Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


(Mark One)
☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2024


OR
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			FOR THE TRANSITION PERIOD FROM TO

Commission file number: 001-35826

Artisan Partners Asset Management Inc.

(Exact name of registrant as specified in its charter)


Delaware		45-0969585
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

875 E. Wisconsin Avenue, Suite 800		53202
Milwaukee,	WI
(Address of principal executive offices)		(Zip Code)

(414) 390-6100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


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

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The number of outstanding shares of the registrant’s Class A common stock, par value $0.01 per share, Class B common stock, par value $0.01 per share, and Class C common stock, par value $0.01 per share, as of October 30, 2024 were 70,069,120, 1,579,068 and 8,712,951, respectively.

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TABLE OF CONTENTS


		Page
Part I
Item 1.	Unaudited Consolidated Financial Statements
	Unaudited Condensed Consolidated Statements of Financial Condition as of September 30, 2024 and December 31, 2023	1
	Unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023	2
	Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023	3
	Unaudited Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2024 and 2023	4
	Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023	6
	Notes to Unaudited Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48
Item 4.	Controls and Procedures	48
Part II	Other Information
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	49
	Signatures	51

Except where the context requires otherwise, in this report, references to the “Company”, “Artisan”, “we”, “us” or “our” refer to Artisan Partners Asset Management Inc. (“APAM”) and its direct and indirect subsidiaries, including Artisan Partners Holdings LP (“Artisan Partners Holdings” or “Holdings”). On March 12, 2013, APAM closed its initial public offering and related corporate reorganization. Prior to that date, APAM was a subsidiary of Artisan Partners Holdings.

Forward-Looking Statements

This report contains, and from time to time our management may make, forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements regarding future events and our future performance, as well as management’s current expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “intends”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue”, the negative of these terms and other comparable terminology. Forward-looking statements are only predictions based on current expectations of our management and information available to us at the time such statements are made. Forward-looking statements are subject to a number of risks and uncertainties, and there are important factors that could cause actual results, level of activity, performance, actions or achievements to differ materially from the results, level of activity, performance, actions or achievements expressed or implied by the forward-looking statements. These factors include: the loss of key investment professionals or senior management, adverse market or economic conditions, poor performance of our investment strategies, significant changes in client cash inflows or outflows or declines in market value of the assets in the accounts we manage, change in the legislative and regulatory environment in which we operate, our ability to maintain our current fee rates, operational or technical errors or other damage to our reputation and other factors disclosed in the Company’s filings with the Securities and Exchange Commission, including those factors listed under the caption entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 22, 2024, as such factors may be updated from time to time. Our periodic and current reports are accessible on the SEC’s website at www.sec.gov. We undertake no obligation to publicly update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this report, except as required by law.

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Forward-looking statements include, but are not limited to, statements about:

•our anticipated future results of operations;

•our potential operating performance and efficiency, including our ability to operate under different and unique circumstances;

•our expectations with respect to future business initiatives, including the development of new investment teams, strategies and vehicles;

•our expectations with respect to the performance of our investment strategies;

•our expectations with respect to future levels of assets under management, including the capacity of our strategies and client cash inflows and outflows;

•our expectations with respect to industry trends and how those trends may impact our business;

•our financing plans, cash needs and liquidity position;

•our intention to pay dividends and our expectations about the amount of those dividends;

•our expected levels of compensation of our employees, including equity- and cash-based long-term incentive compensation;

•our expectations with respect to future expenses and the level of future expenses;

•our expected tax rate, and our expectations with respect to deferred tax assets; and

•our estimates of future amounts payable pursuant to our tax receivable agreements.

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Part I — Financial Information

Item 1. Unaudited Consolidated Financial Statements

ARTISAN PARTNERS ASSET MANAGEMENT INC.

Unaudited Condensed Consolidated Statements of Financial Condition

(U.S. dollars in thousands, except per share amounts)


	September 30, 2024		December 31, 2023

ASSETS
Cash and cash equivalents	$	253,949	$	141,008
Accounts receivable	109,976		101,169
Investment securities	211,940		150,522
Property and equipment, net	43,483		46,638
Deferred tax assets	419,465		436,529
Prepaid expenses and other assets	19,053		20,348
Operating lease assets	87,201		94,747
Assets of consolidated investment products
Cash and cash equivalents	25,851		37,459
Accounts receivable and other	25,931		13,343
Investment assets, at fair value	413,752		364,095
Total assets	$	1,610,601	$	1,405,858

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other	$	28,867	$	25,509
Accrued incentive compensation	164,340		52,226
Borrowings	199,389		199,267
Operating lease liabilities	105,690		113,391
Amounts payable under tax receivable agreements	341,400		364,048
Liabilities of consolidated investment products
Accounts payable, accrued expenses, and other	58,040		38,080
Investment liabilities, at fair value	8,860		9,580
Total liabilities	906,586		802,101
Commitments and contingencies
Redeemable noncontrolling interests	298,987		252,406
Common stock
Class A common stock ($0.01 par value per share, 500,000,000 shares authorized, 70,069,120 and 68,554,078 shares outstanding at September 30, 2024 and December 31, 2023, respectively)	701		685
Class B common stock ($0.01 par value per share, 200,000,000 shares authorized, 1,579,068 and 2,435,739 shares outstanding at September 30, 2024 and December 31, 2023, respectively)	16		24
Class C common stock ($0.01 par value per share, 400,000,000 shares authorized, 8,712,951 and 9,024,947 shares outstanding at September 30, 2024 and December 31, 2023, respectively)	87		90
Additional paid-in capital	214,854		193,722
Retained earnings	158,239		132,126
Accumulated other comprehensive income (loss)	(1,818)		(2,496)
Total Artisan Partners Asset Management Inc. stockholders’ equity	372,079		324,151
Noncontrolling interests - Artisan Partners Holdings	32,949		27,200
Total stockholders’ equity	405,028		351,351
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity	$	1,610,601	$	1,405,858

The accompanying notes are an integral part of the consolidated financial statements.

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ARTISAN PARTNERS ASSET MANAGEMENT INC.

Unaudited Consolidated Statements of Operations

(U.S. dollars in thousands, except per share amounts)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues
Management fees	$	279,546	$	248,691	$	814,665	$	725,980
Performance fees	36		31		86		154
Total revenues	279,582		248,722		$	814,751	$	726,134
Operating Expenses
Compensation and benefits	149,034		130,648		445,704		392,593
Distribution, servicing and marketing	6,363		6,153		19,149		17,786
Occupancy	8,208		7,244		23,010		21,506
Communication and technology	13,053		12,974		39,661		38,395
General and administrative	9,744		9,548		29,759		28,690
Total operating expenses	186,402		166,567		557,283		498,970
Total operating income	93,180		82,155		257,468		227,164
Non-operating income (expense)
Interest expense	(2,199)		(2,297)		(6,454)		(6,520)
Interest income on cash and cash equivalents and other	2,769		2,089		6,619		3,773
Net gain (loss) on the tax receivable agreements	(504)		505		(504)		505
Net investment gain (loss) of consolidated investment products	23,165		9,787		45,636		38,189
Net investment gain (loss) of nonconsolidated investment products	12,378		(4,241)		24,679		7,556
Total non-operating income (expense)	35,609		5,843		69,976		43,503
Income before income taxes	128,789		87,998		327,444		270,667
Provision for income taxes	24,604		14,570		65,307		51,663
Net income before noncontrolling interests	104,185		73,428		262,137		219,004
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings	14,584		11,319		38,938		35,493
Less: Net income (loss) attributable to noncontrolling interests - consolidated investment products	16,611		8,954		33,154		25,978
Net income attributable to Artisan Partners Asset Management Inc.	$	72,990	$	53,155	$	190,045	$	157,533

Basic earnings per share	$	1.03	$	0.76	$	2.68	$	2.27
Diluted earnings per share	$	1.03	$	0.76	$	2.68	$	2.27
Basic weighted average number of common shares outstanding	65,123,054		63,520,402		64,802,431		63,419,587
Diluted weighted average number of common shares outstanding	65,162,898		63,563,044		64,840,056		63,449,804
Dividends declared per Class A common share	$	0.71	$	0.61	$	2.34	$	2.01

The accompanying notes are an integral part of the consolidated financial statements.

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ARTISAN PARTNERS ASSET MANAGEMENT INC.

Unaudited Consolidated Statements of Comprehensive Income

(U.S. dollars in thousands)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Net income before noncontrolling interests	$	104,185	$	73,428	$	262,137	$	219,004
Other comprehensive income (loss)
Foreign currency translation gain (loss)	930		(770)		827		144
Total other comprehensive income (loss)	930		(770)		827		144
Comprehensive income	105,115		72,658		262,964		219,148
Comprehensive income attributable to noncontrolling interests - Artisan Partners Holdings	14,731		11,204		38,671		35,727
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products	16,611		8,954		33,154		25,978
Comprehensive income attributable to Artisan Partners Asset Management Inc.	$	73,773	$	52,500	$	191,139	$	157,443

The accompanying notes are an integral part of the consolidated financial statements.

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ARTISAN PARTNERS ASSET MANAGEMENT INC.

Unaudited Consolidated Statements of Changes in Stockholders’ Equity

(U.S. dollars in thousands)



Three months ended September 30, 2024	Class A Common Stock		Class B Common Stock		Class C Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests - Artisan Partners Holdings		Total Stockholders’ Equity		Redeemable Noncontrolling Interests
Balance at July 1, 2024	$	699	$	17	$	87	$	207,664	$	135,316	$	(2,614)	$	30,535	$	371,704	$	276,420
Net income	—		—		—		—		72,990		—		14,584		87,574		16,611
Other comprehensive income - foreign currency translation	—		—		—		—		—		810		120		930		—
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	—		—		—		(10)		—		(14)		24		—		—
Amortization of equity-based compensation	—		—		—		6,664		—		—		956		7,620		—
Deferred tax assets, net of amounts payable under tax receivable agreements	—		—		—		537		—		—		—		537		—


Issuance of restricted stock awards	1		—		—		(1)		—		—		—		—		—

Exchange of subsidiary equity	1		(1)		—		—		—		—		—		—		—

Capital contributions, net	—		—		—		—		—		—		—		—		5,956

Distributions	—		—		—		—		—		—		(13,244)		(13,244)		—
Dividends	—		—		—		—		(50,067)		—		(26)		(50,093)		—
Balance at September 30, 2024	$	701	$	16	$	87	$	214,854	$	158,239	$	(1,818)	$	32,949	$	405,028	$	298,987



Three months ended September 30, 2023	Class A Common Stock		Class B Common Stock		Class C Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests - Artisan Partners Holdings		Total Stockholders’ Equity		Redeemable Noncontrolling Interests
Balance at July 1, 2023	$	685	$	25	$	90	$	181,484	$	101,243	$	(2,531)	$	25,741	$	306,737	$	206,288
Net income	—		—		—		—		53,155		—		11,319		64,474		8,954
Other comprehensive income - foreign currency translation	—		—		—		—		—		(655)		(115)		(770)		—
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	—		—		—		(532)		—		(60)		592		—		—
Amortization of equity-based compensation	—		—		—		6,781		—		—		1,114		7,895		—
Deferred tax assets, net of amounts payable under tax receivable agreements	—		—		—		32		—		—		—		32		—
Issuance of Class A common stock, net of issuance costs	—		—		—		(1)		—		—		—		(1)		—





Capital contributions, net	—		—		—		—		—		—		—		—		23,013
Impact of deconsolidation of CIPs	—		—		—		—		—		—		—		—		(18,529)
Distributions	—		—		—		—		—		—		(12,883)		(12,883)		—
Dividends	—		—		—		—		(42,132)		—		(28)		(42,160)		—
Balance at September 30, 2023	$	685	$	25	$	90	$	187,764	$	112,266	$	(3,246)	$	25,740	$	323,324	$	219,726
The accompanying notes are an integral part of the consolidated financial statements.

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Nine months ended September 30, 2024	Class A Common Stock		Class B Common Stock		Class C Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests - Artisan Partners Holdings		Total Stockholders’ Equity		Redeemable Noncontrolling Interests
Balance at January 1, 2024	$	685	$	24	$	90	$	193,722	$	132,126	$	(2,496)	$	27,200	$	351,351	$	252,406
Net income	—		—		—		—		190,045		—		38,938		228,983		33,154
Other comprehensive income - foreign currency translation	—		—		—		—		—		722		105		827		—
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	—		—		—		1,922		—		(44)		(1,878)		—		—
Amortization of equity-based compensation	—		—		—		21,670		—		—		3,079		24,749		—
Deferred tax assets, net of amounts payable under tax receivable agreements	—		—		—		3,420		—		—		—		3,420		—


Issuance of restricted stock awards	6		—		—		(6)		—		—		—		—		—
Employee net share settlement	(1)		—		—		(5,874)		—		—		(956)		(6,831)		—
Exchange of subsidiary equity	11		(8)		(3)		—		—		—		—		—		—

Capital contributions, net	—		—		—		—		—		—		—		—		35,043
Impact of deconsolidation of CIPs	—		—		—		—		—		—		—		—		(21,616)
Distributions	—		—		—		—		—		—		(33,445)		(33,445)		—
Dividends	—		—		—		—		(163,932)		—		(94)		(164,026)		—
Balance at September 30, 2024	$	701	$	16	$	87	$	214,854	$	158,239	$	(1,818)	$	32,949	$	405,028	$	298,987


Nine months ended September 30, 2023	Class A Common Stock		Class B Common Stock		Class C Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests - Artisan Partners Holdings		Total Stockholders’ Equity		Redeemable Noncontrolling Interests
Balance at January 1, 2023	$	680	$	26	$	90	$	171,416	$	93,088	$	(3,079)	$	17,136	$	279,357	$	135,280
Net income	—		—		—		—		157,533		—		35,493		193,026		25,978
Other comprehensive income - foreign currency translation	—		—		—		—		—		(90)		234		144		—
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	—		—		—		(696)		—		(77)		773		—		—
Amortization of equity-based compensation	—		—		—		22,489		—		—		3,523		26,012		—
Deferred tax assets, net of amounts payable under tax receivable agreements	—		—		—		421		—		—		—		421		—
Issuance of Class A common stock, net of issuance costs	—		—		—		(85)		—		—		—		(85)		—

Issuance of restricted stock awards	6		—		—		(6)		—		—		—		—		—
Employee net share settlement	(2)		—		—		(5,775)		—		—		(981)		(6,758)		—
Exchange of subsidiary equity	1		(1)		—		—		—		—		—		—		—

Capital contributions, net	—		—		—		—		—		—		—		—		76,997
Impact of deconsolidation of CIPs	—		—		—		—		—		—		—		—		(18,529)
Distributions	—		—		—		—		—		—		(30,341)		(30,341)		—
Dividends	—		—		—		—		(138,355)		—		(97)		(138,452)		—
Balance at September 30, 2023	$	685	$	25	$	90	$	187,764	$	112,266	$	(3,246)	$	25,740	$	323,324	$	219,726
The accompanying notes are an integral part of the consolidated financial statements.

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ARTISAN PARTNERS ASSET MANAGEMENT INC.

Unaudited Consolidated Statements of Cash Flows

(U.S. dollars in thousands)


	For the Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities
Net income before noncontrolling interests	$	262,137	$	219,004
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,501		6,896
Deferred income taxes	33,992		32,286

Asset impairment	979		—
Noncash lease expense (benefit)	(795)		(158)
Net investment (gain) loss on nonconsolidated investment securities	(24,679)		(7,551)
Net (gain) loss on the tax receivable agreements	504		(505)
(Gain) loss on disposal of property and equipment	29		2
Amortization of debt issuance costs	279		333
Share-based compensation	24,749		26,012
Net investment (gain) loss of consolidated investment products	(45,636)		(38,189)
Purchase of investments by consolidated investment products	(264,618)		(325,922)
Proceeds from sale of investments by consolidated investment products	207,022		224,288

Change in assets and liabilities resulting in an increase (decrease) in cash:
Accounts receivable	(6,807)		2,232
Prepaid expenses and other assets	1,258		431
Accounts payable and accrued expenses	122,975		100,060
Net change in operating assets and liabilities of consolidated investment products including net investment income	16,776		23,583
Net cash provided by operating activities	335,666		262,802
Cash flows from investing activities
Acquisition of property and equipment	(1,106)		(585)
Leasehold improvements	(3,192)		(5,690)

Proceeds from sale of investment securities	11,689		5,226
Purchase of investment securities	(31,810)		(35,483)

Net cash used in investing activities	(24,419)		(36,532)
Cash flows from financing activities
Partnership distributions	(33,445)		(30,341)
Dividends paid	(164,026)		(138,451)




Payments under the tax receivable agreements	(36,659)		(35,757)


Taxes paid related to employee net share settlement	(6,831)		(6,758)

Capital contributions to consolidated investment products, net	35,043		76,997
Net cash used in financing activities	(205,918)		(134,310)
Net increase in cash, cash equivalents, and restricted cash	105,329		91,960
Net cash impact of deconsolidation of CIPs	(3,996)		(4,679)
Cash, cash equivalents and restricted cash
Beginning of period	178,467		143,248
End of period	$	279,800	$	230,529

Cash, cash equivalents and restricted cash as of the end of the period
Cash and cash equivalents	$	253,949	$	198,308

Cash and cash equivalents of consolidated investment products	25,851		32,221
Cash, cash equivalents and restricted cash	$	279,800	$	230,529

Supplementary information
Noncash activity:
Establishment of deferred tax assets	$	18,465	$	3,214
Establishment of amounts payable under tax receivable agreements	14,011		828
Increase in investment securities due to deconsolidation of CIPs	23,831		19,612
Operating lease assets obtained in exchange for operating lease liabilities	3,197		78
Settlement of franchise capital liability via transfer of investment securities	7,212		3,204

The accompanying notes are an integral part of the consolidated financial statements.

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ARTISAN PARTNERS ASSET MANAGEMENT INC.

Notes to Unaudited Consolidated Financial Statements

(U.S. currencies in thousands, except share and per share amounts and as otherwise indicated)

Note 1. Nature of Business and Organization

Nature of Business

Artisan Partners Asset Management Inc. (“APAM”), through its subsidiaries, is an investment management firm focused on providing high value-added, active investment strategies to sophisticated clients globally. APAM and its subsidiaries are hereafter referred to collectively as “Artisan” or the “Company.”

Artisan’s autonomous investment teams manage a broad range of U.S., non-U.S. and global investment strategies that are diversified by asset class, market cap and investment style. Strategies are offered through multiple investment vehicles to accommodate a broad range of client mandates. Artisan offers its investment management services primarily to institutions and through intermediaries that operate with institutional-like decision-making processes and have long-term investment horizons.

Organization

On March 12, 2013, APAM completed its initial public offering (the “IPO”). APAM was formed for the purpose of becoming the general partner of Artisan Partners Holdings LP (“Artisan Partners Holdings” or “Holdings”) in connection with the IPO. Holdings is a holding company for the investment management business conducted under the name “Artisan Partners.” The reorganization (“IPO Reorganization”) established the necessary corporate structure to complete the IPO while at the same time preserving the ability of the firm to conduct operations through Holdings and its subsidiaries.

As its sole general partner, APAM controls the business and affairs of Holdings. As a result, APAM consolidates Holdings’ financial statements and records a noncontrolling interest for the equity interests in Holdings held by the limited partners of Holdings. At September 30, 2024, APAM held approximately 87% of the equity ownership interest in Holdings.

Holdings, together with its wholly owned subsidiary, Artisan Investments GP LLC, controls a 100% interest in Artisan Partners Limited Partnership (“APLP”), a multi-product investment management firm that is the principal operating subsidiary of Artisan Partners Holdings. APLP is registered as an investment adviser with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. APLP provides investment advisory services to traditional separate accounts and pooled investment vehicles, including Artisan Partners Funds, Inc. (“Artisan Funds”), Artisan Partners Global Funds plc (“Artisan Global Funds”) and Artisan sponsored private funds (“Artisan Private Funds”). Artisan Funds are a series of open-end mutual funds registered under the Investment Company Act of 1940, as amended. Artisan Global Funds is a family of Ireland-domiciled UCITS funds. Artisan Private Funds consist of a number of Artisan-sponsored unregistered pooled investment vehicles.

Note 2. Summary of Significant Accounting Policies

Basis of presentation

The accompanying financial statements are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of such consolidated financial statements have been included. Such interim results are not necessarily indicative of full year results.

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and accordingly they do not include all of the information and footnotes required in the annual consolidated financial statements and accompanying footnotes.

The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. As a result, the interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in APAM’s latest annual report on Form 10-K.

The accompanying financial statements were prepared in accordance with U.S. GAAP and related rules and regulations of the SEC. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates or assumptions.

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Principles of consolidation

Artisan’s policy is to consolidate all subsidiaries or other entities in which it has a controlling financial interest. The consolidation guidance requires an analysis to determine if an entity should be evaluated for consolidation using the voting interest entity (“VOE”) model or the variable interest entity (“VIE”) model. Under the VOE model, controlling financial interest is generally defined as a majority ownership of voting interests. Under the VIE model, controlling financial interest is defined as (i) the power to direct activities that most significantly impact the economic performance of the entity and (ii) the right to receive potentially significant benefits or the obligation to absorb potentially significant losses.

Artisan generally consolidates VIEs in which it meets the power criteria and holds an equity ownership interest of greater than 10%. The consolidated financial statements include the accounts of APAM and all subsidiaries or other entities in which APAM has a direct or indirect controlling financial interest. All material intercompany balances have been eliminated in consolidation.

Artisan serves as the investment adviser to Artisan Funds, Artisan Global Funds and Artisan Private Funds. Artisan Funds and Artisan Global Funds are corporate entities, the business and affairs of which are managed by their respective boards of directors. The shareholders of the funds retain voting rights, including rights to elect and reelect members of their respective boards of directors. Each series of Artisan Funds is a VOE and is separately evaluated for consolidation under the VOE model. The shareholders of Artisan Global Funds lack simple majority liquidation rights, and as a result, each sub-fund of Artisan Global Funds is evaluated for consolidation under the VIE model. Artisan Private Funds are also evaluated for consolidation under the VIE model because third-party equity holders of the funds generally lack the ability to divest Artisan of its control of the funds.

From time to time, the Company makes investments in Artisan Funds, Artisan Global Funds and Artisan Private Funds. If the investment results in a controlling financial interest, APAM consolidates the fund and the underlying activity of the entire fund is included in Artisan’s unaudited consolidated financial statements. As of September 30, 2024, Artisan had a controlling financial interest in five sub-funds of Artisan Global Funds and two Artisan Private Funds and, as a result, these funds are included in Artisan’s unaudited consolidated financial statements. Because these consolidated investment products meet the definition of investment companies under U.S. GAAP, Artisan has retained the specialized industry accounting principles for investment companies in the consolidated financial statements. See Note 6, “Variable Interest Entities and Consolidated Investment Products” for additional details.

Reclassification

In conjunction with annual reporting on Form 10-K for the year ended December 31, 2023, the Company changed the presentation of “Other net investment gain (loss)” within the Consolidated Statements of Operations to expand its disaggregation of the components comprising this balance. “Other net investment gain (loss)” has been replaced by “Interest income on cash and cash equivalents and other” and “Net investment gain (loss) of nonconsolidated investment products” within the Non-operating income (expense) section of the Consolidated Statements of Operations. Amounts for the comparative prior fiscal year periods have been reclassified to conform to the current year presentation. These reclassifications had no impact on previously reported operating income, non-operating income, net income or financial position. Management believes the revised presentation is more useful to readers of its financial statements.

Recent accounting pronouncements

In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through requirements for more detailed information about significant segment expenses. The Company is required to adopt the guidance for the year ending December 31, 2024. The adoption will not have a material impact on the Company's consolidated financial statements. However, as the Company operates as a single reportable segment, the adoption will result in additional disclosures, including the title of the chief operating decision maker (“CODM”), the measure of the segment’s profit utilized by the CODM for assessing operating performance, and significant expenses within that measure of profit regularly provided to the CODM.

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures”, which requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company is required to adopt the guidance for the year ending December 31, 2025. The Company has determined that the ASU will not have a material impact on its consolidated financial statements.

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Note 3. Investment Securities

The disclosures below include details of Artisan’s investments, excluding money market funds and consolidated investment products. Investments held by consolidated investment products are described in Note 6, “Variable Interest Entities and Consolidated Investment Products.”


	As of September 30, 2024		As of December 31, 2023
Investments in equity securities	$	196,329	$	139,240
Investments in equity securities accounted for under the equity method	15,611		11,282
Total investment securities	$	211,940	$	150,522

Artisan’s investments in equity securities consist of investments in Artisan Funds, Artisan Global Funds and Artisan Private Funds. As of September 30, 2024 and December 31, 2023, $137.8 million and $107.0 million, respectively, of Artisan’s investment securities were related to funded long-term incentive compensation plans (excluding investments in consolidated investment products).

