BlackRock for actively managed institutional investments.

T. Rowe Price for bespoke investment portfolios serving pensions and endowments.

Goldman Sachs Asset Management for independent, active portfolio management.

• Equity Portfolio Management: Managing client-focused investment portfolios primarily investing in public equity markets globally, across various investment styles and market capitalizations.
• Fixed Income Portfolio Management: Managing client-focused investment portfolios primarily investing in fixed income markets globally, including non-investment grade corporate bonds and various types of loans.

Artisan Partners Asset Management (APAM) primarily provides its services to a diverse range of institutional clients. Its major customers are categories of organizations rather than specific named public companies for which stock symbols can be provided. These include:

• Pension and profit sharing plans
• Trusts
• Endowments
• Foundations
• Charitable organizations
• Government entities
• Private funds
• Non-U.S. funds
• Mutual funds
• Collective trusts

Jason A. Gottlieb, Chief Executive Officer and President

Mr. Gottlieb became Chief Executive Officer and President of Artisan Partners, effective June 4, 2025, succeeding Eric Colson. He previously served as President from January 2021. Prior to his appointment as President, he was the Chief Operating Officer of Investments. Mr. Gottlieb joined Artisan Partners in October 2016. Before joining Artisan Partners, he was a partner and managing director at Goldman Sachs, where he led the alternative investment and manager selection group and served as a portfolio manager on the Goldman Sachs Multi-Manager Alternatives Fund.

Charles (C.J.) Daley Jr., Executive Vice President, Chief Financial Officer and Treasurer

Mr. Daley is a managing director and the chief financial officer of Artisan Partners. He has served as chief financial officer since August 2010 and as an executive vice president and treasurer since March 2011, having joined the firm in July 2010. Before joining Artisan Partners, Mr. Daley was principal, chief financial officer, and treasurer of the global asset management firm Legg Mason, Inc. His hiring by Artisan Partners was noted by observers as potentially signaling the company's IPO plans.

Eric R. Colson, Executive Chair

Mr. Colson is a managing director and the Executive Chair of Artisan Partners. He previously served as the chief executive officer of Artisan Partners from January 2010 to June 2025. Prior to that, Mr. Colson served as the chief operating officer for Investment Operations. He joined Artisan Partners as a managing director in January 2005. Mr. Colson began his career at Callan Associates, Inc., where he managed the institutional consulting group, providing business and investment advice to asset management firms.

Daniel J. O'Keefe, Managing Director and Lead Portfolio Manager, Global Value Team

Mr. O'Keefe is a managing director of Artisan Partners and a founding partner of the Artisan Partners Global Value Team. He is the lead portfolio manager of the Artisan Global Value and Artisan Select Equity Strategies, which he has managed since their inception. He also co-managed the Artisan Non-U.S. Value Strategy from October 2006 through September 2018. Prior to becoming a portfolio manager in 2006, Mr. O'Keefe was a research analyst for the Artisan Non-U.S. Value Strategy. Before joining Artisan Partners in May 2002, he was an analyst in international equities at Harris Associates LP from July 1997 through May 2002. Earlier in his career, he was an associate in mergers and acquisitions at BancAmerica Securities and an analyst with Morningstar, Inc.

Samuel B. Sellers, Executive Vice President and Chief Operating Officer

Mr. Sellers is a managing director and the chief operating officer of Artisan Partners. Prior to his current role, he was the head of Investment Operations from January 2021 to January 2023. He also served as deputy general counsel of the firm. Before joining Artisan Partners in April 2013, Mr. Sellers practiced law at Sullivan & Cromwell LLP.

Here are the key risks to Artisan Partners Asset Management (APAM):

1. Loss of Key Investment Professionals: Artisan Partners operates on an autonomous investment team model, making the loss of key investment professionals or senior management a critical operational risk. The departure of a highly successful portfolio manager from a strategy with significant assets under management could lead to substantial client outflows and a decrease in revenue.
2. Underperformance of Investment Strategies and Competition from Passive Investing: A core risk for Artisan Partners is the potential underperformance of its investment strategies. If the firm's strategies do not consistently deliver strong returns, it can trigger client redemptions, directly impacting Assets Under Management (AUM) and, consequently, revenue. Additionally, the increasing popularity of lower-cost passive investment options, such as index funds and ETFs, creates significant competitive pressure on active asset managers like Artisan Partners, impacting management fees and necessitating consistent outperformance.
3. Market Volatility and Adverse Economic Conditions: As an investment manager, Artisan Partners' revenue is directly linked to the value of its AUM and the performance of its investments. Therefore, adverse market or economic conditions, such as a broad market correction or periods of high volatility, can lead to an immediate and direct reduction in AUM and a corresponding decrease in fee revenue.

The continued growth of passive investment strategies, such as index funds and exchange-traded funds (ETFs), and the resulting industry-wide fee compression, directly threaten Artisan Partners Asset Management's active, fundamental investment management business model. As more capital flows into lower-cost passive vehicles, active managers face significant pressure on assets under management (AUM) and fee revenue.

