.60 | $ | 1.03 |
For the Three Months Ended March 31, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
(unaudited; in millions) | (unaudited; in millions) | |||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash as of January 1 | Cash, cash equivalents and restricted cash as of January 1 | $ | 144.3 | $ | 175.5 | Cash, cash equivalents and restricted cash as of January 1 | $ | 144.3 | $ | 175.5 | ||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 120.4 | 93.9 | Net cash provided by operating activities | 203.9 | 182.6 | ||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 3.6 | (4.8) | Net cash provided by (used in) investing activities | 16.9 | (14.3) | ||||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (90.3) | (109.6) | Net cash used in financing activities | (168.8) | (184.5) | ||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash as of March 31 | $ | 178.0 | $ | 155.0 | ||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash as of June 30 | Cash, cash equivalents and restricted cash as of June 30 | $ | 196.3 | $ | 159.3 |
Exhibit No. | Description | Form | File No. | Exhibit | Filing Date | Filed or Furnished Herewith | |||||||||||||||||||||||||||||||||
31.1 | X | ||||||||||||||||||||||||||||||||||||||
31.2 | X | ||||||||||||||||||||||||||||||||||||||
32.1 | X | ||||||||||||||||||||||||||||||||||||||
32.2 | X | ||||||||||||||||||||||||||||||||||||||
101 | The following Extensible Business Reporting Language (XBRL) documents are collectively included herewith as Exhibit 101: (i) the Unaudited Condensed Consolidated Statements of Financial Condition as of | X | |||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | X |
/s/ Eric R. Colson | ||
Eric R. Colson President, Chief Executive Officer and Chairman of the Board (principal executive officer) | ||
/s/ Charles J. Daley, Jr. | ||
Charles J. Daley, Jr. Executive Vice President, Chief Financial Officer and Treasurer (principal financial and accounting officer) |