Unrealized gain (loss) related to investment securities held at the end of the periods indicated below were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Unrealized gain (loss) on investment securities held at the end of the period	$	10,697	$	(3,901)	$	20,198	$	6,458

Note 4. Fair Value Measurements

The table below presents information about Artisan’s assets and liabilities that are measured at fair value and the valuation techniques Artisan utilized to determine such fair value. The financial instruments held by consolidated investment products are excluded from the table below and are presented in Note 6, “Variable Interest Entities and Consolidated Investment Products.”

In accordance with ASC 820, fair value is defined as the price that Artisan would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. The following three-tier fair value hierarchy prioritizes the inputs used in measuring fair value:

•Level 1 – Observable inputs such as quoted (unadjusted) market prices in active markets for identical securities.

•Level 2 – Other significant observable inputs (including but not limited to quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, etc.).

•Level 3 – Significant unobservable inputs (including Artisan’s own assumptions in determining fair value).

The following provides the hierarchy of inputs used to derive the fair value of Artisan’s assets and liabilities that are financial instruments as of September 30, 2024 and December 31, 2023:


	Assets and Liabilities at Fair Value
	Total		NAV Practical Expedient (No Fair Value Level)		Level 1		Level 2		Level 3
September 30, 2024
Assets
Money market funds 1	$	230,923	$	—	$	230,923	$	—	$	—
Equity securities	211,940		14,923		197,017		—		—

December 31, 2023
Assets
Money market funds 1	$	118,768	$	—	$	118,768	$	—	$	—
Equity securities	150,522		10,744		139,778		—		—
1 Money market funds are included within the cash and cash equivalents line of the Unaudited Condensed Consolidated Statements of Financial Condition.

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Fair values determined based on Level 1 inputs utilize quoted market prices for identical assets. Level 1 assets generally consist of money market funds, open-end mutual funds and UCITS funds. Equity securities without a fair value level consist of the Company’s investments in Artisan Private Funds, which are measured at the underlying fund’s net asset value (“NAV”), using the ASC 820 practical expedient. The NAV is provided by the fund and is derived from the fair values of the underlying investments as of the reporting date. Cash maintained in demand deposit accounts is excluded from the table above.

Note 5. Borrowings

Artisan’s borrowings consist of the following as of September 30, 2024 and December 31, 2023:


	Maturity (1)	As of September 30, 2024		As of December 31, 2023		Interest Rate Per Annum
Revolving credit agreement	August 2027	$	—	$	—	NA
Senior notes
Series D	August 2025	60,000		60,000		4.29	%
Series E	August 2027	50,000		50,000		4.53	%
Series F	August 2032	90,000		90,000		3.10	%
Total gross borrowings		200,000		200,000
Debt issuance costs		(611)		(733)
Total borrowings		$	199,389	$	199,267
(1) The Company is not required to make principal payments on any of the outstanding obligations prior to contractual maturity.

The fair value of borrowings was approximately $186.0 million as of September 30, 2024. Fair value was determined based on future cash flows, discounted to present value using current market interest rates. The inputs are categorized as Level 2 in the fair value hierarchy, as defined in Note 4, “Fair Value Measurements.”

The fixed interest rate on each series of unsecured notes is subject to a one percentage point increase in the event Holdings receives a below-investment grade rating and any such increase will continue to apply until an investment grade rating is received.

As of September 30, 2024, there were no borrowings outstanding under the $100.0 million revolving credit facility and the interest rate on the unused commitment was 0.15%.

Interest expense incurred on the unsecured notes and revolving credit agreement was $1.9 million for the three months ended September 30, 2024 and 2023, and $5.8 million for the nine months ended September 30, 2024 and 2023.

Note 6. Variable Interest Entities and Consolidated Investment Products

Artisan serves as the investment adviser for various types of investment products, consisting of both VIEs and VOEs. Artisan consolidates an investment product if it has a controlling financial interest in the entity. See Note 2, ”Summary of Significant Accounting Policies.” Any such entities are collectively referred to herein as consolidated investment products or CIPs.

As of September 30, 2024, Artisan is considered to have a controlling financial interest in five sub-funds of Artisan Global Funds and two Artisan Private Funds, with an aggregate direct equity investment in the consolidated investment products of $99.6 million.

Artisan’s maximum exposure to loss in connection with the assets and liabilities of CIPs is limited to its direct equity investment, while the potential benefit is limited to the management and performance fees received and the return on its equity investment. With the exception of Artisan’s direct equity investment, the assets of CIPs are not available to Artisan’s creditors, nor are they available to Artisan for general corporate purposes. In addition, third-party investors in the CIPs have no recourse to the general credit of the Company.

Management and performance fees earned from CIPs are eliminated from revenue upon consolidation. See Note 14, “Related Party Transactions” for additional information on management and performance fees earned from CIPs.

Third-party investors’ ownership interest in CIPs is presented as redeemable noncontrolling interests in the unaudited condensed consolidated statements of financial condition as third-party investors have the right to withdraw their capital, subject to certain conditions. Net income attributable to third-party investors is reported as net income (loss) attributable to noncontrolling interests - consolidated investment products in the unaudited consolidated statements of operations.

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During the nine months ended September 30, 2024, the Company determined that it no longer had a controlling financial interest in one series of Artisan Funds as a result of third party capital contributions. Upon loss of control, the fund was deconsolidated and the related assets, liabilities and equity of the fund were derecognized from the Company’s unaudited condensed consolidated statements of financial condition. There was no net impact to the unaudited consolidated statement of operations for the nine months ended September 30, 2024. Artisan generally does not recognize a gain or loss upon deconsolidation of investment products as the assets and liabilities of CIPs are carried at fair value. Artisan’s $23.8 million direct equity investment was reclassified from investment assets of consolidated investment products to investment securities.

As of September 30, 2024, Artisan held direct equity investments of $15.6 million in VIEs for which the Company does not hold a controlling financial interest. These direct equity investments consisted of seed investments in sub-funds of Artisan Global Funds and Artisan Private Funds, both of which are accounted for under the equity method of accounting because Artisan has significant influence over the funds.

Fair Value Measurements - Consolidated Investment Products

Investments held by CIPs are reflected at fair value. Short and long positions on equity securities are valued based upon closing prices of the security on the exchange or market designated by the accounting agent or pricing vendor as the principal exchange. The closing price may represent last sale price, official closing price, a closing auction or other information depending on market convention. Short and long positions on fixed income instruments are valued at market value. Market values are generally evaluations based on prices provided by independent pricing vendors, which may consider, among other factors, the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to investments or securities with similar characteristics and/or discounted cash flow models that might be applicable. Short-term investments are comprised of repurchase agreements and U.S. Treasury obligations. Repurchase agreements are valued at cost plus accrued interest and U.S. treasury obligations are valued using the same principles as fixed income securities. Derivative assets and liabilities are generally comprised of put and call options on securities and indices and forward foreign currency contracts. Put and call options are valued at the mid price (average of bid price and ask price) as provided by the pricing vendor at the close of trading on the contract’s principal exchange. Open forward foreign currency contracts are valued using the market spot rate. Private equity investments are valued at market value, which are generally evaluations based on estimates of market values obtained using valuation multiples on key financial metrics and/or discounted cash flow models.

The following tables present the fair value hierarchy levels of assets and liabilities held by CIPs measured at fair value as of September 30, 2024 and December 31, 2023:


	Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
September 30, 2024
Assets
Money market funds	$	16,489	$	16,489	$	—	$	—
Equity securities - long position	69,721		67,418		2,303		—
Fixed income instruments - long position	335,881		—		328,256		7,625
Derivative assets	1,256		8		1,248		—

Private equity	6,895		—		—		6,895


Liabilities

Fixed income instruments - short position	$	6,932	$	—	$	6,932	$	—
Derivative liabilities	505		52		453		—
Repurchase agreements	1,423		—		1,423		—

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	Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
December 31, 2023
Assets
Money market funds	$	18,156	$	18,156	$	—	$	—
Equity securities - long position	42,693		40,838		1,855		—
Fixed income instruments - long position	315,183		—		309,110		6,073
Derivative assets	1,004		—		1,004		—
Short-term investments	5,215		—		5,215		—

Liabilities
Fixed income instruments - short position	$	7,392	$	—	$	7,392	$	—
Derivative liabilities	2,188		843		1,345		—

CIP balances included in the Company’s unaudited condensed consolidated statements of financial condition were as follows:


	As of September 30, 2024		As of December 31, 2023
Net CIP assets included in the table above	$	421,382	$	372,671
Net CIP assets/(liabilities) not included in the table above	(22,748)		(5,434)
Total Net CIP assets	398,634		367,237
Less: redeemable noncontrolling interests	298,987		252,406
Artisan’s direct equity investment in CIPs	$	99,647	$	114,831

Note 7. Noncontrolling Interests - Holdings

Net income attributable to noncontrolling interests - Artisan Partners Holdings in the unaudited consolidated statements of operations represents the portion of earnings or loss attributable to the equity ownership interests in Holdings held by the limited partners of Holdings. As of September 30, 2024, APAM held approximately 87% of the equity ownership interests in Holdings.

Limited partners of Artisan Partners Holdings are entitled to exchange partnership units (along with a corresponding number of shares of Class B or C common stock of APAM) for shares of Class A common stock from time to time (the “Holdings Common Unit Exchanges”). The Holdings Common Unit Exchanges increase APAM’s equity ownership interest in Holdings and result in an increase to deferred tax assets and amounts payable under the tax receivable agreements. See Note 11, “Income Taxes and Related Payments.”

In order to maintain the one-to-one correspondence of the number of Holdings partnership units and APAM common shares, Holdings will issue one general partner (“GP”) unit to APAM for each share of Class A common stock issued by APAM. For the nine months ended September 30, 2024, APAM’s equity ownership interest in Holdings increased as a result of the following transactions:


	Holdings GP Units	Limited Partnership Units	Total	APAM Ownership %
Balance at December 31, 2023	68,554,078	11,460,686	80,014,764	86	%

Holdings Common Unit Exchanges	1,168,667	(1,168,667)	—	1	%
Issuance of APAM Restricted Shares (1)	502,774	—	502,774	—	%
Delivery of Shares Underlying RSUs and PSUs (1)	28,795	—	28,795	—	%
Restricted Share Award Net Share Settlement (1)	(149,172)	—	(149,172)	—	%
Forfeitures from Employee Terminations (1)	(36,022)	—	(36,022)	—	%
Balance at September 30, 2024	70,069,120	10,292,019	80,361,139	87	%
(1) The impact of the transaction on APAM’s ownership percentage was less than 1%.

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Changes in ownership of Holdings are accounted for as equity transactions because APAM continues to have a controlling interest in Holdings. Additional paid-in capital and noncontrolling interests - Artisan Partners Holdings in the unaudited condensed consolidated statements of financial condition are adjusted to reallocate Holdings’ historical equity to reflect the change in APAM’s ownership of Holdings.

The reallocation of equity had the following impact on the unaudited condensed consolidated statements of financial condition:


Statements of Financial Condition	For the Nine Months Ended September 30,
	2024		2023
Additional paid-in capital	$	1,922	$	(696)
Noncontrolling interests - Artisan Partners Holdings	(1,878)		773
Accumulated other comprehensive income (loss)	(44)		(77)
Net impact to financial condition	$	—	$	—

In addition to the reallocation of historical equity, the change in ownership resulted in an increase to deferred tax assets and additional paid-in capital of $1.0 million and $0.2 million for the nine months ended September 30, 2024 and 2023, respectively.

Note 8. Stockholders’ Equity

APAM - Stockholders’ Equity

APAM had the following authorized and outstanding equity as of September 30, 2024 and December 31, 2023:

Outstanding

Authorized

As of September 30, 2024

As of December 31, 2023

Voting Rights (1)

Economic Rights

Common shares

Class A, par value $0.01 per share

500,000,000

70,069,120

68,554,078

1 vote per share

Proportionate

Class B, par value $0.01 per share

200,000,000

1,579,068

2,435,739

1 vote per share

None

Class C, par value $0.01 per share

400,000,000

8,712,951

9,024,947

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 September 30, 2024, Artisan’s employees held 5,166,152 restricted shares of Class A common stock and all 1,579,068 outstanding shares of Class B common stock, all of which were subject to the agreement.

APAM is dependent on cash generated by Holdings to fund any dividends. Generally, Holdings will make distributions to all of its partners, including APAM, based on the proportionate share of ownership each has in Holdings. APAM will fund dividends to its stockholders from its proportionate share of those distributions after provision for its taxes and other obligations. APAM declared and paid the following dividends per share during the three and nine months ended September 30, 2024 and 2023:


Type of Dividend	Class of Stock	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2024		2023		2024		2023
Quarterly	Class A Common	$	0.71	$	0.61	$	2.00	$	1.66
Special Annual	Class A Common	$	—	$	—	$	0.34	$	0.35

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The following table summarizes APAM’s stock transactions for the nine months ended September 30, 2024:


	Total Stock Outstanding	Class A Common Stock(1)	Class B Common Stock	Class C Common Stock
Balance at December 31, 2023	80,014,764	68,554,078	2,435,739	9,024,947
Holdings Common Unit Exchanges	—	1,168,667	(753,667)	(415,000)
Restricted Share Award Grants	502,774	502,774	—	—
Restricted Share Award Net Share Settlement	(149,172)	(149,172)	—	—
Delivery of Shares Underlying RSUs and PSUs	28,795	28,795	—	—
Employee/Partner Terminations	(36,022)	(36,022)	(103,004)	103,004
Balance at September 30, 2024	80,361,139	70,069,120	1,579,068	8,712,951

(1) There were 395,965 and 361,215 restricted stock units outstanding at September 30, 2024 and December 31, 2023, respectively. In addition, there were 176,192 and 216,170 performance share units outstanding at September 30, 2024 and December 31, 2023, respectively. Based on the quarter-end status of the market and performance conditions, the 176,192 unvested performance share units would ultimately result in the issuance of 224,162 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.

Each Class A, Class B, Class D and Class E common unit of Holdings (together with the corresponding share of Class B or Class C common stock) is exchangeable for one share of Class A common stock. The corresponding shares of Class B and Class C common stock are immediately canceled upon any such exchange.

Upon termination of employment with Artisan, an employee-partner’s Class B common units are exchanged for Class E common units and the corresponding shares of Class B common stock are canceled. APAM issues the former employee-partner a number of shares of Class C common stock equal to the former employee-partner’s number of Class E common units. Class E common units are exchangeable for Class A common stock subject to the same restrictions and limitations on exchange applicable to the other common units of Holdings.

Artisan Partners Holdings - Partners’ Equity

Holdings makes distributions of its net income to the holders of its partnership units for income taxes as required under the terms of the partnership agreement and also makes additional distributions under the terms of the partnership agreement as required. The distributions are recorded in the financial statements on the declaration date, or on the payment date in lieu of a declaration date. Holdings’ partnership distributions for the three and nine months ended September 30, 2024 and 2023 were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Holdings Partnership Distributions to Limited Partners	$	13,244	$	12,883	$	33,445	$	30,341
Holdings Partnership Distributions to APAM	84,370		72,419		208,401		169,102
Total Holdings Partnership Distributions	$	97,614	$	85,302	$	241,846	$	199,443

The distributions are recorded as a reduction to consolidated stockholders’ equity, with the exception of distributions made to APAM, which are eliminated upon consolidation.

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Note 9. Revenue From Contracts with Customers

The following table presents a disaggregation of investment advisory revenue by type and vehicle for the three and nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Management fees
Artisan Funds	$	161,433	$	145,269	$	471,637	$	420,244
Artisan Global Funds	13,287		11,220		38,755		32,388
Separate accounts and other (1)	104,826		92,202		304,273		273,348
Performance fees
Separate accounts and other (1)	36		31		86		154
Total revenues (2)	$	279,582	$	248,722	$	814,751	$	726,134
(1) Separate accounts and other revenue consists of management fees and performance fees earned from vehicles other than Artisan Funds or Artisan Global Funds, and therefore includes revenue earned from traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as assets under advisement related to investment models for which we provide consulting advice but do not have discretionary investment authority.
(2) All management fees and performance fees from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table. See Note 14, “Related Party Transactions.”

The following table presents the balances of receivables related to contracts with customers:


Customer	As of September 30, 2024		As of December 31, 2023
Artisan Funds	$	9,037	$	8,251
Artisan Global Funds	6,151		5,047
Separate accounts and other	85,940		81,441
Total receivables from contracts with customers	101,128		94,739
Non-customer receivables	8,848		6,430
Accounts receivable	$	109,976	$	101,169

Artisan Funds and Artisan Global Funds are billed on the last day of each month. Artisan Funds and Artisan Global Funds make payments on the same day the invoice is received for the majority of the invoiced amount. The remainder of the invoice is generally paid in the month following receipt of the invoice. Separate accounts and other clients are generally billed on a monthly or quarterly basis, with payments due within 30 days of billing.

Artisan had no other contract assets or liabilities from contracts with customers as of September 30, 2024 or December 31, 2023.

Non-customer receivables include state tax payments made on behalf of certain limited partners, which are then netted from subsequent distributions or payments to the limited partners, as well as redemptions of investments that have not yet been collected.

Note 10. Compensation and Benefits

Total compensation and benefits consist of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Salaries, incentive compensation and benefits (1)	$	128,604	$	118,271	$	387,067	$	350,147
Long-term cash incentive compensation expense	12,941		4,625		35,088		17,969
Restricted share-based award compensation expense	7,489		7,752		23,549		24,477
Long-term incentive compensation expense	20,430		12,377		58,637		42,446
Total compensation and benefits	$	149,034	$	130,648	$	445,704	$	392,593
(1) Excluding long-term incentive compensation expense

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Incentive compensation

Cash incentive compensation paid to members of Artisan’s investment teams and members of its distribution team is generally based on formulas that are tied directly to revenues. The majority of this incentive compensation is earned on a quarterly basis and paid in the quarter following the quarter in which it was earned with the exception of fourth quarter incentive compensation which is earned and paid in the fourth quarter of the year. Cash incentive compensation paid to most other employees is determined based on individual performance and Artisan’s overall results during the applicable year and is generally paid on an annual basis.

Long-term incentive compensation awards consist of both APAM restricted share-based awards and long-term cash awards, which are referred to as franchise capital awards. These awards are described in more detail below.

Restricted share-based awards

APAM has granted a combination of restricted stock awards, restricted stock units and performance share units (collectively referred to as “restricted share-based awards” or “awards”) of Class A common stock to employees.

Standard Restricted Shares. Standard restricted shares are generally subject to a pro rata five-year service vesting condition.

Career Shares. Career shares are generally subject to both (i) a pro rata five-year service vesting condition and (ii) a qualifying retirement (as defined in the award agreement) condition.

Franchise Shares. Like career shares, franchise shares are generally subject to both (i) a pro rata five-year service vesting condition and (ii) a qualifying retirement condition. In addition, franchise shares, which are only granted to investment team members, are subject to a Franchise Protection Clause, which provides that the number of shares that ultimately vest depends on whether certain conditions relating to client cash flows are met. If such conditions are not met, compensation cost related to unvested shares will be reversed.

Performance Share Units (PSUs). PSUs are generally subject to (i) a three-year service vesting condition, (ii) certain performance conditions related to the Company’s adjusted operating margin and total shareholder return compared to a peer group during a three-year performance period, and (iii) for one-half of the PSUs eligible to vest at the end of the performance period, a qualifying retirement condition. The number of shares of Class A common stock that are ultimately issued in connection with each PSU award will depend upon the outcome of the performance, market and qualified retirement conditions. For the portion of a PSU award with a “performance condition” under ASC 718, expense is recognized over the service period if it is probable that the performance condition will be achieved.

For certain awards granted in 2024, the pro rata five-year service vesting condition is not applicable if the employee has a qualified retirement after meeting an age plus number of years of service with the Company condition.

Compensation expense is recognized based on the estimated grant date fair value on a straight-line basis over the requisite service period of the award. The initial requisite service period is generally five years for restricted stock awards and restricted stock units, and three years for PSUs. If an employee is eligible to fully vest in an award upon a qualified retirement, the requisite service period is equal to the employee’s required retirement notice period, which is generally 18 months. The fair value of each award is equal to the market price of the Company’s common stock on the grant date, except for PSUs with a “market condition” performance metric under ASC 718, which have a grant-date fair value based on a Monte Carlo valuation model.

Unvested restricted share-based awards are subject to forfeiture. Grantees are generally entitled to dividends or dividend equivalents on unvested and vested awards. 5,933,801 shares of Class A common stock were reserved and available for issuance under the Artisan Partners Asset Management Inc. 2023 Omnibus Incentive Compensation Plan (the “Plan”) at September 30, 2024.

During the nine months ended September 30, 2024, Artisan granted 502,774 restricted stock awards and 1,281 restricted stock units.

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The following tables summarize the restricted share-based award activity for the nine months ended September 30, 2024:


	Weighted-Average Grant Date Fair Value		Restricted Stock Awards and Restricted Stock Units
Unvested at January 1, 2024	$	38.84	5,351,492
Granted	41.97		504,055
Forfeited	40.26		(36,022)
Vested	37.56		(543,045)
Unvested at September 30, 2024	$	39.26	5,276,480


	Weighted-Average Grant Date Fair Value		Performance Share Units
Unvested at January 1, 2024 (2)	$	54.89	216,170
Granted	—		—
Forfeited	—		—
Adjustment for performance results achieved (1)	45.72		3
Vested (1)	50.52		(39,981)
Unvested at September 30, 2024 (2)	$	37.86	176,192
(1) During the nine months ended September 30, 2024, the 75,230 PSUs granted in 2021 met the requisite three-year performance conditions for the potential delivery of 75,233 shares (3 additional shares for results achieved). 39,981 shares of Class A common stock were delivered in the nine months ended September 30, 2024, while the remaining 35,252 units remain subject to the qualified retirement provision.
(2) 80,252 and 45,000 PSUs at September 30, 2024 and December 31, 2023, respectively, had met the requisite three-year performance conditions for vesting but remain outstanding subject to a qualifying retirement vesting condition.

Based on the quarter-end status of the market and performance conditions, the 176,192 unvested PSUs would ultimately result in the issuance of 224,162 shares of Class A common stock if all other vesting conditions were met.

The unrecognized compensation expense for the unvested restricted stock awards and restricted stock units as of September 30, 2024 was $59.3 million with a weighted average recognition period of 2.8 years remaining. The unrecognized compensation expense for the unvested PSUs as of September 30, 2024 was $1.6 million with a weighted average recognition period of 1.4 years remaining.

During the nine months ended September 30, 2024, the Company withheld a total of 161,650 restricted shares and paid a total of $6.8 million as a result of net share settlements to satisfy employee tax withholding obligations. These net share settlements had the effect of shares repurchased and retired by the Company, as they reduced the number of shares outstanding.

Long-term cash awards (franchise capital awards)

During the nine months ended September 30, 2024, Artisan granted $38.4 million of franchise capital awards to investment team members in lieu of certain additional restricted share-based awards. The franchise capital awards are subject to the same long-term vesting and forfeiture provisions as restricted share-based awards, as described above. Prior to vesting, franchise capital awards are generally allocated to one or more of the investment strategies managed by the award recipient’s investment team. During the vesting period, the value of the awards will increase or decrease based on the investment returns of the strategies to which the awards are allocated. Compensation expense, including the appreciation or depreciation related to investment returns, is recognized on a straight-line basis over the required service period, which is generally five years. If an employee is eligible to fully vest in an award upon a qualified retirement, the requisite service period for that award is equal to the employee’s required retirement notice period, which is generally 18 months. Because the awards will generally be paid out in cash upon vesting, the fair value of unvested awards is recorded as a liability based on the percentage of the service requirement that has been completed.

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The Company hedges its economic exposure to the change in value of franchise capital awards due to market movements by investing the cash reserved for the awards in the underlying investments. The franchise capital award liability and the underlying investment holdings are marked to market each quarter. The change in value of the award liability is recognized as a compensation expense on a straight-line basis over the required service period. The change in value of the underlying investment holdings is recognized in non-operating income (expense) in the period of change. While there is a timing difference between the recognition of the compensation expense and the offsetting investment gain or loss, the compensation expense and investment income will net to zero at the end of the multi-year vesting period for all awards that ultimately vest.

The change in value of the investments had the following impact on the unaudited consolidated statements of operations:


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Statement of Operations Section	Statement of Operations Line Item	2024		2023		2024		2023
Operating expenses (benefit)	Compensation and benefits	$	4,596	$	(1,230)	$	9,187	$	1,216
Non-operating income (expense)	Net investment gain (loss) of nonconsolidated investment products	8,800		(4,454)		17,828		6,127
Non-operating income (expense)	Net investment gain (loss) of consolidated investment products	848		148		1,970		711

The franchise capital award liability was $52.3 million and $33.0 million as of September 30, 2024 and December 31, 2023, respectively, and is included in accrued incentive compensation in the unaudited consolidated statements of financial condition. The unrecognized compensation expense for the unvested franchise capital awards as of September 30, 2024 was $102.0 million with a weighted average recognition period of 2.9 years remaining.