The rapid advancements and adoption of Artificial Intelligence (AI) and Machine Learning (ML) in investment management represent an emerging technological threat. These technologies could lead to new, highly efficient, and potentially lower-cost investment products and strategies, challenging traditional human-led fundamental analysis and potentially disrupting the competitive landscape for active asset managers.

Artisan Partners Asset Management Inc. operates within several large addressable markets, primarily focusing on active investment management across global equity and fixed income markets for a diverse client base.

Global Asset Management Market

The global asset management industry's assets under management (AuM) reached a record-breaking $128 trillion in 2024, marking a 12% increase from the previous year. Another estimate for the total assets under management at the world's 500 largest asset managers was approximately $139.9 trillion at the end of 2024. The global AuM is projected to climb to $200 trillion by 2030, growing at a compound annual growth rate (CAGR) of 6.2%.

U.S. Asset Management Market

The United States asset management market was valued at $52.08 trillion in 2024 and is expected to grow significantly, potentially reaching $134.67 trillion by 2030 with a CAGR of 17.22% during the forecast period. North America played a dominant role, accounting for $88.2 trillion of the total AuM among the top 500 global firms in 2024, representing 63% of that total.

Global Mutual Fund Assets Market

The global mutual fund assets market was valued at $70.37 trillion in 2024 and is projected to reach $187.45 trillion by 2033, demonstrating a CAGR of 11.5% from 2025 to 2033. The active segment dominated the global mutual fund assets market in 2024 and is anticipated to maintain its lead due to increasing demand for personalized investment strategies and active risk management.

Global Fixed Income Asset Management Market

The fixed income asset management market was estimated at $145.26 trillion in 2024 and is expected to reach $198.58 trillion by 2030, growing at a CAGR of 5.30% during the forecast period (2025-2030). Another source indicates the market size grew from $77.99 trillion in 2025 to $86.04 trillion in 2026 with a CAGR of 10.3%, and is expected to reach $122.76 trillion by 2030. North America held the largest share in the fixed income asset management market in 2025.

Global Outsourced Chief Investment Officer (OCIO) Market

The global outsourced CIO market, which serves institutional clients like pension funds and endowments, reached over $3.3 trillion by the end of 2024. This market is projected to grow to $5.6 trillion by the end of the decade, with an average annual growth rate of 10.6% over five years. The U.S. OCIO market alone reached $2.5 trillion in 2025, accounting for 75% of global OCIO AuM, and is forecasted to reach $4.38 trillion by 2030.

Expected Drivers of Future Revenue Growth for Artisan Partners Asset Management (APAM)

1. Strong Investment Performance Leading to Assets Under Management (AUM) Growth: Artisan Partners' ability to generate strong absolute returns for clients across its various investment strategies is a primary driver of revenue. In 2025, firmwide asset-weighted investment returns exceeded 20% net of fees, contributing to a nearly 12% increase in assets under management (AUM). Investment gains were a significant factor, driving almost 21% of year-over-year AUM growth. This strong performance helps attract new capital and retain existing client assets, directly impacting management fees, which constitute over 95% of the company's revenue.
2. Expansion into Alternative Investments and New Product Launches: The company is strategically expanding its multi-asset class investment platform. This includes the launch of new investment franchises, such as Grandview Property Partners, which focuses on real estate private equity. Artisan Partners is also exploring mergers and acquisitions in alternative investments, including private equity secondaries and specialized private credit, and is focusing on potential new product launches in credit and emerging markets to drive future growth.
3. Continued Growth in Credit Businesses: Artisan Partners has demonstrated sustained success in expanding its credit businesses. The company recorded significant year-to-date net inflows in its credit segment in 2025, marking the 13th consecutive quarter of positive credit flows. The credit platform has also achieved organic growth exceeding 20% for the third consecutive year, indicating a robust and growing revenue stream from this area.
4. Diversification of Investment Strategies: Artisan Partners' multi-team, multi-strategy approach, encompassing growth, value, credit, emerging markets, real estate, and custom credit solutions, contributes to revenue growth by appealing to a broader range of global institutional and wealth clients. This diversified offering allows the firm to capture a wider asset base and generate fee revenue across various market segments.

Share Repurchases

• Artisan Partners Asset Management (APAM) has reported $0.00 in share buybacks.

Share Issuance

• In March 2026, Executive Chair Eric R. Colson acquired 44,410 shares of Class A common stock through a stock award under the company's 2023 Omnibus Incentive Compensation Plan.
• Other executive officers, including Laura Ellen Simpson and Eileen Kwei, also received equity awards of Class A common stock and Class B common units in March 2026 as part of compensation plans.

Outbound Investments

• In November 2025, Artisan Partners Asset Management announced a definitive agreement to acquire 100% of Grandview Property Partners, LLC, a real estate private equity firm managing approximately $940 million of institutional assets.
• The acquisition of Grandview Property Partners is expected to close in the first quarter of 2026 and will be funded using cash on hand.
• The purchase price for Grandview Property Partners includes an upfront cash payment and contingent cash payments tied to capital raised in future Grandview-sponsored funds.

Capital Expenditures

• Artisan Partners Asset Management reported capital expenditures of $67,000 in Q4 2025.
• Purchases of property, plant and equipment for Q4 2025 amounted to $55,000.