Note 11. Income Taxes and Related Payments

APAM is subject to U.S. federal, state and local income taxation on APAM’s allocable portion of Holdings’ income as well as foreign income taxes payable by Holdings’ subsidiaries. APAM’s effective income tax rate was lower than the U.S. federal statutory rate of 21% primarily due to a rate benefit attributable to the fact that, for the nine months ended September 30, 2024, approximately 14% of Artisan Partners Holdings’ full year projected taxable earnings were attributable to other partners and not subject to corporate-level taxes. The effective tax rate was also lower than the statutory rate due to tax deductible dividends paid on unvested restricted share-based awards and excess income tax benefits from the vesting of restricted share-based awards.

APAM’s effective tax rate was 19.9% and 19.1% for the nine months ended September 30, 2024 and 2023, respectively.

Components of the provision for income taxes consist of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Current:
Federal	$	9,658	$	4,240	$	23,398	$	14,546
State and local	3,457		950		7,458		4,128
Foreign	(40)		337		459		703
Total	13,075		5,527		31,315		19,377
Deferred:
Federal	9,758		7,687		28,856		27,448
State and local	1,771		1,356		5,136		4,838
Total	11,529		9,043		33,992		32,286
Income tax expense (benefit)	$	24,604	$	14,570	$	65,307	$	51,663

In connection with the IPO, APAM entered into two tax receivable agreements (“TRAs”). The first TRA generally provides for the payment by APAM to a private equity fund (the “Pre-H&F Corp Merger Shareholder”) or its assignees of 85% of the applicable cash savings, if any, of U.S. federal, state and local income taxes that APAM actually realizes (or is deemed to realize in certain circumstances) as a result of (i) the tax attributes of the preferred units APAM acquired in the merger of a wholly-owned subsidiary of the Pre-H&F Corp Merger Shareholder into APAM in March 2013 and (ii) tax benefits related to imputed interest.

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The second TRA generally provides for the payment by APAM to current or former limited partners of Holdings or their assignees of 85% of the applicable cash savings, if any, of U.S. federal, state and local income taxes that APAM actually realizes (or is deemed to realize in certain circumstances) as a result of (i) certain tax attributes of their partnership units sold to APAM or exchanged (for shares of Class A common stock, convertible preferred stock or other consideration) and that are created as a result of such sales or exchanges and payments under the TRAs and (ii) tax benefits related to imputed interest. Under both agreements, APAM generally will retain the benefit of the remaining 15% of the applicable tax savings.

For purposes of the TRAs, cash savings of income taxes are calculated by comparing APAM’s actual income tax liability to the amount it would have been required to pay had it not been able to utilize any of the tax benefits subject to the TRAs, unless certain assumptions apply. The TRAs will continue in effect until all such tax benefits have been utilized or expired, unless APAM exercises its right to terminate the agreements or payments under the agreements are accelerated in the event that APAM materially breaches any of its material obligations under the agreements.

Payments under the TRAs, if any, will be made pro rata among all TRA counterparties entitled to payments on an annual basis to the extent APAM has sufficient taxable income to utilize the increased depreciation and amortization charges and imputed interest deductions. Artisan expects to make one or more payments under the TRAs, to the extent they are required, prior to or within 125 days after APAM’s U.S. federal income tax return is filed for each fiscal year. Interest on the TRA payments will accrue from the due date (without extension) of such tax return until such payments are made. Amounts payable under the TRAs are estimates which may be impacted by factors, including but not limited to, expected tax rates, projected taxable income, and projected ownership levels and are subject to change. Changes in the estimates of amounts payable under tax receivable agreements are recorded as non-operating income (loss) in the unaudited consolidated statements of operations.

The change in the Company’s deferred tax assets related to the tax benefits described above and the change in corresponding amounts payable under the TRAs for the nine months ended September 30, 2024 is summarized as follows:


	Deferred Tax Asset - Amortizable Basis		Amounts Payable Under TRAs
December 31, 2023	$	384,423	$	364,048
2024 Holdings Common Unit Exchanges	15,891		13,507
Amortization	(34,121)		—
Payments under TRAs	—		(36,659)
Change in estimate	(5)		504
September 30, 2024	$	366,188	$	341,400

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Net deferred tax assets comprise the following:


	As of September 30, 2024		As of December 31, 2023
Deferred tax assets:
Amortizable basis (1)	$	366,188	$	384,423
Other (2)	53,277		52,106
Total deferred tax assets	419,465		436,529
Less: valuation allowance (3)	—		—
Net deferred tax assets	$	419,465	$	436,529

(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 Artisan’s investment in Holdings, related primarily to incentive compensation plan deduction timing differences. 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.

Accounting standards establish a minimum threshold for recognizing, and a process for measuring, the benefits of income tax return positions in financial statements. The Company's gross liability for unrecognized tax benefits was $1.8 million and $0.2 million as of September 30, 2024 and December 31, 2023, respectively. The total amount of unrecognized tax benefits is not expected to significantly increase or decrease within the next twelve months.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. Accrued interest on unrecognized tax benefits was $0.2 million and less than $0.1 million as of September 30, 2024 and December 31, 2023, respectively. The gross unrecognized tax benefit is recorded within accounts payable, accrued expenses and other in the Company’s unaudited condensed consolidated statements of financial condition.

In the normal course of business, Artisan is subject to examination by federal and certain state, local and foreign tax regulators. As of September 30, 2024, U.S. federal income tax returns filed for the years 2021 through 2023 are open and therefore subject to examination. State, local and foreign income tax returns filed are generally subject to examination from 2020 to 2023.

Note 12. Earnings Per Share

Basic earnings per share is computed under the two-class method by dividing income available to Class A common stockholders by the weighted average number of Class A common shares outstanding during the period. Unvested restricted share-based awards are excluded from the number of Class A common shares outstanding for the basic earnings per share calculation because the shares have not yet been earned by employees. Income available to Class A common stockholders is computed by reducing net income attributable to APAM by earnings (both distributed and undistributed) allocated to participating securities, according to their respective rights to participate in those earnings. Except for certain performance share units, unvested share-based awards are participating securities because the awards include non-forfeitable dividend rights during the vesting period. Class B and Class C common shares do not share in profits of APAM and therefore are not reflected in the calculations.

Diluted earnings per share is computed under the more dilutive of the treasury stock method or the two-class method. The weighted average number of Class A common shares outstanding during the period is increased by the assumed conversion of nonparticipating unvested share-based awards into Class A common stock using the treasury stock method.

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The computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Basic and Diluted Earnings Per Share	2024		2023		2024		2023
Numerator:
Net income attributable to APAM	$	72,990	$	53,155	$	190,045	$	157,533
Less: Allocation to participating securities	6,176		4,691		16,068		13,799
Net income available to common stockholders	$	66,814	$	48,464	$	173,977	$	143,734
Denominator:
Basic weighted average shares outstanding	65,123,054		63,520,402		64,802,431		63,419,587
Dilutive effect of nonparticipating share-based awards	39,844		42,642		37,625		30,217
Diluted weighted average shares outstanding	65,162,898		63,563,044		64,840,056		63,449,804
Earnings per share - Basic	$	1.03	$	0.76	$	2.68	$	2.27
Earnings per share - Diluted	$	1.03	$	0.76	$	2.68	$	2.27

Allocation to participating securities in the table above primarily represents dividends paid to holders of unvested restricted share-based awards, which reduces net income available to common stockholders.

The Holdings limited partnership units are anti-dilutive primarily due to the impact of public company expenses. Unvested restricted share-based awards with non-forfeitable dividend rights during the vesting period are considered participating securities and are therefore anti-dilutive. The following table summarizes the weighted-average shares outstanding that are excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
Anti-Dilutive Weighted Average Shares Outstanding	2024	2023	2024	2023
Holdings limited partnership units	10,353,310	11,487,400	10,574,160	11,517,987
Unvested restricted share-based awards	5,460,311	5,586,181	5,484,250	5,571,819
Total	15,813,621	17,073,581	16,058,410	17,089,806

Note 13. Indemnifications

In the normal course of business, APAM enters into agreements that include indemnities in favor of third parties. Holdings has also agreed to indemnify APAM as its general partner, Artisan Investment Corporation (“AIC”) as its former general partner, the directors and officers of APAM, the directors and officers of AIC as its former general partner, the members of its former Advisory Committee, and its partners, directors, officers, employees and agents. Holdings’ subsidiaries may also have similar agreements to indemnify their respective general partner(s), directors, officers, directors and officers of their general partner(s), partners, members, employees and agents. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. APAM maintains insurance policies that may provide coverage against certain claims under these indemnities.

Note 14. Related Party Transactions

Several of the current executive officers and directors of APAM or entities associated with those individuals, are limited partners of Holdings. As a result, certain transactions (such as TRA payments) between Artisan and the limited partners of Holdings are considered to be related party transactions with respect to these persons.

Holdings also makes estimated state tax payments on behalf of certain limited partners, including related parties. These payments are then netted from subsequent distributions or payments to the limited partners. At September 30, 2024 and December 31, 2023, accounts receivable included $2.9 million and $0.2 million, respectively, of partnership tax reimbursements due from Holdings’ limited partners, including related parties.

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Affiliate transactions—Artisan Funds

Artisan has an agreement to serve as the investment adviser to Artisan Funds, with which certain Artisan employees are affiliated. Under the terms of the agreement, which generally is reviewed and continued by the board of directors of Artisan Funds annually, a fee is paid to Artisan based on an annual percentage of the average daily net assets of each Artisan Fund ranging from 0.60% to 1.05%. Artisan has contractually agreed to reimburse for expenses incurred to the extent necessary to limit annualized ordinary operating expenses incurred by certain of the Artisan Funds to not more than a fixed percentage (ranging from 0.83% to 1.50%) of a fund’s average daily net assets. In addition, Artisan may voluntarily waive fees or reimburse any of the Artisan Funds for other expenses. The officers and directors of Artisan Funds who are affiliated with Artisan receive no compensation from the funds.

Investment advisory fees for managing Artisan Funds and amounts reimbursed by Artisan for fees and expenses (including management fees) are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Funds	2024		2023		2024		2023
Investment advisory fees (Gross of expense reimbursements)	$	162,174	$	145,738	$	473,175	$	421,459
Elimination of fees from consolidated investment products (1)	—		(67)		—		(265)
Consolidated investment advisory fees (Gross of expense reimbursements)	$	162,174	$	145,671	$	473,175	$	421,194

Expense reimbursements	$	741	$	517	$	1,538	$	1,400
Elimination of expense reimbursements from consolidated investment products (1)	—		(115)		—		(450)
Consolidated expense reimbursements	$	741	$	402	$	1,538	$	950
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Affiliate transactions—Artisan Global Funds

Artisan has an agreement to serve as the investment manager to Artisan Global Funds, with which certain Artisan employees are affiliated. Under the terms of these agreements, a fee is paid based on an annual percentage of the average daily net assets of each fund ranging from 0.50% to 1.85%. Artisan reimburses each sub-fund of Artisan Global Funds to the extent that sub-fund’s annual expenses, not including Artisan’s fee, exceed certain levels, which range from 0.10% to 0.20%. In addition, Artisan may voluntarily waive fees or reimburse any of the Artisan Global Funds for other expenses. The directors of Artisan Global Funds who are also employees of Artisan receive no compensation from the funds.

Investment advisory fees for managing Artisan Global Funds and amounts reimbursed to Artisan Global Funds by Artisan are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Global Funds	2024		2023		2024		2023
Investment advisory fees (Gross of expense reimbursements)	$	13,430	$	11,331	$	39,149	$	32,663
Elimination of fees from consolidated investment products (1)	(117)		(123)		(335)		(287)
Consolidated investment advisory fees (Gross of expense reimbursements)	$	13,313	$	11,208	$	38,814	$	32,376

Expense reimbursements	$	232	$	127	$	563	$	308
Elimination of expense reimbursements from consolidated investment products (1)	(206)		(139)		(504)		(320)
Consolidated expense reimbursements	$	26	$	(12)	$	59	$	(12)
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

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Affiliate transactions—Artisan Private Funds

Pursuant to written agreements, Artisan serves as the investment manager, and acts as the general partner, for certain Artisan Private Funds. Under the terms of these agreements, Artisan earns a management fee and, for certain funds, is entitled to receive either an allocation of profits or a performance-based fee. In addition, Artisan has agreed to reimburse certain funds to the extent that expenses, excluding Artisan’s management fee, performance fee and transaction related costs, exceed certain levels, which range from 0.10% to 1.00% per annum of the net assets of the fund. Artisan may also voluntarily waive fees or reimburse the funds for other expenses. The directors of Artisan Private Funds and the officers of the general partners of the Artisan Private Funds who are affiliated with Artisan receive no compensation from the funds.

Artisan and certain related parties, including employees, officers and members of the Company’s Board, have invested in one or more of the Artisan Private Funds and, for certain of those investments, do not pay a management fee, performance fee or incentive allocation.

Investment advisory fees for managing Artisan Private Funds and amounts reimbursed to Artisan Private Funds by Artisan are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Private Funds	2024		2023		2024		2023
Investment advisory fees (Gross of expense reimbursements)	$	2,387	$	2,781	$	7,020	$	9,170
Elimination of fees from consolidated investment products (1)	(399)		(311)		(1,137)		(702)
Consolidated investment advisory fees (Gross of expense reimbursements)	$	1,988	$	2,470	$	5,883	$	8,468

Expense reimbursements	$	67	$	82	$	205	$	194
Elimination of expense reimbursements from consolidated investment products (1)	(20)		(35)		(60)		(82)
Consolidated expense reimbursements	$	47	$	47	$	145	$	112
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Note 15. Subsequent Events

Distributions and dividends

APAM, acting as the general partner of Artisan Partners Holdings, declared, effective October 29, 2024, a distribution by Artisan Partners Holdings of $24.6 million to holders of Artisan Partners Holdings partnership units, including APAM. The board of directors of APAM declared, effective October 29, 2024, a quarterly dividend of $0.82 per share of Class A common stock. The APAM dividend is payable on November 29, 2024, to stockholders of record as of November 15, 2024.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview and Recent Highlights

We are an investment management firm focused on providing high-value added, active investment strategies in asset classes for sophisticated clients around the world. As of September 30, 2024, our 11 autonomous investment teams managed a total of 25 investment strategies across multiple asset classes and investment styles.

We focus on attracting, retaining and developing talented investment professionals and creating an environment in which each investment team is provided ample resources and support, transparent and direct financial incentives, a high degree of investment autonomy, and a long-term time horizon. We create new investment strategies when we identify opportunities to add value for clients, oftentimes through the use of a broad array of securities, instruments and techniques (which we call degrees of freedom) to differentiate returns and manage risk.

We offer our investment management capabilities primarily to sophisticated investors that operate with institutional decision-making processes and longer-term investment horizons. We employ knowledgeable and investment focused relationship managers who are directly aligned with our investment teams, and we pair them with regional and distribution channel experts. We provide access to our investment strategies through multiple investment vehicles, including separate accounts and different types of pooled vehicles. As of September 30, 2024, approximately 74% of our assets under management were managed for clients and investors domiciled in the U.S. and 26% of our assets under management were managed for clients and investors domiciled outside of the U.S.

As a high-value added investment manager we expect that long-term investment performance will be the primary driver of our long-term business and financial results. If we maintain and evolve existing investment strategies and launch new investment strategies that meet the needs of and generate attractive outcomes for sophisticated asset allocators, we believe that we will continue to generate strong business and financial results.

Over shorter time periods, changes in our business and financial results are largely driven by market conditions and fluctuations in our assets under management that may not necessarily be the result of our long-term investment performance or the long-term demand for our strategies. For this reason, we expect that our business and financial results will be lumpy over time.

We strive to maintain a financial model that is transparent and predictable. We derive nearly all of our revenues from investment management fees, most of which are based on a specified percentage of clients’ average assets under management. A majority of our expenses, including most of our compensation expense, vary directly with changes in our revenues.

We invest thoughtfully to support our investment teams and future growth, while also paying out to stockholders and partners a majority of the cash that we generate from operations through dividends and distributions. We expect to continue to invest in the growth of the business, with a focus on adding new investment capabilities and more degrees of freedom in areas where both opportunity and client demand exist, and in which we can differentiate our active management and add value for clients.

Financial highlights for the quarter included the following:

•During the three months ended September 30, 2024, our assets under management increased to $167.8 billion, an increase of $8.9 billion, or 6%, compared to $158.9 billion at June 30, 2024, primarily due to $9.9 billion of market appreciation, partially offset by $0.8 billion of net client cash outflows and $0.2 billion of Artisan Funds' distributions not reinvested.

•Average assets under management for the three months ended September 30, 2024 were $162.8 billion, an increase of 3% from the average of $158.6 billion for the three months ended June 30, 2024 and 14% from the average of $142.2 billion for the three months ended September 30, 2023.

•We earned $279.6 million in revenue for the three months ended September 30, 2024, an increase of 12% from revenues of $248.7 million for the three months ended September 30, 2023. Performance fees of less than $0.1 million were recognized in each of the respective periods.

•Our GAAP operating margin was 33.3% for the three months ended September 30, 2024, compared to 33.0% for the three months ended September 30, 2023. Adjusted operating margin was 35.0% for the three months ended September 30, 2024, compared to 32.5% for the three months ended September 30, 2023.

•We generated $1.03 of earnings per basic and diluted share and $0.92 of adjusted EPS.

•We declared and distributed dividends of $0.71 per share of Class A common stock during the three months ended September 30, 2024.

•We declared, effective October 29, 2024, a quarterly dividend with respect to the three months ended September 30, 2024, of $0.82 per share of Class A common stock.

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Organizational Structure

Our operations are conducted through Artisan Partners Holdings LP (“Holdings”) and its subsidiaries. On March 12, 2013, Artisan Partners Asset Management Inc. (“APAM”) and Holdings completed a series of transactions (the “IPO Reorganization”) to reorganize their capital structures in connection with the initial public offering (“IPO”) of APAM’s Class A common stock. The IPO Reorganization and IPO were completed on March 12, 2013.

Limited partners of Holdings, some of whom are employees, held approximately 13% of the equity interests in Holdings as of September 30, 2024. Our results reflect that significant noncontrolling interest.

We operate our business in a single segment.

Holdings Unit Exchanges

During the nine months ended September 30, 2024, certain limited partners of Holdings exchanged 1,168,667 common units (along with a corresponding number of shares of Class B or Class C common stock of APAM, as applicable) for 1,168,667 shares of Class A common stock. In connection with the exchanges, APAM received 1,168,667 GP units of Holdings.

APAM’s equity ownership interest in Holdings increased from 86% at December 31, 2023 to 87% at September 30, 2024, as a result of these transactions and other equity transactions during the period.

Financial Overview

Economic Environment

Volatility and uncertainty in global financial markets impact the value of our assets under management. Because the revenue we earn is based on the value of our assets under management (AUM), fluctuations in our AUM will result in corresponding fluctuations in our revenues and earnings. Current conditions that could materially impact our financial performance include elevated inflation levels, uncertainty around the timing and extent of changes in interest rates, effects of political tensions, and conflicts and wars, among other factors.

The following table presents the total returns of relevant market indices for the three and nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
S&P 500 total returns	5.9	%	(3.3)	%	22.1	%	13.1	%
MSCI All Country World total returns	6.6	%	(3.4)	%	18.7	%	10.1	%
MSCI EAFE total returns	7.3	%	(4.1)	%	13.0	%	7.1	%
Russell Midcap® total returns	9.2	%	(4.7)	%	14.6	%	3.9	%
MSCI Emerging Markets Index	8.7	%	(2.9)	%	16.9	%	1.8	%
ICE BofA US High Yield Index	5.3	%	0.5	%	8.0	%	6.0	%

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Key Performance Indicators

When we review our business and financial performance we consider, among other things, the following:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023

	(unaudited; dollars in millions)
Assets under management at period end	$	167,840		$	136,495		$	167,840		$	136,495
Average assets under management (1)	$	162,783		$	142,199		$	158,514		$	138,982
Net client cash flows (2)	$	(743)		$	(1,339)		$	(2,875)		$	(3,678)
Total revenues	$	279.6		$	248.7		$	814.8		$	726.1
Weighted average management fee (3)	68.5		bps	69.5		bps	68.8		bps	70.0		bps
Operating margin	33.3		%	33.0		%	31.6		%	31.3		%
Adjusted operating margin (4)	35.0		%	32.5		%	32.7		%	31.5		%
(1) We compute average assets under management by averaging day-end assets under management for the applicable period.
(2) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders.
(3) We compute our weighted average management fee by dividing annualized investment management fees (which excludes performance fees) by average assets under management for the applicable period.
(4) Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in “Supplemental Non-GAAP Financial Information” below.

Assets under management within our consolidated investment products, and investment advisory fees earned thereon, are excluded from our weighted average fee calculations and total revenues, since any such revenues are eliminated upon consolidation.

Assets Under Management and Investment Performance

Changes to our operating results from one period to another are primarily caused by changes in the amount of our assets under management. Changes in the relative composition of our assets under management among our investment strategies and vehicles and the effective fee rates on our products also impact our operating results.

The amount and composition of our assets under management are, and will continue to be, influenced by a variety of factors including, among others:

•investment performance, including fluctuations in both the financial markets and foreign currency exchange rates and the quality of our investment decisions;

•flows of client assets into and out of our various strategies and investment vehicles;

•our decision to close strategies or limit the growth of assets in a strategy or a vehicle when we believe it is in the best interest of our clients, as well as our decision to re-open strategies, in part or entirely;

•our ability to attract and retain qualified investment, management, and marketing and client service professionals;

•industry trends towards products, strategies, vehicles or services that we do not offer;

•competitive conditions in the investment management and broader financial services sectors; and

•investor sentiment and confidence.

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The table below sets forth changes in our total assets under management:


	For the Three Months Ended September 30,				Period-to-Period
	2024		2023		$		%

	(unaudited; in millions)
Beginning assets under management	$	158,887	$	142,989	$	15,898	11.1	%
Gross client cash inflows	6,210		5,601		609		10.9	%
Gross client cash outflows	(6,953)		(6,940)		(13)		(0.2)	%
Net client cash flows (1)	(743)		(1,339)		596		44.5	%
Artisan Funds’ distributions not reinvested (2)	(222)		(75)		(147)		(196.0)	%
Investment returns and other (3)	9,918		(5,080)		14,998		295.2	%

Ending assets under management	$	167,840	$	136,495	$	31,345	23.0	%
Average assets under management	$	162,783	$	142,199	$	20,584	14.5	%


	For the Nine Months Ended September 30,				Period-to-Period
	2024		2023		$		%

	(unaudited; in millions)
Beginning assets under management	$	150,167	$	127,892	$	22,275	17.4	%
Gross client cash inflows	18,001		15,889		2,112		13.3	%
Gross client cash outflows	(20,876)		(19,567)		(1,309)		(6.7)	%
Net client cash flows (1)	(2,875)		(3,678)		803		21.8	%
Artisan Funds’ distributions not reinvested (2)	(398)		(190)		(208)		(109.5)	%
Investment returns and other (3)	20,946		12,471		8,475		68.0	%
Ending assets under management	$	167,840	$	136,495	$	31,345	23.0	%
Average assets under management	$	158,514	$	138,982	$	19,532	14.1	%





(1) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders.
(2) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds.
(3) 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.

During the quarter, our AUM increased by $8.9 billion, primarily due to $9.9 billion of market appreciation, partially offset by $0.8 billion of net client cash outflows and $0.2 billion of Artisan Funds' distributions not reinvested. For the quarter, 13 of our 25 investment strategies had net outflows totaling $2.1 billion, which were partially offset by $1.3 billion of net inflows from the remaining strategies.

Over the long-term, we expect to generate the majority of our AUM growth through investment returns, which has been our historical experience.

We monitor the availability of attractive investment opportunities relative to the amount of assets we manage in each of our investment strategies and the velocity at which the strategies are experiencing inflows. When appropriate, we will close a strategy to new investors or otherwise take action to slow or restrict its growth, even though our aggregate assets under management may be negatively impacted in the short term. We may also re-open a strategy, widely or selectively, to fill available capacity or manage the diversification of our client base in that strategy. We believe that management of our investment capacity protects our ability to manage assets successfully, which protects the interests of our clients and, in the long term, protects our ability to retain client assets and maintain our profit margins.

As of the date of this filing, the Artisan High Income Fund, Artisan International Value Fund and Artisan International Small-Mid Fund are closed to most new investors and their respective strategies are generally not accepting new client relationships. From time to time when Artisan Partners believes the strategy has capacity, it may, however, accept a new separate account relationship at its discretion. In addition, we are actively managing the capacity of our U.S. Small-Cap Growth strategy with respect to new client relationships.

When we close or otherwise restrict the growth of a strategy, we typically continue to allow additional investments in the strategy by existing clients and certain related entities. We may also permit new investments by other eligible investors in our discretion.

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As a result, during a given period we may have net client cash inflows in a closed strategy. However, when a strategy is closed or its growth is restricted we generally expect there to be periods of net client cash outflows.

In December 2024, we expect the Artisan Funds to have completed their annual income and capital gain distributions for their equity mutual funds. Based on our current estimates and assumptions, we expect fourth quarter distributions to result in approximately $600 million of net client cash outflows from investors who choose not to reinvest their distributions. The fourth quarter 2024 distribution (estimates of which we expect Artisan Funds will disclose in advance of the record dates) may cause increased mutual fund redemptions.

The unaudited table on the following page sets forth the average annual total returns for each composite (gross of fees) and its respective broad-based benchmark (and style benchmark, if applicable) over a multi-horizon time period as of September 30, 2024. Returns for periods less than one year are not annualized.

We measure investment performance based upon the results of our “composites”, which represent the aggregate performance of all discretionary client accounts, including pooled investment vehicles, invested in the same strategy except those accounts with respect to which we believe client-imposed investment restrictions may have a material impact on portfolio construction and those accounts managed in a currency other than U.S. dollars. The results of these excluded accounts, which represented approximately 16% of our assets under management at September 30, 2024, are maintained in separate composites the results of which are not included below.

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									Average Annual Value-Added2 Since Inception (bps)
	Composite Inception	Strategy AUM1		Average Annual Total Returns (Gross) (%)
Investment Team and Strategy	Date	(in $MM)		1 YR	3 YR	5 YR	10 YR	Inception
Growth Team
Global Opportunities Strategy	2/1/2007	$	22,005	33.31%	2.69%	13.02%	12.42%	11.30%	439
MSCI All Country World Index				31.76%	8.08%	12.18%	9.38%	6.91%
Global Discovery Strategy	9/1/2017	$	1,688	26.24%	0.10%	12.71%	---	13.59%	604
MSCI All Country World Small Mid Index				25.55%	3.08%	9.19%	---	7.55%
U.S. Mid-Cap Growth Strategy	4/1/1997	$	12,792	17.31%	(4.94)%	10.57%	10.84%	14.19%	443
Russell Midcap® Index				29.33%	5.75%	11.28%	10.18%	10.38%
Russell Midcap® Growth Index				29.33%	2.31%	11.47%	11.29%	9.76%
U.S. Small-Cap Growth Strategy	4/1/1995	$	3,177	26.30%	(5.22)%	8.64%	11.95%	10.64%	285
Russell 2000® Index				26.76%	1.84%	9.38%	8.78%	9.00%
Russell 2000® Growth Index				27.66%	(0.35)%	8.81%	8.94%	7.79%
Global Equity Team
Global Equity Strategy	4/1/2010	$	360	33.07%	3.04%	10.28%	10.78%	11.94%	256
MSCI All Country World Index				31.76%	8.08%	12.18%	9.38%	9.38%
Non-U.S. Growth Strategy	1/1/1996	$	13,217	26.72%	3.81%	7.01%	6.17%	9.58%	435
MSCI EAFE Index				24.77%	5.48%	8.19%	5.70%	5.23%
China Post-Venture Strategy	4/1/2021	$	188	24.23%	(6.86)%	---	---	(6.90)%	492
MSCI China SMID Cap Index				13.70%	(11.17)%	---	---	(11.82)%
U.S. Value Team
Value Equity Strategy	7/1/2005	$	4,931	25.22%	11.25%	14.56%	11.10%	9.78%	156
Russell 1000® Index				35.68%	10.82%	15.62%	13.09%	10.64%
Russell 1000® Value Index				27.76%	9.02%	10.68%	9.22%	8.22%
U.S. Mid-Cap Value Strategy	4/1/1999	$	2,863	21.84%	7.05%	10.65%	8.38%	12.10%	241
Russell Midcap® Index				29.33%	5.75%	11.28%	10.18%	9.71%
Russell Midcap® Value Index				29.01%	7.38%	10.32%	8.93%	9.69%
Value Income Strategy	3/1/2022	$	17	27.43%	---	---	---	6.98%	(603)
S&P 500 Index				36.35%	---	---	---	13.01%
International Value Team
International Value Strategy	7/1/2002	$	46,605	27.80%	12.03%	13.84%	9.58%	12.01%	562
MSCI EAFE Index				24.77%	5.48%	8.19%	5.70%	6.39%
International Explorer	11/1/2020	$	343	24.35%	5.54%	---	---	15.47%	601
MSCI All Country World Index Ex USA Small Cap				23.25%	1.39%	---	---	9.46%
Global Value Team
Global Value Strategy	7/1/2007	$	29,390	30.55%	10.48%	12.07%	9.63%	9.30%	274
MSCI All Country World Index				31.76%	8.08%	12.18%	9.38%	6.56%
Select Equity Strategy	3/1/2020	$	338	33.99%	9.58%	---	---	13.96%	(355)
S&P 500 Index				36.35%	11.90%	---	---	17.51%
Sustainable Emerging Markets (“SEM”) Team
Sustainable Emerging Markets Strategy	7/1/2006	$	2,006	25.90%	0.36%	6.41%	6.23%	5.73%	75
MSCI Emerging Markets Index				26.05%	0.40%	5.74%	4.02%	4.98%
Credit Team
High Income Strategy	4/1/2014	$	11,295	15.87%	5.04%	7.14%	7.34%	7.21%	244
ICE BofA US High Yield Index				15.66%	3.08%	4.54%	4.95%	4.77%
Credit Opportunities Strategy	7/1/2017	$	254	21.20%	12.21%	16.86%	---	13.82%	1,148
ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index				5.64%	3.50%	2.45%	---	2.34%
Floating Rate Strategy	1/1/2022	$	73	9.34%	---	---	---	7.28%	67
Credit Suisse Leveraged Loan Total Return Index				9.65%	---	---	---	6.61%
Developing World Team
Developing World Strategy	7/1/2015	$	4,225	44.55%	(2.18)%	13.81%	---	11.82%	728
MSCI Emerging Markets Index				26.05%	0.40%	5.74%	---	4.54%

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Antero Peak Group
Antero Peak Strategy	5/1/2017	$	2,175	44.33%	8.58%	14.92%	---	18.89%	429
S&P 500 Index				36.35%	11.90%	15.96%	---	14.60%
Antero Peak Hedge Strategy	11/1/2017	$	228	38.42%	6.72%	11.67%	---	13.22%	(107)
S&P 500 Index				36.35%	11.90%	15.96%	---	14.29%
International Small-Mid Team
Non-U.S. Small-Mid Growth Strategy	1/1/2019	$	7,311	20.80%	(2.29)%	8.66%	---	11.25%	303
MSCI All Country World Index Ex USA Small Mid Cap				23.01%	1.63%	7.25%	---	8.22%
EMsights Capital Group
Global Unconstrained Strategy	4/1/2022	$	655	10.31%	---	---	---	10.38%	619
ICE BofA 3-month Treasury Bill Index				5.46%	---	---	---	4.19%
Emerging Markets Debt Opportunities Strategy	5/1/2022	$	1,024	16.07%	---	---	---	13.64%	663
J.P. Morgan EMB Hard Currency/Local currency 50-50 Index				14.99%	---	---	---	7.01%
Emerging Markets Local Opportunities Strategy	8/1/2022	$	680	15.74%	---	---	---	12.42%	287
J.P. Morgan GBI-EM Global Diversified				13.42%	---	---	---	9.55%

Total Assets Under Management		$	167,840


1 AUM for Artisan Sustainable Emerging Markets and U.S. Mid-Cap Growth strategies includes $97.7 million in aggregate for which Artisan Partners provides investment models to managed account sponsors (reported on a lag not exceeding one quarter).
2 Value-added is the amount, in basis points, by which the average annual gross composite return of each of our strategies has outperformed or underperformed its respective benchmark. See Forward-Looking Statements and Other Disclosures for further information on the benchmark indexes used. Value-added for periods less than one year is not annualized.

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The tables below set forth changes in our assets under management by investment team:


	By Investment Team(3)
Three Months Ended	Growth		Global Equity		U.S. Value		Int’l Value		Global Value		SEM		Credit		Developing World		Antero Peak Group		Int’l Small-Mid		EMsights Capital Group		Total
September 30, 2024			(unaudited; in millions)
Beginning assets under management	$	38,917	$	13,495	$	7,266	$	43,745	$	27,793	$	1,857	$	11,165	$	3,997	$	2,236	$	7,042	$	1,374	$	158,887
Gross client cash inflows	1,192		79		131		1,284		974		41		1,120		106		124		268		891		6,210
Gross client cash outflows	(2,057)		(600)		(123)		(1,428)		(699)		(37)		(1,115)		(259)		(106)		(517)		(12)		(6,953)
Net client cash flows(1)	(865)		(521)		8		(144)		275		4		5		(153)		18		(249)		879		(743)
Artisan Funds’ distributions not reinvested (2)	—		—		—		(128)		—		—		(94)		—		—		—		—		(222)
Investment returns and other	1,610		791		537		3,475		1,660		145		546		381		149		518		106		9,918

Ending assets under management	$	39,662	$	13,765	$	7,811	$	46,948	$	29,728	$	2,006	$	11,622	$	4,225	$	2,403	$	7,311	$	2,359	$	167,840
Average assets under management	$	38,736	$	13,703	$	7,538	$	45,371	$	28,598	$	1,900	$	11,361	$	3,925	$	2,273	$	7,177	$	2,201	$	162,783
September 30, 2023
Beginning assets under management	$	38,586	$	13,917	$	6,648	$	36,786	$	23,974	$	873	$	8,198	$	3,572	$	3,129	$	7,192	$	114	$	142,989
Gross client cash inflows	1,181		141		84		1,957		376		17		799		131		43		170		702		5,601
Gross client cash outflows	(2,755)		(486)		(212)		(1,123)		(952)		(58)		(422)		(228)		(527)		(176)		(1)		(6,940)
Net client cash flows(1)	(1,574)		(345)		(128)		834		(576)		(41)		377		(97)		(484)		(6)		701		(1,339)
Artisan Funds’ distributions not reinvested (2)	—		—		—		—		—		—		(75)		—		—		—		—		(75)
Investment returns and other	(1,731)		(575)		(145)		(1,018)		(692)		(36)		138		(252)		(190)		(557)		(22)		(5,080)

Ending assets under management	$	35,281	$	12,997	$	6,375	$	36,602	$	22,706	$	796	$	8,638	$	3,223	$	2,455	$	6,629	$	793	$	136,495
Average assets under management	$	37,406	$	13,712	$	6,655	$	37,286	$	23,780	$	874	$	8,474	$	3,488	$	2,917	$	7,050	$	557	$	142,199
(1) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested.
(2) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds.
(3) Effective March 31, 2024, the International Small-Mid team, managing the Non-U.S. Small-Mid Growth strategy, became its own autonomous investment franchise. For comparability purposes, historical assets under management for both the Global Equity team and the International Small-Mid team are presented as though they were distinct teams prior to March 31, 2024.

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			By Investment Team
Nine Months Ended	Growth		Global Equity		U.S. Value		Int’l Value		Global Value		SEM		Credit		Developing World		Antero Peak Group		Int’l Small-Mid		EMsights Capital Group		Total
September 30, 2024			(unaudited; in millions)
Beginning assets under management	$	38,546	$	13,725	$	7,057	$	41,009	$	25,670	$	917	$	9,683	$	3,453	$	2,101	$	7,151	$	855	$	150,167
Gross client cash inflows	2,794		427		398		4,640		2,355		1,010		3,519		451		343		665		1,399		18,001
Gross client cash outflows	(6,641)		(2,314)		(466)		(4,634)		(2,274)		(124)		(2,143)		(629)		(598)		(1,034)		(19)		(20,876)
Net client cash flows (1)	(3,847)		(1,887)		(68)		6		81		886		1,376		(178)		(255)		(369)		1,380		(2,875)
Artisan Funds’ distributions not reinvested (2)	—		—		—		(128)		—		—		(270)		—		—		—		—		(398)
Investment returns and other	4,963		1,927		822		6,061		3,977		203		833		950		557		529		124		20,946

Ending assets under management	$	39,662	$	13,765	$	7,811	$	46,948	$	29,728	$	2,006	$	11,622	$	4,225	$	2,403	$	7,311	$	2,359	$	167,840
Average assets under management	$	39,326	$	13,772	$	7,329	$	43,662	$	27,617	$	1,318	$	10,784	$	3,814	$	2,248	$	7,145	$	1,499	$	158,514
September 30, 2023
Beginning assets under management	$	33,977	$	13,871	$	6,088	$	30,210	$	21,767	$	873	$	7,140	$	3,466	$	3,676	6,752		$	72	$	127,892
Gross client cash inflows	2,905		667		195		6,149		1,304		63		2,542		488		311		529		736		15,889
Gross client cash outflows	(5,093)		(2,205)		(556)		(3,222)		(3,130)		(217)		(1,506)		(1,277)		(1,695)		(665)		(1)		(19,567)
Net client cash flows (1)	(2,188)		(1,538)		(361)		2,927		(1,826)		(154)		1,036		(789)		(1,384)		(136)		735		(3,678)
Artisan Funds’ distributions not reinvested (2)	—		—		—		—		—		—		(190)		—		—		—		—		(190)
Investment returns and other	3,492		664		648		3,465		2,765		77		652		546		163		13		(14)		12,471

Ending assets under management	$	35,281	$	12,997	$	6,375	$	36,602	$	22,706	$	796	$	8,638	$	3,223	$	2,455	$	6,629	$	793	$	136,495
Average assets under management	$	36,812	$	14,087	$	6,489	$	35,210	$	23,203	$	882	$	8,118	$	3,593	$	3,260	$	7,080	$	248	$	138,982
(1) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested.
(2) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds.
(3) Effective March 31, 2024, the International Small-Mid team, managing the Non-U.S. Small-Mid Growth strategy, became its own autonomous investment franchise. For comparability purposes, historical assets under management for both the Global Equity team and the International Small-Mid team are presented as though they were distinct teams prior to March 31, 2024.

The goal of our marketing, distribution and client services efforts is to establish and maintain a client base that is diversified by investment strategy, client type and distribution channel. As distribution channels have evolved to have more institutional-like decision-making processes and longer-term investment horizons, we have expanded our distribution efforts into those areas.

The table below sets forth our assets under management by distribution channel (1):


	As of September 30, 2024				As of September 30, 2023
	$ in Millions		% of Total		$ in Millions		% of Total
	(unaudited)				(unaudited)
Institutional	$	104,470	62.3	%	$	85,770	62.8	%
Intermediary	57,753		34.4	%	45,435		33.3	%
Retail	5,617		3.3	%	5,290		3.9	%
Ending Assets Under Management	$	167,840	100.0	%	$	136,495	100.0	%

(1) The allocation of assets under management by distribution channel involves the use of estimates and the exercise of judgment. Assets under management within Artisan Private Funds are included within the institutional channel.

Our institutional channel includes assets under management sourced from defined contribution plan clients, which made up approximately 8% of our total assets under management as of September 30, 2024.

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The following tables set forth the changes in our assets under management by vehicle type:


Three Months Ended	Artisan Funds & Artisan Global Funds		Separate Accounts and Other (1)		Total
September 30, 2024	(unaudited; in millions)
Beginning assets under management	$	76,985	$	81,902	$	158,887
Gross client cash inflows	3,635		2,575		6,210
Gross client cash outflows	(4,477)		(2,476)		(6,953)
Net client cash flows (2)	(842)		99		(743)
Artisan Funds’ distributions not reinvested (3)	(222)		—		(222)
Investment returns and other	5,179		4,739		9,918
Net transfers (4)	(46)		46		—
Ending assets under management	$	81,054	$	86,786	$	167,840
Average assets under management	$	78,511	$	84,272	$	162,783
September 30, 2023
Beginning assets under management	$	69,144	$	73,845	$	142,989
Gross client cash inflows	3,313		2,288		5,601
Gross client cash outflows	(3,440)		(3,500)		(6,940)
Net client cash flows (2)	(127)		(1,212)		(1,339)
Artisan Funds’ distributions not reinvested (3)	(75)		—		(75)
Investment returns and other	(2,297)		(2,783)		(5,080)
Net transfers (4)	(15)		15		—
Ending assets under management	$	66,630	$	69,865	$	136,495
Average assets under management	$	69,042	$	73,157	$	142,199

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Nine Months Ended	Artisan Funds & Artisan Global Funds		Separate Accounts and Other (1)		Total
September 30, 2024	(unaudited; in millions)
Beginning assets under management	$	72,763	$	77,404	$	150,167
Gross client cash inflows	11,643		6,358		18,001
Gross client cash outflows	(12,866)		(8,010)		(20,876)
Net client cash flows (2)	(1,223)		(1,652)		(2,875)
Artisan Funds’ distributions not reinvested (3)	(398)		—		(398)
Investment returns and other	9,958		10,988		20,946
Net transfers (4)	(46)		46		—
Ending assets under management	$	81,054	$	86,786	$	167,840
Average assets under management	$	76,706	$	81,808	$	158,514
September 30, 2023
Beginning assets under management	$	60,811	$	67,081	$	127,892
Gross client cash inflows	11,294		4,595		15,889
Gross client cash outflows	(11,074)		(8,493)		(19,567)
Net client cash flows (2)	220		(3,898)		(3,678)
Artisan Funds’ distributions not reinvested (3)	(190)		—		(190)
Investment returns and other	5,804		6,667		12,471
Net transfers (4)	(15)		15		—
Ending assets under management	$	66,630	$	69,865	$	136,495
Average assets under management	$	67,110	$	71,872	$	138,982

(1) Separate accounts and other consists of AUM we manage in or through vehicles other than Artisan Funds or Artisan Global Funds. This AUM includes assets we manage in traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as assets under advisement related to investment models for which we provide consulting advice but do not have discretionary investment authority.
(2) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested.
(3) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds.
(4) Net transfers represent certain amounts that we have identified as having been transferred out of one investment strategy, investment vehicle or account and into another strategy, vehicle or account.

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The following table sets forth our assets under management by asset class:


Three Months Ended	Equity (1)		Fixed Income (1)		Alternative (1)		Total
September 30, 2024	(unaudited; in millions)
Beginning assets under management	$	143,942	$	11,670	$	3,275	$	158,887
Gross client cash inflows	4,076		1,982		152		6,210
Gross client cash outflows	(5,713)		(1,112)		(128)		(6,953)
Net client cash flows (2)	(1,637)		870		24		(743)
Artisan Funds’ distributions not reinvested (3)	(128)		(94)		—		(222)
Investment returns and other	9,090		626		202		9,918

Ending assets under management	$	151,267	$	13,072	$	3,501	$	167,840
Average assets under management	$	146,777	$	12,675	$	3,331	$	162,783
September 30, 2023
Beginning assets under management	$	131,384	$	8,103	$	3,502	$	142,989
Gross client cash inflows	4,056		1,225		320		5,601
Gross client cash outflows	(5,990)		(422)		(528)		(6,940)
Net client cash flows (2)	(1,934)		803		(208)		(1,339)
Artisan Funds’ distributions not reinvested (3)	—		(75)		—		(75)
Investment returns and other	(5,002)		104		(182)		(5,080)

Ending assets under management	$	124,448	$	8,935	$	3,112	$	136,495
Average assets under management	$	130,084	$	8,787	$	3,328	$	142,199


Nine Months Ended	Equity (1)		Fixed Income (1)		Alternative (1)		Total
September 30, 2024	(unaudited; in millions)
Beginning assets under management	$	137,368	$	10,009	$	2,790	$	150,167
Gross client cash inflows	12,735		4,579		687		18,001
Gross client cash outflows	(18,102)		(2,138)		(636)		(20,876)
Net client cash flows (2)	(5,367)		2,441		51		(2,875)
Artisan Funds’ distributions not reinvested (3)	(128)		(269)		(1)		(398)
Investment returns and other	19,394		891		661		20,946

Ending assets under management	$	151,267	$	13,072	$	3,501	$	167,840
Average assets under management	$	143,817	$	11,499	$	3,198	$	158,514
September 30, 2023
Beginning assets under management	$	116,832	$	7,059	$	4,001	$	127,892
Gross client cash inflows	12,299		2,962		628		15,889
Gross client cash outflows	(16,365)		(1,504)		(1,698)		(19,567)
Net client cash flows (2)	(4,066)		1,458		(1,070)		(3,678)
Artisan Funds’ distributions not reinvested (3)	—		(190)		—		(190)
Investment returns and other	11,682		608		181		12,471

Ending assets under management	$	124,448	$	8,935	$	3,112	$	136,495
Average assets under management	$	127,181	$	8,165	$	3,636	$	138,982

(1) Equity includes the following investment strategies: Mid-Cap Growth, Small-Cap Growth, Mid-Cap Value, Non-U.S. Growth, International Value, Global Opportunities, Global Equity, Value Equity, Global Value, Sustainable Emerging Markets, Global Discovery, Developing World, Non-U.S. Small-Mid Growth, International Explorer, Select Equity, and Value Income. Fixed Income includes the following investment strategies: High Income, Floating Rate, Emerging Markets Debt Opportunities, and Emerging Markets Local Opportunities. Alternative includes the following investment strategies: Antero Peak, Antero Peak Hedge, China Post-Venture, Credit Opportunities, and Global Unconstrained.
(2) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested.
(3) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds.

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Results of Operations

Three months ended September 30, 2024, compared to Three months ended September 30, 2023


	For the Three Months Ended September 30,				For the Period-to-Period
	2024		2023		$		%

Statements of operations data:	(unaudited; in millions, except share and per-share data)
Revenues
Management fees	$	279.6	$	248.6	$	31.0	12	%
Performance fees	—		0.1		(0.1)		(100)	%
Total revenues	279.6		248.7		30.9		12	%
Operating Expenses
Total compensation and benefits	149.0		130.7		18.3		14	%




Other operating expenses	37.4		35.8		1.6		4	%
Total operating expenses	186.4		166.5		19.9		12	%
Total operating income	93.2		82.2		11.0		13	%
Non-operating income (expense)
Interest expense	(2.2)		(2.3)		0.1		4	%




Other non-operating income (expense)	37.7		8.1		29.6		365	%
Total non-operating income (expense)	35.5		5.8		29.7		512	%
Income before income taxes	128.7		88.0		40.7		46	%
Provision for income taxes	24.6		14.6		10.0		68	%
Net income before noncontrolling interests	104.1		73.4		30.7		42	%
Less: Noncontrolling interests - Artisan Partners Holdings	14.5		11.3		3.2		28	%
Less: Noncontrolling interests - consolidated investment products	16.7		9.0		7.7		86	%
Net income attributable to Artisan Partners Asset Management Inc.	$	72.9	$	53.1	$	19.8	37	%
Share Data
Basic earnings per share	$	1.03	$	0.76
Diluted earnings per share	$	1.03	$	0.76
Basic weighted average number of common shares outstanding	65,123,054		63,520,402
Diluted weighted average number of common shares outstanding	65,162,898		63,563,044

Investment Advisory Revenues

Essentially all of our revenues consist of fees earned from managing clients’ assets. Investment advisory fees, which are comprised of management fees and performance fees (including incentive allocations), fluctuate based on a number of factors, including the total value of our assets under management, the composition of assets under management among investment vehicles and our investment strategies, changes in the investment management fee rates on our products, the extent to which we enter into fee arrangements that differ from our standard fee schedules, which can be affected by custom and the competitive landscape in the relevant market and, for the accounts on which we earn performance fees, the investment performance of those accounts.

The different fee structures associated with Artisan Funds, Artisan Global Funds, and separate accounts and other pooled vehicles, and the different fee schedules applicable to each of our investment strategies, make the composition of our assets under management an important determinant of the investment management fees we earn. Historically, we have received higher effective rates of investment management fees from Artisan Funds and Artisan Global Funds than from traditional separate accounts reflecting, among other things, the different and broader array of services we provide to Artisan Funds and Artisan Global Funds. Investment management fees for non-U.S. funds may also be higher because they include fees to offset higher distribution costs. Our investment management fees also differ by investment strategy, with higher-capacity strategies having lower standard fee rates than strategies with more limited capacity.

Certain separate account clients pay us fees based on the performance of their accounts relative to agreed-upon benchmarks, which typically results in a lower base fee but allows us to earn higher fees if the performance we achieve for that client is superior to the performance of the agreed-upon benchmark. We may also receive performance fees or incentive allocations from Artisan Private Funds. Approximately 3% of our $167.8 billion of assets under management as of September 30, 2024 have performance fee billing arrangements.

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The increase in revenues of $30.9 million, or 12%, for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, was driven primarily by a $20.6 billion, or 14% increase in our average assets under management. The weighted average investment management fee, which excludes performance fees, was 68.5 basis points for the three months ended September 30, 2024, compared to 69.5 basis points for the three months ended September 30, 2023. The decrease in the weighted average investment management fee was predominantly due to changes in strategy mix.

The following table sets forth investment advisory fees and the weighted average management fee by investment vehicle. The weighted average management fee for Artisan Funds and Artisan Global Funds reflects the additional services we provide to these pooled vehicles.


	Separate Accounts and Other (1)						Artisan Funds and Artisan Global Funds
For the Three Months Ended September 30,	2024			2023			2024			2023

	(unaudited; dollars in millions)
Investment advisory fees	$	104.9		$	92.3		$	174.7		$	156.4
Weighted average management fee (2)	49.5 bps			50.1 bps			88.4 bps			90.1 bps
Percentage of ending AUM	52		%	52		%	48		%	48		%
(1) Separate accounts and other consists of assets we manage in or through vehicles other than Artisan Funds or Artisan Global Funds, including assets we manage in traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as assets under advisement related to investment models, for which we provide consulting advice but do not have discretionary investment authority.
(2) We compute our weighted average management fee by dividing annualized management fees (which excludes performance fees) by average assets under management for the applicable period.

Operating Expenses

Operating expenses increased $19.9 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, as a result of a $18.3 million increase in compensation and benefits and a $1.6 million increase in other operating expenses.

Compensation and Benefits


	For the Three Months Ended September 30,				Period-to-Period
	2024		2023		$		%

	(unaudited; in millions)
Salaries, incentive compensation and benefits (1)	$	128.6	$	118.3	$	10.3	9	%
Long-term incentive compensation awards	20.4		12.4		8.0		65	%
Total compensation and benefits	$	149.0	$	130.7	$	18.3	14	%
(1) Excluding long-term incentive compensation awards

The increase in salaries, incentive compensation and benefits is primarily due to an $8.4 million increase in incentive compensation driven by higher revenues in the three months ended September 30, 2024. Long-term incentive compensation costs also increased $8.0 million, which includes $5.8 million of additional expense from market valuation changes and $1.2 million of additional expense resulting from the retirement acceleration feature on 2024 grants.

Total compensation and benefits was 53% of our revenues for the three months ended September 30, 2024 and 2023.

Other operating expenses

Other operating expenses increased $1.6 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to an increase in occupancy related charges.

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Non-Operating Income (Expense)

Non-operating income (expense) consisted of the following:


	For the Three Months Ended September 30,				Period-to-Period
	2024		2023		$		%

	(unaudited; in millions)
Interest expense	$	(2.2)	$	(2.3)	$	0.1	(4)	%
Interest income on cash and cash equivalents and other	2.7		2.1		$	0.6	29	%
Net investment gain (loss) of consolidated investment products	23.1		9.8		13.3		136	%
Net gain (loss) on the tax receivable agreements	(0.5)		0.5		(1.0)		(200)	%
Net investment gain (loss) on nonconsolidated seed investments	3.6		0.2		3.4		1,700	%
Net investment gain (loss) on nonconsolidated franchise capital investments	8.8		(4.5)		13.3		296	%
Total non-operating income (expense)	$	35.5	$	5.8	$	29.7	512	%

Net investment gain (loss) of consolidated investment products, net investment gain (loss) on nonconsolidated seed investments, and net investment gain (loss) on franchise capital investments increased $30.0 million in the aggregate for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, predominately due to market conditions. In addition, the increase in interest income on cash and cash equivalents and other increased $0.6 million due to higher cash balances.

Provision for Income Taxes

The provision for income taxes primarily represents APAM’s U.S. federal, state and local income taxes on its allocable portion of Holdings’ income, as well as foreign income taxes payable by Holdings’ subsidiaries. APAM’s effective income tax rate for the three months ended September 30, 2024 and 2023 was 19.1% and 16.6%, respectively. Several factors contribute to the effective tax rate, including a rate benefit attributable to the fact that approximately 14% and 16% of Holdings’ full year projected taxable earnings were not subject to corporate-level taxes for the three months ended September 30, 2024 and 2023, respectively. Thus, income before income taxes includes amounts that are attributable to noncontrolling interests and not taxable to APAM and its subsidiaries, which reduces the effective tax rate. As APAM’s equity ownership in Holdings increases, the effective tax rate will likewise increase as more income will be subject to corporate-level taxes. The effective tax rate was favorably impacted in both periods due to tax deductible dividends paid on unvested restricted share-based awards.

Earnings Per Share

Weighted average basic and diluted shares of Class A common stock outstanding were higher for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, as a result of equity award grants. See Note 12, “Earnings Per Share” in the Notes to the unaudited consolidated financial statements for discussion of earnings per share.

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Nine months ended September 30, 2024, compared to Nine months ended September 30, 2023


	For the Nine Months Ended September 30,				Period-to-Period
	2024		2023		$		%

Statements of operations data:	(unaudited; in millions, except share and per share data)
Revenues
Management fees	$	814.7	$	725.9	$	88.8	12	%
Performance fees	0.1		0.2		(0.1)		(50)	%
Total revenues	814.8		726.1		88.7		12	%
Operating Expenses
Total compensation and benefits	445.7		392.6		53.1		14	%




Other operating expenses	111.6		106.3		5.3		5	%
Total operating expenses	557.3		498.9		58.4		12	%
Total operating income	257.5		227.2		30.3		13	%
Non-operating income (expense)
Interest expense	(6.5)		(6.5)		—		—	%




Other non-operating income (expense)	76.4		50.0		26.4		53	%
Total non-operating income (expense)	69.9		43.5		26.4		61	%
Income before income taxes	327.4		270.7		56.7		21	%
Provision for income taxes	65.3		51.7		13.6		26	%
Net income before noncontrolling interests	262.1		219.0		43.1		20	%
Less: Noncontrolling interests - Artisan Partners Holdings	38.9		35.5		3.4		10	%
Less: Noncontrolling interests - consolidated investment products	33.2		26.0		7.2		28	%
Net income attributable to Artisan Partners Asset Management Inc.	$	190.0	$	157.5	$	32.5	21	%
Share Data
Basic earnings per share	$	2.68	$	2.27
Diluted earnings per share	$	2.68	$	2.27
Basic weighted average number of common shares outstanding	64,802,431		63,419,587
Diluted weighted average number of common shares outstanding	64,840,056		63,449,804

Investment Advisory Revenues

The increase in revenues of $88.7 million, or 12%, for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, was driven primarily by a $19.5 billion, or 14%, increase in our average assets under management. The weighted average management fee, which excludes performance fees, was 68.8 basis points for the nine months ended September 30, 2024, compared to 70.0 basis points for the nine months ended September 30, 2023. The decrease in the weighted average investment management fee was predominantly due to changes in strategy mix.

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The following table sets forth the investment advisory fees and weighted average management fee earned by investment vehicles. The weighted average management fee for Artisan Funds and Artisan Global Funds reflects the additional services we provide to these pooled vehicles.


	Separate Accounts and Other (1)						Artisan Funds and Artisan Global Funds
For the Nine Months Ended September 30,	2024			2023			2024			2023

	(unaudited; dollars in millions)
Investment advisory fees	$	304.4		$	273.5		$	510.4		$	452.6
Weighted average management fee (2)	49.7 bps			51.0 bps			88.7 bps			90.3 bps
Percentage of ending AUM	52		%	52		%	48		%	48		%
(1) Separate accounts and other consists of assets we manage in or through vehicles other than Artisan Funds or Artisan Global Funds, including assets we manage in traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as assets under advisement related to investment models, for which we provide consulting advice but do not have discretionary investment authority.
(2) We compute our weighted average management fee by dividing annualized management fees (which excludes performance fees) by average assets under management for the applicable period.

Operating Expenses

Operating expenses increased $58.4 million for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, due to a $53.1 million increase in total compensation and benefits and a $5.3 million increase in other operating expenses.

Compensation and Benefits


	For the Nine Months Ended September 30,				Period-to-Period
	2024		2023		$		%

	(unaudited; in millions)
Salaries, incentive compensation and benefits (1)	$	387.1	$	350.1	$	37.0	11	%
Long-term incentive compensation awards	58.6		42.5		16.1		38	%
Total compensation and benefits	$	445.7	$	392.6	$	53.1	14	%
(1) Excluding long-term incentive compensation awards

The increase in salaries, incentive compensation and benefits was primarily due to a $29.9 million increase in incentive compensation driven by higher revenues as well as a $7.0 million increase in salaries and benefits as a result of increases in the number of full-time associates and salary increases. Long-term incentive compensation costs increased $16.1 million, which includes an $8.0 million increase from market valuation changes and $5.2 million of additional expense from the retirement acceleration feature on 2024 grants.

During the first quarter of 2024, the Company’s board of directors approved the grant of long-term incentive awards with a grant date fair value of $59.2 million consisting of $20.8 million of restricted share-based awards and $38.4 million of franchise capital awards, to certain employees pursuant to the Company’s 2023 Omnibus Incentive Compensation Plan. Long-term incentive compensation award expense for all awards is expected to be approximately $16 million for the remaining quarter in fiscal 2024, exclusive of the impact of investment returns on franchise capital awards.

Total compensation and benefits was 55% and 54% of our revenues for the nine months ended September 30, 2024, and 2023, respectively.

Other operating expenses

Other operating expenses increased $5.3 million for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to an increase in travel expense, an increase in third-party distribution expense as a result of an increase in AUM subject to those fees, an increase in occupancy related charges, as well as an increase in information technology costs.

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Non-Operating Income (Expense)

Non-operating income (expense) consisted of the following:


	For the Nine Months Ended September 30,				Period-to-Period
	2024		2023		$		%

	(unaudited; in millions)
Interest expense	$	(6.5)	$	(6.5)	$	—	—	%
Interest income on cash and cash equivalents and other	6.6		3.8		$	2.8	74	%
Net gain (loss) on the tax receivable agreements	(0.5)		0.5		(1.0)		(200)	%
Net investment gain (loss) of consolidated investment products	45.6		38.2		7.4		19	%
Net investment gain (loss) on nonconsolidated seed investments	6.9		1.4		5.5		393	%
Net investment gain (loss) on nonconsolidated franchise capital investments	17.8		6.1		11.7		192	%
Total non-operating income (expense)	$	69.9	$	43.5	$	26.4	61	%

Net investment gain (loss) of consolidated investment products, net investment gain (loss) on nonconsolidated seed investments, and net investment gain (loss) on franchise capital investments increased $24.6 million in the aggregate for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, predominately due to market conditions. The increase in interest income on cash and cash equivalents and other increased $2.8 million for the nine months ended September 30, 2024, as a result of higher yields and cash balances.

Provision for Income Taxes

Several factors contribute to the effective tax rate, including a rate benefit attributable to the fact that approximately 14% and 16% of Holdings’ full year projected taxable earnings were not subject to corporate-level taxes for the nine months ended September 30, 2024 and 2023, respectively. Thus, income before income taxes includes amounts that are attributable to noncontrolling interests and not taxable to APAM and its subsidiaries, which reduces the effective tax rate. As APAM’s equity ownership in Holdings increases, the effective tax rate will likewise increase as more income will be subject to corporate-level taxes. The effective tax rate was favorably impacted in both periods due to tax deductible dividends paid on unvested restricted share-based awards.

Earnings Per Share

Weighted average basic and diluted shares of Class A common stock outstanding were higher for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, as a result of Holdings’ unit exchanges and equity award grants. See Note 12, “Earnings Per Share” in the Notes to the unaudited consolidated financial statements for further discussion of earnings per share.

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Supplemental Non-GAAP Financial Information

Our management uses non-GAAP measures (referred to as “adjusted” measures) of net income to evaluate the profitability and efficiency of the underlying operations of our business and as a factor when considering net income available for distributions and dividends. These adjusted measures remove the impact of (1) net gain (loss) on the tax receivable agreements (if any), (2) compensation expense (reversal) related to market valuation changes in compensation plans, and (3) net investment gain (loss) of investment products. These adjustments also remove the non-operational complexities of our structure by adding back noncontrolling interests and assuming all income of Artisan Partners Holdings is allocated to APAM. Management believes these non-GAAP measures provide more meaningful information to analyze our profitability and efficiency between periods and over time. We have included these non-GAAP measures to provide investors with the same financial metrics used by management to manage the Company.

Non-GAAP measures should be considered in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. Our non-GAAP measures may differ from similar measures used by other companies, even if similar terms are used to identify such measures. Our non-GAAP measures are as follows:

•Adjusted net income represents net income excluding the impact of (1) net gain (loss) on the tax receivable agreements (if any), (2) compensation expense (reversal) related to market valuation changes in compensation plans, and (3) net investment gain (loss) of investment products. Adjusted net income also reflects income taxes assuming the vesting of all unvested Class A share-based awards and as if all outstanding limited partnership units of Artisan Partners Holdings had been exchanged for Class A common stock of APAM on a one-for-one basis. Assuming full vesting and exchange, all income of Artisan Partners Holdings is treated as if it were allocated to APAM, and the adjusted provision for income taxes represents an estimate of income tax expense at an effective rate reflecting APAM’s current federal, state and local income statutory tax rates. The adjusted tax rate was 24.7% for all periods presented.

•Adjusted net income per adjusted share is calculated by dividing adjusted net income by adjusted shares. The number of adjusted shares is derived by assuming the vesting of all unvested Class A share-based awards and the exchange of all outstanding limited partnership units of Artisan Partners Holdings for Class A common stock of APAM on a one-for-one basis.

•Adjusted operating income represents the operating income of the consolidated company excluding compensation expense related to market valuation changes in compensation plans.

•Adjusted operating margin is calculated by dividing adjusted operating income by total revenues.

•Adjusted EBITDA represents adjusted net income before interest expense, income taxes, depreciation and amortization expense.

Net gain (loss) on the tax receivable agreements represents the income (expense) associated with the change in estimate of amounts payable under the tax receivable agreements entered into in connection with APAM’s initial public offering and related reorganization.

Compensation expense (reversal) related to market valuation changes in compensation plans represents the expense (income) associated with the change in the long-term incentive award liability resulting from investment returns of the underlying investment products. Because the compensation expense impact of the investment market exposure is economically hedged, management believes it is useful to reflect the expected net income offset in the calculation of adjusted operating income, adjusted net income, and adjusted EBITDA. The related investment gain (loss) on the underlying investments is included in the adjustment for net investment gain (loss) of investment products.

Net investment gain (loss) of investment products represents the non-operating income (expense) related to the Company’s investments, in both consolidated investment products and nonconsolidated investment products, including investments held to economically hedge compensation plans. Excluding these non-operating market gains or losses on investments provides greater transparency to evaluate the profitability and efficiency of the underlying operations of the business. Interest income generated on cash and cash equivalents is considered part of normal operations, and therefore, is not excluded from adjusted net income.

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The following table sets forth, for the periods indicated, a reconciliation from GAAP financial measures to non-GAAP measures:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023

Reconciliation of non-GAAP financial measures:	(unaudited; in millions, except per share data)
Net income attributable to Artisan Partners Asset Management Inc. (GAAP)	$	72.9		$	53.1		$	190.0		$	157.5
Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings	14.5			11.3			38.9			35.5
Add back: Provision for income taxes	24.6			14.6			65.3			51.7
Add back: Compensation expense (reversal) related to market valuation changes in compensation plans	4.6			(1.3)			9.2			1.2
Add back: Net (gain) loss on the tax receivable agreements	0.5			(0.5)			0.5			(0.5)
Add back: Net investment (gain) loss of investment products attributable to APAM	(18.2)			3.6			(35.5)			(19.2)
Less: Adjusted provision for income taxes	24.4			20.0			66.3			55.9
Adjusted net income (Non-GAAP)	$	74.5		$	60.8		$	202.1		$	170.3

Average shares outstanding
Class A common shares	65.1			63.5			64.8			63.4
Assumed vesting or exchange of:
Unvested Class A restricted share-based awards	5.5			5.7			5.5			5.7
Artisan Partners Holdings units outstanding (noncontrolling interests)	10.4			11.5			10.6			11.5
Adjusted shares	81.0			80.7			80.9			80.6

Basic earnings per share (GAAP)	$	1.03		$	0.76		$	2.68		$	2.27
Diluted earnings per share (GAAP)	$	1.03		$	0.76		$	2.68		$	2.27
Adjusted net income per adjusted share (Non-GAAP)	$	0.92		$	0.75		$	2.50		$	2.11

Operating income (GAAP)	$	93.2		$	82.2		$	257.5		$	227.2
Add back: Compensation expense (reversal) related to market valuation changes in compensation plans	4.6			(1.3)			9.2			1.2
Adjusted operating income (Non-GAAP)	$	97.8		$	80.9		$	266.7		$	228.4

Operating margin (GAAP)	33.3		%	33.0		%	31.6		%	31.3		%
Adjusted operating margin (Non-GAAP)	35.0		%	32.5		%	32.7		%	31.5		%

Net income attributable to Artisan Partners Asset Management Inc. (GAAP)	$	72.9		$	53.1		$	190.0		$	157.5
Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings	14.5			11.3			38.9			35.5
Add back: Compensation expense (reversal) related to market valuation changes in compensation plans	4.6			(1.3)			9.2			1.2
Add back: Net (gain) loss on the tax receivable agreements	0.5			(0.5)			0.5			(0.5)
Add back: Net investment (gain) loss of investment products attributable to APAM	(18.2)			3.6			(35.5)			(19.2)
Add back: Interest expense	2.2			2.3			6.5			6.5
Add back: Provision for income taxes	24.6			14.6			65.3			51.7
Add back: Depreciation and amortization	2.5			2.4			7.3			6.9
Adjusted EBITDA (Non-GAAP)	$	103.6		$	85.5		$	282.2		$	239.6

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Liquidity and Capital Resources

Our working capital needs, including accrued incentive compensation payments, have been and are expected to be met primarily through cash generated by our operations. The assets and liabilities of consolidated investment products attributable to third-party investors do not impact our liquidity and capital resources. We have no right to the benefits from, nor do we bear the risks associated with, the assets and liabilities of consolidated investment products, beyond our direct equity investment and any investment advisory fees earned. Accordingly, assets and liabilities of consolidated investment products attributable to third-party investors are excluded from the amounts and discussions below. The following table shows our liquidity position as of September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023

	(unaudited; in millions)
Cash and cash equivalents	$	253.9	$	141.0
Accounts receivable	110.0		101.2
Seed investments (1)	157.9		150.1
Undrawn commitment on revolving credit facility	100.0		100.0
(1) Seed investments include Artisan’s direct equity investments in consolidated and nonconsolidated Artisan-sponsored investment products. The balance excludes $153.7 million of investments made related to long-term incentive compensation plans.

We manage our cash balances in order to fund our day-to-day operations. We mitigate concentration risk through the diversification of financial institutions holding daily operating cash balances and by investing excess operating cash in various money market funds. $230.9 million of our cash and cash equivalents balance was invested in money market funds as of September 30, 2024.

Accounts receivable primarily represent investment advisory fees that have been earned, but not yet received from our clients. We perform a review of our receivables on a monthly basis to assess collectability. As of September 30, 2024, none of our receivables were considered uncollectible.

We utilize cash to make seed investments in Artisan-sponsored investment products to support the development of new investment strategies and vehicles. As of September 30, 2024, the balance of all seed investments, including investments in consolidated investment products, was $157.9 million. Subject to certain restrictions on the timing of redemptions, the seed investments are generally redeemable at our discretion. We monitor for opportunities to redeem existing seed investments as sufficient scale in those strategies and vehicles is achieved.

During the nine months ended September 30, 2024, we also made investments of $38.4 million related to funded long-term incentive compensation plans. As of September 30, 2024, the value of investments held in connection with funded long-term incentive compensation plans was $153.7 million.

We expect our investment portfolio to continue to grow as we grant additional annual franchise capital awards and make additional seed capital investments in new strategies and vehicles to support our growth.

We have $200 million in unsecured notes outstanding and a $100 million revolving credit facility with a five-year term ending in August 2027. The notes are comprised of three series, Series D, Series E and Series F, each with a balloon payment at maturity. The $100 million revolving credit facility was unused as of and for the nine months ended September 30, 2024.

The fixed interest rate on each series of unsecured notes is subject to a 100 basis point increase in the event Holdings receives a below-investment grade rating and any such increase will continue to apply until an investment grade rating is received.

These borrowings contain various covenants. Our failure to comply with any of the covenants could result in an event of default under the agreements, giving our lenders the ability to accelerate repayment of our obligations. We were in compliance with all debt covenants as of September 30, 2024.

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Distributions and Dividends

Artisan Partners Holdings’ distributions, including distributions to APAM for the three and nine months ended September 30, 2024 and 2023, were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023

	(unaudited, in millions)
Holdings Partnership Distributions to Limited Partners	$	13.2	$	12.9	$	33.4	$	30.3
Holdings Partnership Distributions to APAM	84.4		72.4		208.4		169.1
Total Holdings Partnership Distributions	$	97.6	$	85.3	$	241.8	$	199.4

On October 29, 2024, we, acting as the general partner of Artisan Partners Holdings, declared a distribution of $24.6 million, payable by Artisan Partners Holdings to holders of its partnership units, including APAM.

APAM declared and paid the following dividends per share during the three and nine months ended September 30, 2024 and 2023:


Type of Dividend	Class of Stock	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2024		2023		2024		2023
Quarterly	Class A Common	$	0.71	$	0.61	$	2.00	$	1.66
Special Annual	Class A Common	$	—	$	—	$	0.34	$	0.35

Our board of directors declared, effective October 29, 2024, a variable quarterly dividend of $0.82 per share of Class A common stock with respect to the September quarter of 2024, payable on November 29, 2024 to stockholders of record as of the close of business on November 15, 2024. The variable quarterly dividend represents approximately 80% of the cash generated in the September quarter of 2024 and a pro-rata portion of 2024 tax savings related to our tax receivable agreements.

Subject to Board approval each quarter, we currently expect to pay a quarterly dividend of approximately 80% of the cash the Company generates each quarter. We expect our quarterly cash generation to approximate adjusted net income plus long-term incentive compensation award expense, less cash reserved for future franchise capital awards (which we generally expect will approximate 4% of investment management revenues each quarter) with additional adjustments made for certain other sources and uses of cash, including capital expenditures. After the end of the year, our Board will consider paying a special dividend after determining the amount of cash needed for general corporate purposes and investments in growth and strategic initiatives. Although we expect to pay dividends according to our dividend policy, we may not pay dividends according to our policy or at all.

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Tax Receivable Agreements (“TRAs”)

In addition to funding our normal operations, we will be required to fund amounts payable under the TRAs that we entered into in connection with the IPO, which resulted in the recognition of a $341.4 million liability as of September 30, 2024. The liability generally represents 85% of the tax benefits APAM expects to realize as a result of the merger of an entity into APAM as part of the IPO Reorganization, our purchase of partnership units from limited partners of Holdings and the exchange of partnership units (for shares of Class A common stock or other consideration). The estimated liability assumes no material changes in the relevant tax law and that APAM earns sufficient taxable income to realize all tax benefits subject to the TRAs. An increase or decrease in future tax rates will increase or decrease, respectively, the expected tax benefits APAM would realize and the amounts payable under the TRAs. Changes in the estimate of expected tax benefits APAM would realize and the amounts payable under the TRAs as a result of change in tax rates have been and will be recorded in net income.

The liability will increase upon future purchases or exchanges of limited partnership units with the increase representing amounts payable under the TRAs equal to 85% of the estimated future tax benefits, if any, resulting from such purchases or exchanges. We intend to fund the payment of amounts due under the TRAs out of the reduced tax payments that APAM realizes in respect of the tax attributes to which the TRAs relate.

The actual increase in tax basis, as well as the amount and timing of any payments under these agreements, will vary depending upon a number of factors, including the timing of sales or exchanges by the holders of limited partnership units, the price of the Class A common stock at the time of such sales or exchanges, whether such sales or exchanges are taxable, the amount and timing of the taxable income APAM generates in the future and the tax rate then applicable and the portion of APAM’s payments under the TRAs constituting imputed interest or depreciable basis or amortizable basis. In certain cases, payments under the TRAs may be accelerated and/or significantly exceed the actual benefits we realize in respect of the tax attributes subject to the TRAs. In such cases, we intend to fund those payments with cash on hand, although we may have to borrow funds depending on the amount and timing of the payments. During the nine months ended September 30, 2024, we made payments totaling $36.7 million related to the TRAs. We do not intend to make any additional TRA payments in 2024. In 2025, we expect to make payments of approximately $38.9 million related to the TRAs.

Cash Flows


	For the Nine Months Ended September 30,
	2024		2023

	(unaudited; in millions)
Cash, cash equivalents and restricted cash as of January 1	$	178.5	$	143.2
Net cash provided by operating activities	335.7		262.8
Net cash used in investing activities	(24.5)		(36.5)
Net cash used in financing activities	(205.9)		(134.3)
Net impact of deconsolidation of consolidated investment products	(4.0)		(4.7)
Cash, cash equivalents and restricted cash as of September 30	$	279.8	$	230.5

Net cash provided by operating activities increased $72.9 million for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to the $29.4 million increase in operating income (excluding share based compensation expense), the $29.8 million net increase as a result of activity within the consolidated investment products, and the $14.8 million net increase from changes in working capital.

Investing activities consist primarily of acquiring property and equipment, leasehold improvements and the purchase and sale of investment securities. Net cash used in investing activities decreased $12.0 million for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to a decrease in the purchase of investment securities relating to franchise capital awards allocated to non-consolidated investment products, an increase in redemptions of seed investments and franchise capital investments, and a decrease in leasehold improvements in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.

Financing activities consist primarily of partnership distributions to non-controlling interests, dividend payments to holders of our Class A common stock, payments to purchase Holdings partnership units, and payments of amounts owed under the tax receivable agreements. Net cash used in financing activities increased $71.6 million for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to a $25.6 million increase in dividends paid as well as a $42.0 million decrease in contributions from noncontrolling interests in our consolidated investment products.

During the nine months ended September 30, 2024, the Company determined that it no longer had a controlling financial interest in an investment product that was previously consolidated. The deconsolidation of the investment product resulted in a $4.0 million decrease in cash, cash equivalents and restricted cash.

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Certain Contractual Obligations

As of September 30, 2024, there have been no material changes to our contractual obligations outside the ordinary course of business from those disclosed in the “Liquidity, Capital Resources and Contractual Obligations” section and the related notes in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024, except for the changes in the TRA liability during the year.

As previously discussed in this report, the TRA liability decreased from $364.0 million at December 31, 2023 to $341.4 million at September 30, 2024. Amounts payable under the TRAs will increase upon exchanges of Holdings units for our Class A common stock or sales of Holdings units to us, with the increase representing 85% of the estimated future tax benefits, if any, resulting from such exchanges or sales and decrease when payments are made. The actual amount and timing of payments associated with our existing payable under the TRAs or future exchanges or sales, and associated tax benefits, will vary depending upon a number of factors as described under “Liquidity and Capital Resources.” As a result, the timing of payments by period is currently unknown. During the nine months ended September 30, 2024, we made payments of $36.7 million related to the TRAs. We do not intend to make any additional TRA payments in 2024. In 2025, we expect to make payments of approximately $38.9 million related to the TRAs.

Critical Accounting Policies and Estimates

There have been no updates to our critical accounting policies from those disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K for the year ended December 31, 2023.

New or Revised Accounting Standards

None.

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Item 3. Qualitative and Quantitative Disclosures Regarding Market Risk

There have been no material changes in our Quantitative and Qualitative Disclosures Regarding Market Risk from those previously reported in our Form 10-K for the year ended December 31, 2023.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate, to allow for timely decisions regarding required disclosure.

Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) at September 30, 2024. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective.

Changes in Internal Control over Financial Reporting

There have been no changes in internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act), during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.

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Part II — Other Information

Item 1. Legal Proceedings

In the normal course of business, we may be subject to various legal and administrative proceedings. Currently, there are no legal or administrative proceedings that management believes may have a material adverse effect on our consolidated financial position, cash flows or results of operations.

Item 1A. Risk Factors

For a discussion of related and other potential risks and uncertainties, see the information under the heading “Risk Factors” in our latest annual report on Form 10-K, which is accessible on the SEC’s website at www.sec.gov.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

As described in Note 8, “Stockholders’ Equity”, to the unaudited consolidated financial statements included in Part I of this report, upon termination of employment with Artisan, an employee-partner’s Class B common units are exchanged for Class E common units and the corresponding shares of APAM Class B common stock are canceled. APAM issues the former employee-partner a number of shares of APAM Class C common stock equal to the former employee-partner’s number of Class E common units. Class E common units are exchangeable for Class A common stock subject to the same restrictions and limitations on exchange applicable to the other common units of Holdings. There were no such issuances during the three months ended September 30, 2024.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

(a) None.

(b) None.

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Item 6. Exhibits

Exhibit No.

Description

Form

File No.

Exhibit

Filing Date

Filed or Furnished Herewith

31.1

Certification of the Company’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of the Company’s Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of the Company’s Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Certification of the Company’s Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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 September 30, 2024 and December 31, 2023; (ii) the Unaudited Consolidated Statements of Operations for the nine months ended September 30, 2024 and 2023; (iii) the Unaudited Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2024 and 2023; (iv) the Unaudited Consolidated Statements of Changes in Stockholders’ Equity for the nine months ended September 30, 2024 and 2023; (v) the Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (vi) the Notes to Unaudited Consolidated Financial Statements as of and for the nine months ended September 30, 2024 and 2023.

104

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Artisan Partners Asset Management Inc.

Dated: November 1, 2024


By:			/s/ Eric R. Colson
			Eric R. Colson Chief Executive Officer (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)

Exhibit 31.1

CERTIFICATION

I, Eric R. Colson, certify that:

1. I have reviewed this report on Form 10-Q of Artisan Partners Asset Management Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


/s/ Eric R. Colson
Eric R. Colson Chief Executive Officer (principal executive officer)

Date: November 1, 2024

Exhibit 31.2

CERTIFICATION

I, Charles J. Daley, Jr., certify that:

1. I have reviewed this report on Form 10-Q of Artisan Partners Asset Management Inc.;

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


/s/ Charles J. Daley, Jr.
Charles J. Daley, Jr. Executive Vice President, Chief Financial Officer and Treasurer (principal financial and accounting officer)

Date: November 1, 2024

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Eric R. Colson, the Chief Executive Officer of Artisan Partners Asset Management Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

• The Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

• The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Eric R. Colson
Eric R. Colson Chief Executive Officer (principal executive officer)

Date: November 1, 2024

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Charles J. Daley, Jr., the Executive Vice President, Chief Financial Officer and Treasurer of Artisan Partners Asset Management Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

• The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Charles J. Daley, Jr.
Charles J. Daley, Jr. Executive Vice President, Chief Financial Officer and Treasurer (principal financial and accounting officer)

Date: November 1, 2024

Document and Entity Information - $ / shares	9 Months Ended
Document and Entity Information - $ / shares	Sep. 30, 2024	Oct. 30, 2024	Dec. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-35826
Entity Registrant Name	Artisan Partners Asset Management Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-0969585
Entity Address, Address Line One	875 E. Wisconsin Avenue, Suite 800
Entity Address, City or Town	Milwaukee,
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53202
City Area Code	414
Local Phone Number	390-6100
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	APAM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001517302
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.01		$ 0.01
Entity Common Stock, Shares Outstanding (in shares)		70,069,120
Class B Common Stock
Document Information [Line Items]
Common stock, par value per share (in dollars per share)	0.01		0.01
Entity Common Stock, Shares Outstanding (in shares)		1,579,068
Class C Common Stock
Document Information [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.01		$ 0.01
Entity Common Stock, Shares Outstanding (in shares)		8,712,951

Unaudited Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Accounts receivable	$ 109,976	$ 101,169
Property and equipment, net	43,483	46,638
Deferred tax assets	419,465	436,529
Prepaid expenses and other assets	19,053	20,348
Operating lease assets	87,201	94,747
Total assets	1,610,601	1,405,858
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accrued incentive compensation	164,340	52,226
Borrowings	199,389	199,267
Operating lease liabilities	105,690	113,391
Amounts payable under tax receivable agreements	341,400	364,048
Total liabilities	906,586	802,101
Commitments and contingencies
Redeemable noncontrolling interests	298,987	252,406
Additional paid-in capital	214,854	193,722
Retained earnings	158,239	132,126
Accumulated other comprehensive income (loss)	(1,818)	(2,496)
Total Artisan Partners Asset Management Inc. stockholders’ equity	372,079	324,151
Noncontrolling interests - Artisan Partners Holdings	32,949	27,200
Total stockholders’ equity	405,028	351,351
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity	1,610,601	1,405,858
Consolidated Entity, Excluding VIE
ASSETS
Cash and cash equivalents	253,949	141,008
Investment securities	211,940	150,522
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other	28,867	25,509
Variable Interest Entity, Primary Beneficiary
ASSETS
Cash and cash equivalents	25,851	37,459
Investment securities	413,752	364,095
Accounts receivable and other	25,931	13,343
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other	58,040	38,080
Investment liabilities, at fair value	8,860	9,580
Class A Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	701	685
Class B Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	16	24
Class C Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	$ 87	$ 90

Unaudited Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Common stock, shares, outstanding (in shares)	80,361,139	80,014,764
Class A Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, outstanding (in shares)	70,069,120	68,554,078
Class B Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares, outstanding (in shares)	1,579,068	2,435,739
Class C Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares, outstanding (in shares)	8,712,951	9,024,947

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from contract with customers	$ 279,582	$ 248,722	$ 814,751	$ 726,134
Total revenues	279,582	248,722	814,751	726,134
Operating Expenses
Compensation and benefits	149,034	130,648	445,704	392,593
Distribution, servicing and marketing	6,363	6,153	19,149	17,786
Occupancy	8,208	7,244	23,010	21,506
Communication and technology	13,053	12,974	39,661	38,395
General and administrative	9,744	9,548	29,759	28,690
Total operating expenses	186,402	166,567	557,283	498,970
Total operating income	93,180	82,155	257,468	227,164
Interest Expense, Nonoperating	2,199	2,297	6,454	6,520
Non-operating income (expense)
Interest income on cash and cash equivalents and other	2,769	2,089	6,619	3,773
Net gain (loss) on the tax receivable agreements	(504)	505	(504)	505
Total non-operating income (expense)	35,609	5,843	69,976	43,503
Income before income taxes	128,789	87,998	327,444	270,667
Provision for income taxes	24,604	14,570	65,307	51,663
Net income before noncontrolling interests	104,185	73,428	262,137	219,004
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings	14,584	11,319	38,938	35,493
Less: Net income (loss) attributable to noncontrolling interests - consolidated investment products	16,611	8,954	33,154	25,978
Net income attributable to Artisan Partners Asset Management Inc.	$ 72,990	$ 53,155	$ 190,045	$ 157,533
Basic earnings per share (in dollars per share)	$ 1.03	$ 0.76	$ 2.68	$ 2.27
Diluted earnings per share (in dollars per share)	$ 1.03	$ 0.76	$ 2.68	$ 2.27
Basic weighted average number of common shares outstanding (in shares)	65,123,054	63,520,402	64,802,431	63,419,587
Diluted weighted average number of common shares outstanding (in shares)	65,162,898	63,563,044	64,840,056	63,449,804
Dividends declared per Class A common share (in dollars per share)	$ 0.71	$ 0.61	$ 2.34	$ 2.01
Variable Interest Entity, Primary Beneficiary
Non-operating income (expense)
Net investment gain (loss)	$ 23,165	$ 9,787	$ 45,636	$ 38,189
Consolidated Entity Excluding Variable Interest Entities (VIE)
Non-operating income (expense)
Net investment gain (loss)	12,378	(4,241)	24,679	7,556
Management fees
Revenue from contract with customers	279,546	248,691	814,665	725,980
Performance fees
Revenue from contract with customers	$ 36	$ 31	$ 86	$ 154

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income before noncontrolling interests	$ 104,185	$ 73,428	$ 262,137	$ 219,004
Foreign currency translation gain (loss)	930	(770)	827	144
Total other comprehensive income (loss)	930	(770)	827	144
Comprehensive income	105,115	72,658	262,964	219,148
Comprehensive income attributable to Artisan Partners Asset Management Inc.	73,773	52,500	191,139	157,443
Artisan Partners Holdings LP
Comprehensive income attributable to noncontrolling interests	14,731	11,204	38,671	35,727
Consolidated Investment Products
Comprehensive income attributable to noncontrolling interests	$ 16,611	$ 8,954	$ 33,154	$ 25,978

Unaudited Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests - Artisan Partners Holdings
Balance at beginning of period at Dec. 31, 2022	$ 279,357	$ 680	$ 26	$ 90	$ 171,416	$ 93,088	$ (3,079)	$ 17,136
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	219,004					157,533		35,493
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	193,026
Other comprehensive income - foreign currency translation	144						(90)	234
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	0				(696)		(77)	773
Amortization of equity-based compensation	26,012				22,489			3,523
Deferred tax assets, net of amounts payable under tax receivable agreements	421				421
Issuance of Class A common stock, net of issuance costs	(85)	0			(85)
Issuance of restricted stock awards	0	6			(6)
Employee net share settlement	(6,758)	(2)			(5,775)	0		(981)
Exchange of subsidiary equity	0	1	(1)	0
Distributions	(30,341)							(30,341)
Dividends	(138,452)				0	(138,355)		(97)
Balance at end of period at Sep. 30, 2023	323,324	685	25	90	187,764	112,266	(3,246)	25,740
Beginning balance at Dec. 31, 2022				135,280
Redeemable Noncontrolling Interests
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products	25,978
Capital contributions, net	76,997
Impact of deconsolidation of CIPs	(18,529)
Ending balance at Sep. 30, 2023	219,726
Balance at beginning of period at Jun. 30, 2023	306,737	685	25	90	181,484	101,243	(2,531)	25,741
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	73,428					53,155		11,319
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	64,474
Other comprehensive income - foreign currency translation	(770)						(655)	(115)
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	0				(532)		(60)	592
Amortization of equity-based compensation	7,895				6,781			1,114
Deferred tax assets, net of amounts payable under tax receivable agreements	32				32
Issuance of Class A common stock, net of issuance costs	(1)	0			(1)
Distributions	(12,883)							(12,883)
Dividends	(42,160)				0	(42,132)		(28)
Balance at end of period at Sep. 30, 2023	323,324	685	25	90	187,764	112,266	(3,246)	25,740
Beginning balance at Jun. 30, 2023	206,288
Redeemable Noncontrolling Interests
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products	8,954
Capital contributions, net	23,013
Impact of deconsolidation of CIPs	(18,529)
Ending balance at Sep. 30, 2023	219,726
Balance at beginning of period at Dec. 31, 2023	351,351	685	24	90	193,722	132,126	(2,496)	27,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	262,137					190,045		38,938
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	228,983
Other comprehensive income - foreign currency translation	827						722	105
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	0				1,922		(44)	(1,878)
Amortization of equity-based compensation	24,749				21,670			3,079
Deferred tax assets, net of amounts payable under tax receivable agreements	3,420				3,420
Issuance of restricted stock awards	0	6			(6)
Employee net share settlement	(6,831)	(1)			(5,874)	0		(956)
Exchange of subsidiary equity	0	11	(8)	(3)
Distributions	(33,445)							(33,445)
Dividends	(164,026)				0	(163,932)		(94)
Balance at end of period at Sep. 30, 2024	405,028	701	16	87	214,854	158,239	(1,818)	32,949
Beginning balance at Dec. 31, 2023	252,406
Redeemable Noncontrolling Interests
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products	33,154
Capital contributions, net	35,043
Impact of deconsolidation of CIPs	(21,616)
Ending balance at Sep. 30, 2024	298,987
Balance at beginning of period at Jun. 30, 2024	371,704	699	17	87	207,664	135,316	(2,614)	30,535
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	104,185					72,990		14,584
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	87,574
Other comprehensive income - foreign currency translation	930						810	120
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	0				(10)		(14)	24
Amortization of equity-based compensation	7,620				6,664			956
Deferred tax assets, net of amounts payable under tax receivable agreements	537				537
Issuance of restricted stock awards	0	1			(1)
Exchange of subsidiary equity	0	1	(1)	0
Distributions	(13,244)							(13,244)
Dividends	(50,093)				0	(50,067)		(26)
Balance at end of period at Sep. 30, 2024	405,028	$ 701	$ 16	$ 87	$ 214,854	$ 158,239	$ (1,818)	$ 32,949
Beginning balance at Jun. 30, 2024	276,420
Redeemable Noncontrolling Interests
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products	16,611
Capital contributions, net	5,956
Ending balance at Sep. 30, 2024	$ 298,987

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income before noncontrolling interests	$ 104,185	$ 73,428	$ 262,137	$ 219,004
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			7,501	6,896
Deferred income taxes	11,529	9,043	33,992	32,286
Asset impairment			979	0
Noncash lease expense (benefit)			(795)	(158)
Net investment (gain) loss on nonconsolidated investment securities			(24,679)	(7,551)
Net (gain) loss on the tax receivable agreements	504	(505)	504	(505)
(Gain) loss on disposal of property and equipment			29	2
Amortization of debt issuance costs			279	333
Share-based compensation			24,749	26,012
Net investment (gain) loss of consolidated investment products			(45,636)	(38,189)
Purchase of investments by consolidated investment products			(264,618)	(325,922)
Proceeds from sale of investments by consolidated investment products			207,022	224,288
Change in assets and liabilities resulting in an increase (decrease) in cash:
Accounts receivable			(6,807)	2,232
Prepaid expenses and other assets			1,258	431
Accounts payable and accrued expenses			122,975	100,060
Net change in operating assets and liabilities of consolidated investment products including net investment income			16,776	23,583
Net cash provided by operating activities			335,666	262,802
Cash flows from investing activities
Acquisition of property and equipment			(1,106)	(585)
Leasehold improvements			(3,192)	(5,690)
Proceeds from sale of investment securities			11,689	5,226
Purchase of investment securities			(31,810)	(35,483)
Net cash used in investing activities			(24,419)	(36,532)
Cash flows from financing activities
Partnership distributions			(33,445)	(30,341)
Dividends paid			(164,026)	(138,451)
Payments under the tax receivable agreements			(36,659)	(35,757)
Taxes paid related to employee net share settlement			(6,831)	(6,758)
Capital contributions to consolidated investment products, net			35,043	76,997
Net cash used in financing activities			(205,918)	(134,310)
Net increase in cash, cash equivalents, and restricted cash			105,329	91,960
Net cash impact of deconsolidation of CIPs	(3,996)	(4,679)	(3,996)	(4,679)
Cash, cash equivalents and restricted cash
Beginning of period			178,467	143,248
End of period	279,800	230,529	279,800	230,529
Cash, cash equivalents and restricted cash as of the end of the period
Cash, cash equivalents and restricted cash	279,800	230,529	279,800	230,529
Noncash activity:
Establishment of deferred tax assets			18,465	3,214
Establishment of amounts payable under tax receivable agreements			14,011	828
Increase in investment securities due to deconsolidation of CIPs			23,831	19,612
Operating lease assets obtained in exchange for operating lease liabilities			3,197	78
Settlement of franchise capital liability via transfer of investment securities			7,212	3,204
Consolidated Entity, Excluding VIE
Cash, cash equivalents and restricted cash as of the end of the period
Cash and cash equivalents	253,949	198,308	253,949	198,308
Cash and cash equivalents	253,949	198,308	253,949	198,308
Variable Interest Entity, Primary Beneficiary
Cash, cash equivalents and restricted cash as of the end of the period
Cash and cash equivalents	25,851	32,221	25,851	32,221
Cash and cash equivalents	$ 25,851	$ 32,221	$ 25,851	$ 32,221

Nature of Business and Organization	9 Months Ended
Nature of Business and Organization	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Organization	Note 1. Nature of Business and Organization Nature of Business Artisan Partners Asset Management Inc. (“APAM”), through its subsidiaries, is an investment management firm focused on providing high value-added, active investment strategies to sophisticated clients globally. APAM and its subsidiaries are hereafter referred to collectively as “Artisan” or the “Company.” Artisan’s autonomous investment teams manage a broad range of U.S., non-U.S. and global investment strategies that are diversified by asset class, market cap and investment style. Strategies are offered through multiple investment vehicles to accommodate a broad range of client mandates. Artisan offers its investment management services primarily to institutions and through intermediaries that operate with institutional-like decision-making processes and have long-term investment horizons. Organization On March 12, 2013, APAM completed its initial public offering (the “IPO”). APAM was formed for the purpose of becoming the general partner of Artisan Partners Holdings LP (“Artisan Partners Holdings” or “Holdings”) in connection with the IPO. Holdings is a holding company for the investment management business conducted under the name “Artisan Partners.” The reorganization (“IPO Reorganization”) established the necessary corporate structure to complete the IPO while at the same time preserving the ability of the firm to conduct operations through Holdings and its subsidiaries. As its sole general partner, APAM controls the business and affairs of Holdings. As a result, APAM consolidates Holdings’ financial statements and records a noncontrolling interest for the equity interests in Holdings held by the limited partners of Holdings. At September 30, 2024, APAM held approximately 87% of the equity ownership interest in Holdings. Holdings, together with its wholly owned subsidiary, Artisan Investments GP LLC, controls a 100% interest in Artisan Partners Limited Partnership (“APLP”), a multi-product investment management firm that is the principal operating subsidiary of Artisan Partners Holdings. APLP is registered as an investment adviser with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. APLP provides investment advisory services to traditional separate accounts and pooled investment vehicles, including Artisan Partners Funds, Inc. (“Artisan Funds”), Artisan Partners Global Funds plc (“Artisan Global Funds”) and Artisan sponsored private funds (“Artisan Private Funds”). Artisan Funds are a series of open-end mutual funds registered under the Investment Company Act of 1940, as amended. Artisan Global Funds is a family of Ireland-domiciled UCITS funds. Artisan Private Funds consist of a number of Artisan-sponsored unregistered pooled investment vehicles.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of presentation The accompanying financial statements are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of such consolidated financial statements have been included. Such interim results are not necessarily indicative of full year results. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and accordingly they do not include all of the information and footnotes required in the annual consolidated financial statements and accompanying footnotes. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. As a result, the interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in APAM’s latest annual report on Form 10-K. The accompanying financial statements were prepared in accordance with U.S. GAAP and related rules and regulations of the SEC. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates or assumptions. Principles of consolidation Artisan’s policy is to consolidate all subsidiaries or other entities in which it has a controlling financial interest. The consolidation guidance requires an analysis to determine if an entity should be evaluated for consolidation using the voting interest entity (“VOE”) model or the variable interest entity (“VIE”) model. Under the VOE model, controlling financial interest is generally defined as a majority ownership of voting interests. Under the VIE model, controlling financial interest is defined as (i) the power to direct activities that most significantly impact the economic performance of the entity and (ii) the right to receive potentially significant benefits or the obligation to absorb potentially significant losses. Artisan generally consolidates VIEs in which it meets the power criteria and holds an equity ownership interest of greater than 10%. The consolidated financial statements include the accounts of APAM and all subsidiaries or other entities in which APAM has a direct or indirect controlling financial interest. All material intercompany balances have been eliminated in consolidation. Artisan serves as the investment adviser to Artisan Funds, Artisan Global Funds and Artisan Private Funds. Artisan Funds and Artisan Global Funds are corporate entities, the business and affairs of which are managed by their respective boards of directors. The shareholders of the funds retain voting rights, including rights to elect and reelect members of their respective boards of directors. Each series of Artisan Funds is a VOE and is separately evaluated for consolidation under the VOE model. The shareholders of Artisan Global Funds lack simple majority liquidation rights, and as a result, each sub-fund of Artisan Global Funds is evaluated for consolidation under the VIE model. Artisan Private Funds are also evaluated for consolidation under the VIE model because third-party equity holders of the funds generally lack the ability to divest Artisan of its control of the funds. From time to time, the Company makes investments in Artisan Funds, Artisan Global Funds and Artisan Private Funds. If the investment results in a controlling financial interest, APAM consolidates the fund and the underlying activity of the entire fund is included in Artisan’s unaudited consolidated financial statements. As of September 30, 2024, Artisan had a controlling financial interest in five sub-funds of Artisan Global Funds and two Artisan Private Funds and, as a result, these funds are included in Artisan’s unaudited consolidated financial statements. Because these consolidated investment products meet the definition of investment companies under U.S. GAAP, Artisan has retained the specialized industry accounting principles for investment companies in the consolidated financial statements. See Note 6, “Variable Interest Entities and Consolidated Investment Products” for additional details. Reclassification In conjunction with annual reporting on Form 10-K for the year ended December 31, 2023, the Company changed the presentation of “Other net investment gain (loss)” within the Consolidated Statements of Operations to expand its disaggregation of the components comprising this balance. “Other net investment gain (loss)” has been replaced by “Interest income on cash and cash equivalents and other” and “Net investment gain (loss) of nonconsolidated investment products” within the Non-operating income (expense) section of the Consolidated Statements of Operations. Amounts for the comparative prior fiscal year periods have been reclassified to conform to the current year presentation. These reclassifications had no impact on previously reported operating income, non-operating income, net income or financial position. Management believes the revised presentation is more useful to readers of its financial statements. Recent accounting pronouncements In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through requirements for more detailed information about significant segment expenses. The Company is required to adopt the guidance for the year ending December 31, 2024. The adoption will not have a material impact on the Company's consolidated financial statements. However, as the Company operates as a single reportable segment, the adoption will result in additional disclosures, including the title of the chief operating decision maker (“CODM”), the measure of the segment’s profit utilized by the CODM for assessing operating performance, and significant expenses within that measure of profit regularly provided to the CODM. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures”, which requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company is required to adopt the guidance for the year ending December 31, 2025. The Company has determined that the ASU will not have a material impact on its consolidated financial statements.

Investment Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Note 3. Investment Securities


	As of September 30, 2024		As of December 31, 2023
Investments in equity securities	$	196,329	$	139,240
Investments in equity securities accounted for under the equity method	15,611		11,282
Total investment securities	$	211,940	$	150,522

Unrealized gain (loss) related to investment securities held at the end of the periods indicated below were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Unrealized gain (loss) on investment securities held at the end of the period	$	10,697	$	(3,901)	$	20,198	$	6,458

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

•Level 1 – Observable inputs such as quoted (unadjusted) market prices in active markets for identical securities.

•Level 2 – Other significant observable inputs (including but not limited to quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, etc.).

•Level 3 – Significant unobservable inputs (including Artisan’s own assumptions in determining fair value).

The following provides the hierarchy of inputs used to derive the fair value of Artisan’s assets and liabilities that are financial instruments as of September 30, 2024 and December 31, 2023:


	Assets and Liabilities at Fair Value
	Total		NAV Practical Expedient (No Fair Value Level)		Level 1		Level 2		Level 3
September 30, 2024
Assets
Money market funds 1	$	230,923	$	—	$	230,923	$	—	$	—
Equity securities	211,940		14,923		197,017		—		—

December 31, 2023
Assets
Money market funds 1	$	118,768	$	—	$	118,768	$	—	$	—
Equity securities	150,522		10,744		139,778		—		—
1 Money market funds are included within the cash and cash equivalents line of the Unaudited Condensed Consolidated Statements of Financial Condition.

Borrowings

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowings

Note 5. Borrowings

Artisan’s borrowings consist of the following as of September 30, 2024 and December 31, 2023:


	Maturity (1)	As of September 30, 2024		As of December 31, 2023		Interest Rate Per Annum
Revolving credit agreement	August 2027	$	—	$	—	NA
Senior notes
Series D	August 2025	60,000		60,000		4.29	%
Series E	August 2027	50,000		50,000		4.53	%
Series F	August 2032	90,000		90,000		3.10	%
Total gross borrowings		200,000		200,000
Debt issuance costs		(611)		(733)
Total borrowings		$	199,389	$	199,267
(1) The Company is not required to make principal payments on any of the outstanding obligations prior to contractual maturity.

As of September 30, 2024, there were no borrowings outstanding under the $100.0 million revolving credit facility and the interest rate on the unused commitment was 0.15%.

Variable Interest Entities and Consolidated Investment Products

9 Months Ended

Sep. 30, 2024

Fair Value Measurements, Recurring and Non-recurring [Abstract]

Variable Interest Entities and Consolidated Investment Products

Note 6. Variable Interest Entities and Consolidated Investment Products

Fair Value Measurements - Consolidated Investment Products

The following tables present the fair value hierarchy levels of assets and liabilities held by CIPs measured at fair value as of September 30, 2024 and December 31, 2023:


	Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
September 30, 2024
Assets
Money market funds	$	16,489	$	16,489	$	—	$	—
Equity securities - long position	69,721		67,418		2,303		—
Fixed income instruments - long position	335,881		—		328,256		7,625
Derivative assets	1,256		8		1,248		—

Private equity	6,895		—		—		6,895


Liabilities

Fixed income instruments - short position	$	6,932	$	—	$	6,932	$	—
Derivative liabilities	505		52		453		—
Repurchase agreements	1,423		—		1,423		—


	Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
December 31, 2023
Assets
Money market funds	$	18,156	$	18,156	$	—	$	—
Equity securities - long position	42,693		40,838		1,855		—
Fixed income instruments - long position	315,183		—		309,110		6,073
Derivative assets	1,004		—		1,004		—
Short-term investments	5,215		—		5,215		—

Liabilities
Fixed income instruments - short position	$	7,392	$	—	$	7,392	$	—
Derivative liabilities	2,188		843		1,345		—

CIP balances included in the Company’s unaudited condensed consolidated statements of financial condition were as follows:


	As of September 30, 2024		As of December 31, 2023
Net CIP assets included in the table above	$	421,382	$	372,671
Net CIP assets/(liabilities) not included in the table above	(22,748)		(5,434)
Total Net CIP assets	398,634		367,237
Less: redeemable noncontrolling interests	298,987		252,406
Artisan’s direct equity investment in CIPs	$	99,647	$	114,831

Noncontrolling Interests - Holdings

9 Months Ended

Sep. 30, 2024

Noncontrolling Interest [Abstract]

Noncontrolling Interests - Holdings

Note 7. Noncontrolling Interests - Holdings


	Holdings GP Units	Limited Partnership Units	Total	APAM Ownership %
Balance at December 31, 2023	68,554,078	11,460,686	80,014,764	86	%

Holdings Common Unit Exchanges	1,168,667	(1,168,667)	—	1	%
Issuance of APAM Restricted Shares (1)	502,774	—	502,774	—	%
Delivery of Shares Underlying RSUs and PSUs (1)	28,795	—	28,795	—	%
Restricted Share Award Net Share Settlement (1)	(149,172)	—	(149,172)	—	%
Forfeitures from Employee Terminations (1)	(36,022)	—	(36,022)	—	%
Balance at September 30, 2024	70,069,120	10,292,019	80,361,139	87	%
(1) The impact of the transaction on APAM’s ownership percentage was less than 1%.

The reallocation of equity had the following impact on the unaudited condensed consolidated statements of financial condition:


Statements of Financial Condition	For the Nine Months Ended September 30,
	2024		2023
Additional paid-in capital	$	1,922	$	(696)
Noncontrolling interests - Artisan Partners Holdings	(1,878)		773
Accumulated other comprehensive income (loss)	(44)		(77)
Net impact to financial condition	$	—	$	—

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 8. Stockholders’ Equity

APAM - Stockholders’ Equity

APAM had the following authorized and outstanding equity as of September 30, 2024 and December 31, 2023:

Outstanding

Authorized

As of September 30, 2024

As of December 31, 2023

Voting Rights (1)

Economic Rights

Common shares

Class A, par value $0.01 per share

500,000,000

70,069,120

68,554,078

1 vote per share

Proportionate

Class B, par value $0.01 per share

200,000,000

1,579,068

2,435,739

1 vote per share

None

Class C, par value $0.01 per share

400,000,000

8,712,951

9,024,947

1 vote per share

None


Type of Dividend	Class of Stock	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2024		2023		2024		2023
Quarterly	Class A Common	$	0.71	$	0.61	$	2.00	$	1.66
Special Annual	Class A Common	$	—	$	—	$	0.34	$	0.35

The following table summarizes APAM’s stock transactions for the nine months ended September 30, 2024:


	Total Stock Outstanding	Class A Common Stock(1)	Class B Common Stock	Class C Common Stock
Balance at December 31, 2023	80,014,764	68,554,078	2,435,739	9,024,947
Holdings Common Unit Exchanges	—	1,168,667	(753,667)	(415,000)
Restricted Share Award Grants	502,774	502,774	—	—
Restricted Share Award Net Share Settlement	(149,172)	(149,172)	—	—
Delivery of Shares Underlying RSUs and PSUs	28,795	28,795	—	—
Employee/Partner Terminations	(36,022)	(36,022)	(103,004)	103,004
Balance at September 30, 2024	80,361,139	70,069,120	1,579,068	8,712,951

(1) There were 395,965 and 361,215 restricted stock units outstanding at September 30, 2024 and December 31, 2023, respectively. In addition, there were 176,192 and 216,170 performance share units outstanding at September 30, 2024 and December 31, 2023, respectively. Based on the quarter-end status of the market and performance conditions, the 176,192 unvested performance share units would ultimately result in the issuance of 224,162 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.

Artisan Partners Holdings - Partners’ Equity


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Holdings Partnership Distributions to Limited Partners	$	13,244	$	12,883	$	33,445	$	30,341
Holdings Partnership Distributions to APAM	84,370		72,419		208,401		169,102
Total Holdings Partnership Distributions	$	97,614	$	85,302	$	241,846	$	199,443

The distributions are recorded as a reduction to consolidated stockholders’ equity, with the exception of distributions made to APAM, which are eliminated upon consolidation.

Revenue From Contracts with Customers

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue From Contracts with Customers

Note 9. Revenue From Contracts with Customers

The following table presents a disaggregation of investment advisory revenue by type and vehicle for the three and nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Management fees
Artisan Funds	$	161,433	$	145,269	$	471,637	$	420,244
Artisan Global Funds	13,287		11,220		38,755		32,388
Separate accounts and other (1)	104,826		92,202		304,273		273,348
Performance fees
Separate accounts and other (1)	36		31		86		154
Total revenues (2)	$	279,582	$	248,722	$	814,751	$	726,134
(1) Separate accounts and other revenue consists of management fees and performance fees earned from vehicles other than Artisan Funds or Artisan Global Funds, and therefore includes revenue earned from traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as assets under advisement related to investment models for which we provide consulting advice but do not have discretionary investment authority.
(2) All management fees and performance fees from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table. See Note 14, “Related Party Transactions.”

The following table presents the balances of receivables related to contracts with customers:


Customer	As of September 30, 2024		As of December 31, 2023
Artisan Funds	$	9,037	$	8,251
Artisan Global Funds	6,151		5,047
Separate accounts and other	85,940		81,441
Total receivables from contracts with customers	101,128		94,739
Non-customer receivables	8,848		6,430
Accounts receivable	$	109,976	$	101,169

Artisan had no other contract assets or liabilities from contracts with customers as of September 30, 2024 or December 31, 2023.

Compensation and Benefits

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Compensation and Benefits

Note 10. Compensation and Benefits

Total compensation and benefits consist of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Salaries, incentive compensation and benefits (1)	$	128,604	$	118,271	$	387,067	$	350,147
Long-term cash incentive compensation expense	12,941		4,625		35,088		17,969
Restricted share-based award compensation expense	7,489		7,752		23,549		24,477
Long-term incentive compensation expense	20,430		12,377		58,637		42,446
Total compensation and benefits	$	149,034	$	130,648	$	445,704	$	392,593
(1) Excluding long-term incentive compensation expense

Incentive compensation

Restricted share-based awards

Standard Restricted Shares. Standard restricted shares are generally subject to a pro rata five-year service vesting condition.

Career Shares. Career shares are generally subject to both (i) a pro rata five-year service vesting condition and (ii) a qualifying retirement (as defined in the award agreement) condition.

During the nine months ended September 30, 2024, Artisan granted 502,774 restricted stock awards and 1,281 restricted stock units.

The following tables summarize the restricted share-based award activity for the nine months ended September 30, 2024:


	Weighted-Average Grant Date Fair Value		Restricted Stock Awards and Restricted Stock Units
Unvested at January 1, 2024	$	38.84	5,351,492
Granted	41.97		504,055
Forfeited	40.26		(36,022)
Vested	37.56		(543,045)
Unvested at September 30, 2024	$	39.26	5,276,480


	Weighted-Average Grant Date Fair Value		Performance Share Units
Unvested at January 1, 2024 (2)	$	54.89	216,170
Granted	—		—
Forfeited	—		—
Adjustment for performance results achieved (1)	45.72		3
Vested (1)	50.52		(39,981)
Unvested at September 30, 2024 (2)	$	37.86	176,192
(1) During the nine months ended September 30, 2024, the 75,230 PSUs granted in 2021 met the requisite three-year performance conditions for the potential delivery of 75,233 shares (3 additional shares for results achieved). 39,981 shares of Class A common stock were delivered in the nine months ended September 30, 2024, while the remaining 35,252 units remain subject to the qualified retirement provision.
(2) 80,252 and 45,000 PSUs at September 30, 2024 and December 31, 2023, respectively, had met the requisite three-year performance conditions for vesting but remain outstanding subject to a qualifying retirement vesting condition.

Long-term cash awards (franchise capital awards)

The change in value of the investments had the following impact on the unaudited consolidated statements of operations:


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Statement of Operations Section	Statement of Operations Line Item	2024		2023		2024		2023
Operating expenses (benefit)	Compensation and benefits	$	4,596	$	(1,230)	$	9,187	$	1,216
Non-operating income (expense)	Net investment gain (loss) of nonconsolidated investment products	8,800		(4,454)		17,828		6,127
Non-operating income (expense)	Net investment gain (loss) of consolidated investment products	848		148		1,970		711

Income Taxes and Related Payments

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes and Related Payments

Note 11. Income Taxes and Related Payments

APAM’s effective tax rate was 19.9% and 19.1% for the nine months ended September 30, 2024 and 2023, respectively.

Components of the provision for income taxes consist of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Current:
Federal	$	9,658	$	4,240	$	23,398	$	14,546
State and local	3,457		950		7,458		4,128
Foreign	(40)		337		459		703
Total	13,075		5,527		31,315		19,377
Deferred:
Federal	9,758		7,687		28,856		27,448
State and local	1,771		1,356		5,136		4,838
Total	11,529		9,043		33,992		32,286
Income tax expense (benefit)	$	24,604	$	14,570	$	65,307	$	51,663


	Deferred Tax Asset - Amortizable Basis		Amounts Payable Under TRAs
December 31, 2023	$	384,423	$	364,048
2024 Holdings Common Unit Exchanges	15,891		13,507
Amortization	(34,121)		—
Payments under TRAs	—		(36,659)
Change in estimate	(5)		504
September 30, 2024	$	366,188	$	341,400

Net deferred tax assets comprise the following:


	As of September 30, 2024		As of December 31, 2023
Deferred tax assets:
Amortizable basis (1)	$	366,188	$	384,423
Other (2)	53,277		52,106
Total deferred tax assets	419,465		436,529
Less: valuation allowance (3)	—		—
Net deferred tax assets	$	419,465	$	436,529

(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 Artisan’s investment in Holdings, related primarily to incentive compensation plan deduction timing differences. 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.

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 12. Earnings Per Share

The computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Basic and Diluted Earnings Per Share	2024		2023		2024		2023
Numerator:
Net income attributable to APAM	$	72,990	$	53,155	$	190,045	$	157,533
Less: Allocation to participating securities	6,176		4,691		16,068		13,799
Net income available to common stockholders	$	66,814	$	48,464	$	173,977	$	143,734
Denominator:
Basic weighted average shares outstanding	65,123,054		63,520,402		64,802,431		63,419,587
Dilutive effect of nonparticipating share-based awards	39,844		42,642		37,625		30,217
Diluted weighted average shares outstanding	65,162,898		63,563,044		64,840,056		63,449,804
Earnings per share - Basic	$	1.03	$	0.76	$	2.68	$	2.27
Earnings per share - Diluted	$	1.03	$	0.76	$	2.68	$	2.27


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
Anti-Dilutive Weighted Average Shares Outstanding	2024	2023	2024	2023
Holdings limited partnership units	10,353,310	11,487,400	10,574,160	11,517,987
Unvested restricted share-based awards	5,460,311	5,586,181	5,484,250	5,571,819
Total	15,813,621	17,073,581	16,058,410	17,089,806

Indemnifications	9 Months Ended
Indemnifications	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Indemnifications	Note 13. Indemnifications In the normal course of business, APAM enters into agreements that include indemnities in favor of third parties. Holdings has also agreed to indemnify APAM as its general partner, Artisan Investment Corporation (“AIC”) as its former general partner, the directors and officers of APAM, the directors and officers of AIC as its former general partner, the members of its former Advisory Committee, and its partners, directors, officers, employees and agents. Holdings’ subsidiaries may also have similar agreements to indemnify their respective general partner(s), directors, officers, directors and officers of their general partner(s), partners, members, employees and agents. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. APAM maintains insurance policies that may provide coverage against certain claims under these indemnities.

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

Note 14. Related Party Transactions

Affiliate transactions—Artisan Funds

Investment advisory fees for managing Artisan Funds and amounts reimbursed by Artisan for fees and expenses (including management fees) are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Funds	2024		2023		2024		2023
Investment advisory fees (Gross of expense reimbursements)	$	162,174	$	145,738	$	473,175	$	421,459
Elimination of fees from consolidated investment products (1)	—		(67)		—		(265)
Consolidated investment advisory fees (Gross of expense reimbursements)	$	162,174	$	145,671	$	473,175	$	421,194

Expense reimbursements	$	741	$	517	$	1,538	$	1,400
Elimination of expense reimbursements from consolidated investment products (1)	—		(115)		—		(450)
Consolidated expense reimbursements	$	741	$	402	$	1,538	$	950
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Affiliate transactions—Artisan Global Funds

Investment advisory fees for managing Artisan Global Funds and amounts reimbursed to Artisan Global Funds by Artisan are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Global Funds	2024		2023		2024		2023
Investment advisory fees (Gross of expense reimbursements)	$	13,430	$	11,331	$	39,149	$	32,663
Elimination of fees from consolidated investment products (1)	(117)		(123)		(335)		(287)
Consolidated investment advisory fees (Gross of expense reimbursements)	$	13,313	$	11,208	$	38,814	$	32,376

Expense reimbursements	$	232	$	127	$	563	$	308
Elimination of expense reimbursements from consolidated investment products (1)	(206)		(139)		(504)		(320)
Consolidated expense reimbursements	$	26	$	(12)	$	59	$	(12)
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Affiliate transactions—Artisan Private Funds

Investment advisory fees for managing Artisan Private Funds and amounts reimbursed to Artisan Private Funds by Artisan are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Private Funds	2024		2023		2024		2023
Investment advisory fees (Gross of expense reimbursements)	$	2,387	$	2,781	$	7,020	$	9,170
Elimination of fees from consolidated investment products (1)	(399)		(311)		(1,137)		(702)
Consolidated investment advisory fees (Gross of expense reimbursements)	$	1,988	$	2,470	$	5,883	$	8,468

Expense reimbursements	$	67	$	82	$	205	$	194
Elimination of expense reimbursements from consolidated investment products (1)	(20)		(35)		(60)		(82)
Consolidated expense reimbursements	$	47	$	47	$	145	$	112
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 15. Subsequent Events Distributions and dividends APAM, acting as the general partner of Artisan Partners Holdings, declared, effective October 29, 2024, a distribution by Artisan Partners Holdings of $24.6 million to holders of Artisan Partners Holdings partnership units, including APAM. The board of directors of APAM declared, effective October 29, 2024, a quarterly dividend of $0.82 per share of Class A common stock. The APAM dividend is payable on November 29, 2024, to stockholders of record as of November 15, 2024.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying financial statements are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of such consolidated financial statements have been included. Such interim results are not necessarily indicative of full year results. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and accordingly they do not include all of the information and footnotes required in the annual consolidated financial statements and accompanying footnotes. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. As a result, the interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in APAM’s latest annual report on Form 10-K. The accompanying financial statements were prepared in accordance with U.S. GAAP and related rules and regulations of the SEC. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates or assumptions.
Principles of consolidation	Principles of consolidation Artisan’s policy is to consolidate all subsidiaries or other entities in which it has a controlling financial interest. The consolidation guidance requires an analysis to determine if an entity should be evaluated for consolidation using the voting interest entity (“VOE”) model or the variable interest entity (“VIE”) model. Under the VOE model, controlling financial interest is generally defined as a majority ownership of voting interests. Under the VIE model, controlling financial interest is defined as (i) the power to direct activities that most significantly impact the economic performance of the entity and (ii) the right to receive potentially significant benefits or the obligation to absorb potentially significant losses. Artisan generally consolidates VIEs in which it meets the power criteria and holds an equity ownership interest of greater than 10%. The consolidated financial statements include the accounts of APAM and all subsidiaries or other entities in which APAM has a direct or indirect controlling financial interest. All material intercompany balances have been eliminated in consolidation. Artisan serves as the investment adviser to Artisan Funds, Artisan Global Funds and Artisan Private Funds. Artisan Funds and Artisan Global Funds are corporate entities, the business and affairs of which are managed by their respective boards of directors. The shareholders of the funds retain voting rights, including rights to elect and reelect members of their respective boards of directors. Each series of Artisan Funds is a VOE and is separately evaluated for consolidation under the VOE model. The shareholders of Artisan Global Funds lack simple majority liquidation rights, and as a result, each sub-fund of Artisan Global Funds is evaluated for consolidation under the VIE model. Artisan Private Funds are also evaluated for consolidation under the VIE model because third-party equity holders of the funds generally lack the ability to divest Artisan of its control of the funds. From time to time, the Company makes investments in Artisan Funds, Artisan Global Funds and Artisan Private Funds. If the investment results in a controlling financial interest, APAM consolidates the fund and the underlying activity of the entire fund is included in Artisan’s unaudited consolidated financial statements. As of September 30, 2024, Artisan had a controlling financial interest in five sub-funds of Artisan Global Funds and two Artisan Private Funds and, as a result, these funds are included in Artisan’s unaudited consolidated financial statements. Because these consolidated investment products meet the definition of investment companies under U.S. GAAP, Artisan has retained the specialized industry accounting principles for investment companies in the consolidated financial statements. See Note 6, “Variable Interest Entities and Consolidated Investment Products” for additional details.
Recent accounting pronouncements	Recent accounting pronouncements In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through requirements for more detailed information about significant segment expenses. The Company is required to adopt the guidance for the year ending December 31, 2024. The adoption will not have a material impact on the Company's consolidated financial statements. However, as the Company operates as a single reportable segment, the adoption will result in additional disclosures, including the title of the chief operating decision maker (“CODM”), the measure of the segment’s profit utilized by the CODM for assessing operating performance, and significant expenses within that measure of profit regularly provided to the CODM. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures”, which requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company is required to adopt the guidance for the year ending December 31, 2025. The Company has determined that the ASU will not have a material impact on its consolidated financial statements.
Reclassification, Comparability Adjustment	Reclassification In conjunction with annual reporting on Form 10-K for the year ended December 31, 2023, the Company changed the presentation of “Other net investment gain (loss)” within the Consolidated Statements of Operations to expand its disaggregation of the components comprising this balance. “Other net investment gain (loss)” has been replaced by “Interest income on cash and cash equivalents and other” and “Net investment gain (loss) of nonconsolidated investment products” within the Non-operating income (expense) section of the Consolidated Statements of Operations. Amounts for the comparative prior fiscal year periods have been reclassified to conform to the current year presentation. These reclassifications had no impact on previously reported operating income, non-operating income, net income or financial position. Management believes the revised presentation is more useful to readers of its financial statements.

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities


	As of September 30, 2024		As of December 31, 2023
Investments in equity securities	$	196,329	$	139,240
Investments in equity securities accounted for under the equity method	15,611		11,282
Total investment securities	$	211,940	$	150,522

Unrealized Gain (Loss) on Investments

Unrealized gain (loss) related to investment securities held at the end of the periods indicated below were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Unrealized gain (loss) on investment securities held at the end of the period	$	10,697	$	(3,901)	$	20,198	$	6,458

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair value hierarchy of assets and liabilities

The following provides the hierarchy of inputs used to derive the fair value of Artisan’s assets and liabilities that are financial instruments as of September 30, 2024 and December 31, 2023:


	Assets and Liabilities at Fair Value
	Total		NAV Practical Expedient (No Fair Value Level)		Level 1		Level 2		Level 3
September 30, 2024
Assets
Money market funds 1	$	230,923	$	—	$	230,923	$	—	$	—
Equity securities	211,940		14,923		197,017		—		—

December 31, 2023
Assets
Money market funds 1	$	118,768	$	—	$	118,768	$	—	$	—
Equity securities	150,522		10,744		139,778		—		—
1 Money market funds are included within the cash and cash equivalents line of the Unaudited Condensed Consolidated Statements of Financial Condition.

Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of borrowings

Artisan’s borrowings consist of the following as of September 30, 2024 and December 31, 2023:


	Maturity (1)	As of September 30, 2024		As of December 31, 2023		Interest Rate Per Annum
Revolving credit agreement	August 2027	$	—	$	—	NA
Senior notes
Series D	August 2025	60,000		60,000		4.29	%
Series E	August 2027	50,000		50,000		4.53	%
Series F	August 2032	90,000		90,000		3.10	%
Total gross borrowings		200,000		200,000
Debt issuance costs		(611)		(733)
Total borrowings		$	199,389	$	199,267
(1) The Company is not required to make principal payments on any of the outstanding obligations prior to contractual maturity.

Variable Interest Entities and Consolidated Investment Products (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements, Recurring and Non-recurring [Abstract]

Variable Interest Entities and Consolidated Investment Products

The following tables present the fair value hierarchy levels of assets and liabilities held by CIPs measured at fair value as of September 30, 2024 and December 31, 2023:


	Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
September 30, 2024
Assets
Money market funds	$	16,489	$	16,489	$	—	$	—
Equity securities - long position	69,721		67,418		2,303		—
Fixed income instruments - long position	335,881		—		328,256		7,625
Derivative assets	1,256		8		1,248		—

Private equity	6,895		—		—		6,895


Liabilities

Fixed income instruments - short position	$	6,932	$	—	$	6,932	$	—
Derivative liabilities	505		52		453		—
Repurchase agreements	1,423		—		1,423		—


	Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
December 31, 2023
Assets
Money market funds	$	18,156	$	18,156	$	—	$	—
Equity securities - long position	42,693		40,838		1,855		—
Fixed income instruments - long position	315,183		—		309,110		6,073
Derivative assets	1,004		—		1,004		—
Short-term investments	5,215		—		5,215		—

Liabilities
Fixed income instruments - short position	$	7,392	$	—	$	7,392	$	—
Derivative liabilities	2,188		843		1,345		—

CIP balances included in the Company’s unaudited condensed consolidated statements of financial condition were as follows:


	As of September 30, 2024		As of December 31, 2023
Net CIP assets included in the table above	$	421,382	$	372,671
Net CIP assets/(liabilities) not included in the table above	(22,748)		(5,434)
Total Net CIP assets	398,634		367,237
Less: redeemable noncontrolling interests	298,987		252,406
Artisan’s direct equity investment in CIPs	$	99,647	$	114,831

Noncontrolling Interests - Holdings (Tables)

9 Months Ended

Sep. 30, 2024

Noncontrolling Interest [Abstract]

Schedule of Equity ownership Interests in Holdings

For the nine months ended September 30, 2024, APAM’s equity ownership interest in Holdings increased as a result of the following transactions:


	Holdings GP Units	Limited Partnership Units	Total	APAM Ownership %
Balance at December 31, 2023	68,554,078	11,460,686	80,014,764	86	%

Holdings Common Unit Exchanges	1,168,667	(1,168,667)	—	1	%
Issuance of APAM Restricted Shares (1)	502,774	—	502,774	—	%
Delivery of Shares Underlying RSUs and PSUs (1)	28,795	—	28,795	—	%
Restricted Share Award Net Share Settlement (1)	(149,172)	—	(149,172)	—	%
Forfeitures from Employee Terminations (1)	(36,022)	—	(36,022)	—	%
Balance at September 30, 2024	70,069,120	10,292,019	80,361,139	87	%
(1) The impact of the transaction on APAM’s ownership percentage was less than 1%.

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net

The reallocation of equity had the following impact on the unaudited condensed consolidated statements of financial condition:


Statements of Financial Condition	For the Nine Months Ended September 30,
	2024		2023
Additional paid-in capital	$	1,922	$	(696)
Noncontrolling interests - Artisan Partners Holdings	(1,878)		773
Accumulated other comprehensive income (loss)	(44)		(77)
Net impact to financial condition	$	—	$	—

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Authorized and outstanding equity

APAM had the following authorized and outstanding equity as of September 30, 2024 and December 31, 2023:

Outstanding

Authorized

As of September 30, 2024

As of December 31, 2023

Voting Rights (1)

Economic Rights

Common shares

Class A, par value $0.01 per share

500,000,000

70,069,120

68,554,078

1 vote per share

Proportionate

Class B, par value $0.01 per share

200,000,000

1,579,068

2,435,739

1 vote per share

None

Class C, par value $0.01 per share

400,000,000

8,712,951

9,024,947

1 vote per share

None

Dividends Declared

APAM declared and paid the following dividends per share during the three and nine months ended September 30, 2024 and 2023:


Type of Dividend	Class of Stock	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2024		2023		2024		2023
Quarterly	Class A Common	$	0.71	$	0.61	$	2.00	$	1.66
Special Annual	Class A Common	$	—	$	—	$	0.34	$	0.35

Issuance (Cancellation) of Shares Disclosure

The following table summarizes APAM’s stock transactions for the nine months ended September 30, 2024:


	Total Stock Outstanding	Class A Common Stock(1)	Class B Common Stock	Class C Common Stock
Balance at December 31, 2023	80,014,764	68,554,078	2,435,739	9,024,947
Holdings Common Unit Exchanges	—	1,168,667	(753,667)	(415,000)
Restricted Share Award Grants	502,774	502,774	—	—
Restricted Share Award Net Share Settlement	(149,172)	(149,172)	—	—
Delivery of Shares Underlying RSUs and PSUs	28,795	28,795	—	—
Employee/Partner Terminations	(36,022)	(36,022)	(103,004)	103,004
Balance at September 30, 2024	80,361,139	70,069,120	1,579,068	8,712,951

(1) There were 395,965 and 361,215 restricted stock units outstanding at September 30, 2024 and December 31, 2023, respectively. In addition, there were 176,192 and 216,170 performance share units outstanding at September 30, 2024 and December 31, 2023, respectively. Based on the quarter-end status of the market and performance conditions, the 176,192 unvested performance share units would ultimately result in the issuance of 224,162 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.

Schedule of Distributions made to General and Limited Partners

The distributions are recorded in the financial statements on the declaration date, or on the payment date in lieu of a declaration date. Holdings’ partnership distributions for the three and nine months ended September 30, 2024 and 2023 were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Holdings Partnership Distributions to Limited Partners	$	13,244	$	12,883	$	33,445	$	30,341
Holdings Partnership Distributions to APAM	84,370		72,419		208,401		169,102
Total Holdings Partnership Distributions	$	97,614	$	85,302	$	241,846	$	199,443

Revenue From Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents a disaggregation of investment advisory revenue by type and vehicle for the three and nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Management fees
Artisan Funds	$	161,433	$	145,269	$	471,637	$	420,244
Artisan Global Funds	13,287		11,220		38,755		32,388
Separate accounts and other (1)	104,826		92,202		304,273		273,348
Performance fees
Separate accounts and other (1)	36		31		86		154
Total revenues (2)	$	279,582	$	248,722	$	814,751	$	726,134
(1) Separate accounts and other revenue consists of management fees and performance fees earned from vehicles other than Artisan Funds or Artisan Global Funds, and therefore includes revenue earned from traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as assets under advisement related to investment models for which we provide consulting advice but do not have discretionary investment authority.
(2) All management fees and performance fees from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table. See Note 14, “Related Party Transactions.”

Contract with Customer, Asset and Liability

The following table presents the balances of receivables related to contracts with customers:


Customer	As of September 30, 2024		As of December 31, 2023
Artisan Funds	$	9,037	$	8,251
Artisan Global Funds	6,151		5,047
Separate accounts and other	85,940		81,441
Total receivables from contracts with customers	101,128		94,739
Non-customer receivables	8,848		6,430
Accounts receivable	$	109,976	$	101,169

Compensation and Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Components of Compensation Expense

Total compensation and benefits consist of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Salaries, incentive compensation and benefits (1)	$	128,604	$	118,271	$	387,067	$	350,147
Long-term cash incentive compensation expense	12,941		4,625		35,088		17,969
Restricted share-based award compensation expense	7,489		7,752		23,549		24,477
Long-term incentive compensation expense	20,430		12,377		58,637		42,446
Total compensation and benefits	$	149,034	$	130,648	$	445,704	$	392,593
(1) Excluding long-term incentive compensation expense

Restricted Share-Based Award Activity

The following tables summarize the restricted share-based award activity for the nine months ended September 30, 2024:


	Weighted-Average Grant Date Fair Value		Restricted Stock Awards and Restricted Stock Units
Unvested at January 1, 2024	$	38.84	5,351,492
Granted	41.97		504,055
Forfeited	40.26		(36,022)
Vested	37.56		(543,045)
Unvested at September 30, 2024	$	39.26	5,276,480

Nonvested Restricted Stock Shares Activity


	Weighted-Average Grant Date Fair Value		Performance Share Units
Unvested at January 1, 2024 (2)	$	54.89	216,170
Granted	—		—
Forfeited	—		—
Adjustment for performance results achieved (1)	45.72		3
Vested (1)	50.52		(39,981)
Unvested at September 30, 2024 (2)	$	37.86	176,192
(1) During the nine months ended September 30, 2024, the 75,230 PSUs granted in 2021 met the requisite three-year performance conditions for the potential delivery of 75,233 shares (3 additional shares for results achieved). 39,981 shares of Class A common stock were delivered in the nine months ended September 30, 2024, while the remaining 35,252 units remain subject to the qualified retirement provision.
(2) 80,252 and 45,000 PSUs at September 30, 2024 and December 31, 2023, respectively, had met the requisite three-year performance conditions for vesting but remain outstanding subject to a qualifying retirement vesting condition.

Change in Value of Investments

The change in value of the investments had the following impact on the unaudited consolidated statements of operations:


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Statement of Operations Section	Statement of Operations Line Item	2024		2023		2024		2023
Operating expenses (benefit)	Compensation and benefits	$	4,596	$	(1,230)	$	9,187	$	1,216
Non-operating income (expense)	Net investment gain (loss) of nonconsolidated investment products	8,800		(4,454)		17,828		6,127
Non-operating income (expense)	Net investment gain (loss) of consolidated investment products	848		148		1,970		711

Income Taxes and Related Payments (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Components of the provision for income taxes

Components of the provision for income taxes consist of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Current:
Federal	$	9,658	$	4,240	$	23,398	$	14,546
State and local	3,457		950		7,458		4,128
Foreign	(40)		337		459		703
Total	13,075		5,527		31,315		19,377
Deferred:
Federal	9,758		7,687		28,856		27,448
State and local	1,771		1,356		5,136		4,838
Total	11,529		9,043		33,992		32,286
Income tax expense (benefit)	$	24,604	$	14,570	$	65,307	$	51,663

Schedule of Other Assets and Other Liabilities


	Deferred Tax Asset - Amortizable Basis		Amounts Payable Under TRAs
December 31, 2023	$	384,423	$	364,048
2024 Holdings Common Unit Exchanges	15,891		13,507
Amortization	(34,121)		—
Payments under TRAs	—		(36,659)
Change in estimate	(5)		504
September 30, 2024	$	366,188	$	341,400

Components of deferred tax assets

Net deferred tax assets comprise the following:


	As of September 30, 2024		As of December 31, 2023
Deferred tax assets:
Amortizable basis (1)	$	366,188	$	384,423
Other (2)	53,277		52,106
Total deferred tax assets	419,465		436,529
Less: valuation allowance (3)	—		—
Net deferred tax assets	$	419,465	$	436,529

(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 Artisan’s investment in Holdings, related primarily to incentive compensation plan deduction timing differences. 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.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method

The computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Basic and Diluted Earnings Per Share	2024		2023		2024		2023
Numerator:
Net income attributable to APAM	$	72,990	$	53,155	$	190,045	$	157,533
Less: Allocation to participating securities	6,176		4,691		16,068		13,799
Net income available to common stockholders	$	66,814	$	48,464	$	173,977	$	143,734
Denominator:
Basic weighted average shares outstanding	65,123,054		63,520,402		64,802,431		63,419,587
Dilutive effect of nonparticipating share-based awards	39,844		42,642		37,625		30,217
Diluted weighted average shares outstanding	65,162,898		63,563,044		64,840,056		63,449,804
Earnings per share - Basic	$	1.03	$	0.76	$	2.68	$	2.27
Earnings per share - Diluted	$	1.03	$	0.76	$	2.68	$	2.27

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the weighted-average shares outstanding that are excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
Anti-Dilutive Weighted Average Shares Outstanding	2024	2023	2024	2023
Holdings limited partnership units	10,353,310	11,487,400	10,574,160	11,517,987
Unvested restricted share-based awards	5,460,311	5,586,181	5,484,250	5,571,819
Total	15,813,621	17,073,581	16,058,410	17,089,806

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Artisan Funds

Schedule of related party transactions

Investment advisory fees for managing Artisan Funds and amounts reimbursed by Artisan for fees and expenses (including management fees) are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Funds	2024		2023		2024		2023
Investment advisory fees (Gross of expense reimbursements)	$	162,174	$	145,738	$	473,175	$	421,459
Elimination of fees from consolidated investment products (1)	—		(67)		—		(265)
Consolidated investment advisory fees (Gross of expense reimbursements)	$	162,174	$	145,671	$	473,175	$	421,194

Expense reimbursements	$	741	$	517	$	1,538	$	1,400
Elimination of expense reimbursements from consolidated investment products (1)	—		(115)		—		(450)
Consolidated expense reimbursements	$	741	$	402	$	1,538	$	950
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Artisan Global Funds

Schedule of related party transactions

Investment advisory fees for managing Artisan Global Funds and amounts reimbursed to Artisan Global Funds by Artisan are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Global Funds	2024		2023		2024		2023
Investment advisory fees (Gross of expense reimbursements)	$	13,430	$	11,331	$	39,149	$	32,663
Elimination of fees from consolidated investment products (1)	(117)		(123)		(335)		(287)
Consolidated investment advisory fees (Gross of expense reimbursements)	$	13,313	$	11,208	$	38,814	$	32,376

Expense reimbursements	$	232	$	127	$	563	$	308
Elimination of expense reimbursements from consolidated investment products (1)	(206)		(139)		(504)		(320)
Consolidated expense reimbursements	$	26	$	(12)	$	59	$	(12)
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Artisan Private Funds

Schedule of related party transactions

Investment advisory fees for managing Artisan Private Funds and amounts reimbursed to Artisan Private Funds by Artisan are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Private Funds	2024		2023		2024		2023
Investment advisory fees (Gross of expense reimbursements)	$	2,387	$	2,781	$	7,020	$	9,170
Elimination of fees from consolidated investment products (1)	(399)		(311)		(1,137)		(702)
Consolidated investment advisory fees (Gross of expense reimbursements)	$	1,988	$	2,470	$	5,883	$	8,468

Expense reimbursements	$	67	$	82	$	205	$	194
Elimination of expense reimbursements from consolidated investment products (1)	(20)		(35)		(60)		(82)
Consolidated expense reimbursements	$	47	$	47	$	145	$	112
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Nature of Business and Organization (Details)	Sep. 30, 2024
Artisan Partners Holdings LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Economic interest in subsidiary (as a percent)	87.00%
Artisan Partners Limited Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Economic interest in subsidiary (as a percent)	100.00%

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Sep. 30, 2024 numberOfProducts
Significant Accounting Policies [Line Items]
Variable interest entity, ownership percentage	10.00%
Artisan Global Funds
Significant Accounting Policies [Line Items]
Number of consolidated VIEs	5
Artisan Private Funds
Significant Accounting Policies [Line Items]
Number of consolidated VIEs	2

Investment Securities - Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Investments in equity securities	$ 196,329	$ 139,240
Investments in equity securities accounted for under the equity method	15,611	11,282
Consolidated Entity, Excluding VIE
Marketable Securities [Line Items]
Total investment securities	$ 211,940	$ 150,522

Investment Securities - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Long-Term Cash Awards
Marketable Securities [Line Items]
Investments	$ 137.8	$ 107.0

Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Unrealized gain (loss) on investment securities held at the end of the period	$ 10,697	$ (3,901)	$ 20,198	$ 6,458

Fair Value Measurements - Fair value hierarchy of assets and liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 230,923	$ 118,768
Equity securities	211,940	150,522
NAV Practical Expedient (No Fair Value Level)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Equity securities	14,923	10,744
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	230,923	118,768
Equity securities	197,017	139,778
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Equity securities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Equity securities	$ 0	$ 0

Borrowings - Components of Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 200,000	$ 200,000
Debt issuance costs	(611)	(733)
Total borrowings	199,389	199,267
Senior notes \| Series D
Debt Instrument [Line Items]
Long-term debt	$ 60,000	60,000
Interest Rate Per Annum	4.29%
Senior notes \| Series E
Debt Instrument [Line Items]
Long-term debt	$ 50,000	50,000
Interest Rate Per Annum	4.53%
Senior notes \| Series F
Debt Instrument [Line Items]
Long-term debt	$ 90,000	90,000
Interest Rate Per Annum	3.10%
Revolving credit agreement
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0

Borrowings - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Interest expense	$ 1,900,000	$ 1,900,000	$ 5,800,000	$ 5,800,000
Revolving credit agreement
Debt Instrument [Line Items]
Debt and capital lease obligations	0		0
Line of credit facility, maximum borrowing capacity	100,000,000		$ 100,000,000
Line of credit facility, unused capacity, commitment fee, percentage			0.15%
Level 2
Debt Instrument [Line Items]
Borrowings fair value	$ 186,000,000.0		$ 186,000,000.0

Variable Interest Entities and Consolidated Investment Products - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) numberOfProducts	Sep. 30, 2023 USD ($)
Variable Interest Entity [Line Items]
Artisan’s direct equity investment in CIPs	$ 99,600
Deconsolidation, gain (loss), amount	0
Increase in investment securities due to deconsolidation of CIPs	23,831	$ 19,612
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Artisan’s direct equity investment in CIPs	$ 15,600
Artisan Global Funds
Variable Interest Entity [Line Items]
Number of consolidated VIEs \| numberOfProducts	5
Artisan Private Funds
Variable Interest Entity [Line Items]
Number of consolidated VIEs \| numberOfProducts	2

Variable Interest Entities and Consolidated Investment Products - Assets, Liabilities and Equity of the Fund (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Liabilities
Redeemable noncontrolling interests	$ 298,987	$ 252,406
Artisan’s direct equity investment in CIPs	99,600
Variable Interest Entity, Primary Beneficiary
ASSETS
Cash and cash equivalents	25,851	37,459	$ 32,221
Investments	413,752	364,095
Liabilities
Investment liabilities, at fair value	8,860	9,580
Net CIP assets included in the table above	421,382	372,671
Net CIP assets/(liabilities) not included in the table above	(22,748)	(5,434)
Total Net CIP assets	398,634	367,237
Artisan’s direct equity investment in CIPs	99,647	114,831
Variable Interest Entity, Primary Beneficiary \| Money market funds \| Fair Value, Measurements, Recurring
ASSETS
Cash and cash equivalents	16,489	18,156
Variable Interest Entity, Primary Beneficiary \| Money market funds \| Fair Value, Measurements, Recurring \| Level 1
ASSETS
Cash and cash equivalents	16,489	18,156
Variable Interest Entity, Primary Beneficiary \| Money market funds \| Fair Value, Measurements, Recurring \| Level 2
ASSETS
Cash and cash equivalents	0	0
Variable Interest Entity, Primary Beneficiary \| Money market funds \| Fair Value, Measurements, Recurring \| Level 3
ASSETS
Cash and cash equivalents	0	0
Variable Interest Entity, Primary Beneficiary \| Equity securities - long position \| Fair Value, Measurements, Recurring
ASSETS
Investments	69,721	42,693
Variable Interest Entity, Primary Beneficiary \| Equity securities - long position \| Fair Value, Measurements, Recurring \| Level 1
ASSETS
Investments	67,418	40,838
Variable Interest Entity, Primary Beneficiary \| Equity securities - long position \| Fair Value, Measurements, Recurring \| Level 2
ASSETS
Investments	2,303	1,855
Variable Interest Entity, Primary Beneficiary \| Equity securities - long position \| Fair Value, Measurements, Recurring \| Level 3
ASSETS
Investments	0	0
Variable Interest Entity, Primary Beneficiary \| Fixed income instruments - long position \| Fair Value, Measurements, Recurring
ASSETS
Investments	335,881	315,183
Liabilities
Investment liabilities, at fair value	6,932	7,392
Variable Interest Entity, Primary Beneficiary \| Fixed income instruments - long position \| Fair Value, Measurements, Recurring \| Level 1
ASSETS
Investments	0	0
Liabilities
Investment liabilities, at fair value	0	0
Variable Interest Entity, Primary Beneficiary \| Fixed income instruments - long position \| Fair Value, Measurements, Recurring \| Level 2
ASSETS
Investments	328,256	309,110
Liabilities
Investment liabilities, at fair value	6,932	7,392
Variable Interest Entity, Primary Beneficiary \| Fixed income instruments - long position \| Fair Value, Measurements, Recurring \| Level 3
ASSETS
Investments	7,625	6,073
Liabilities
Investment liabilities, at fair value	0	0
Variable Interest Entity, Primary Beneficiary \| Derivative assets \| Fair Value, Measurements, Recurring
ASSETS
Investments	1,256	1,004
Liabilities
Investment liabilities, at fair value	505	2,188
Variable Interest Entity, Primary Beneficiary \| Derivative assets \| Fair Value, Measurements, Recurring \| Level 1
ASSETS
Investments	8	0
Liabilities
Investment liabilities, at fair value	52	843
Variable Interest Entity, Primary Beneficiary \| Derivative assets \| Fair Value, Measurements, Recurring \| Level 2
ASSETS
Investments	1,248	1,004
Liabilities
Investment liabilities, at fair value	453	1,345
Variable Interest Entity, Primary Beneficiary \| Derivative assets \| Fair Value, Measurements, Recurring \| Level 3
ASSETS
Investments	0	0
Liabilities
Investment liabilities, at fair value	0	0
Variable Interest Entity, Primary Beneficiary \| Short term investments \| Fair Value, Measurements, Recurring
ASSETS
Investments		5,215
Variable Interest Entity, Primary Beneficiary \| Short term investments \| Fair Value, Measurements, Recurring \| Level 1
ASSETS
Investments		0
Variable Interest Entity, Primary Beneficiary \| Short term investments \| Fair Value, Measurements, Recurring \| Level 2
ASSETS
Investments		5,215
Variable Interest Entity, Primary Beneficiary \| Short term investments \| Fair Value, Measurements, Recurring \| Level 3
ASSETS
Investments		$ 0
Variable Interest Entity, Primary Beneficiary \| Repurchase Agreements \| Fair Value, Measurements, Recurring
Liabilities
Investment liabilities, at fair value	1,423
Variable Interest Entity, Primary Beneficiary \| Repurchase Agreements \| Fair Value, Measurements, Recurring \| Level 1
Liabilities
Investment liabilities, at fair value	0
Variable Interest Entity, Primary Beneficiary \| Repurchase Agreements \| Fair Value, Measurements, Recurring \| Level 2
Liabilities
Investment liabilities, at fair value	1,423
Variable Interest Entity, Primary Beneficiary \| Repurchase Agreements \| Fair Value, Measurements, Recurring \| Level 3
Liabilities
Investment liabilities, at fair value	0
Variable Interest Entity, Primary Beneficiary \| Private Equity Funds, US \| Fair Value, Measurements, Recurring
ASSETS
Investments	6,895
Variable Interest Entity, Primary Beneficiary \| Private Equity Funds, US \| Fair Value, Measurements, Recurring \| Level 1
ASSETS
Investments	0
Variable Interest Entity, Primary Beneficiary \| Private Equity Funds, US \| Fair Value, Measurements, Recurring \| Level 2
ASSETS
Investments	0
Variable Interest Entity, Primary Beneficiary \| Private Equity Funds, US \| Fair Value, Measurements, Recurring \| Level 3
ASSETS
Investments	$ 6,895

Noncontrolling Interests - Holdings - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Increase in deferred tax assets	$ 1,000	$ 200
Increase in additional paid-in capital	$ 1,000	$ 200
Artisan Partners Holdings LP
Class of Stock [Line Items]
Economic interest in subsidiary (as a percent)	87.00%

Noncontrolling Interests - Holdings - Share Issuances & Cancellations (Details)	9 Months Ended
	Sep. 30, 2024 shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(28,795)
Shares paid for tax withholding for share based compensation (in shares)	161,650
Forfeitures of Holdings GP Units from Employee Terminations (in shares)	(36,022)
Artisan Partners Holdings LP
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance	87.00%
Capital Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0.00%
Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(502,774)
Shares paid for tax withholding for share based compensation (in shares)	149,172
Capital Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	80,014,764
Holdings common unit exchanges (in shares)	0
Holdings of common unit exchanges, APAM ownership percentage	1.00%
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0.00%
Shares paid for tax withholding for share based compensation (in shares)	149,172
Forfeitures of Holdings GP Units from Employee Terminations (in shares)	(36,022)
Ending balance (in shares)	80,361,139
Capital Units \| Artisan Partners Holdings LP
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	86.00%
Ending balance	87.00%
Capital Units \| Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(502,774)
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0.00%
Capital Units \| Restricted Stock Units RSUs
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(28,795)
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0.00%
Holdings GP Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Holdings common unit exchanges (in shares)	(1,168,667)
Shares issued (in shares)	(28,795)
Shares paid for tax withholding for share based compensation (in shares)	149,172
Forfeitures of Holdings GP Units from Employee Terminations (in shares)	(36,022)
Ending balance (in shares)	70,069,120
Holdings GP Units \| Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(502,774)
Holdings GP Units \| Restricted Stock Units RSUs
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(28,795)
Limited Partnership Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	11,460,686
Holdings common unit exchanges (in shares)	(1,168,667)
Shares paid for tax withholding for share based compensation (in shares)	0
Forfeitures of Holdings GP Units from Employee Terminations (in shares)	0
Ending balance (in shares)	10,292,019
Limited Partnership Units \| Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0
Limited Partnership Units \| Restricted Stock Units RSUs
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0

Noncontrolling Interests - Holdings - Impact on Statement of Financial Condition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	$ 0	$ 0	$ 0	$ 0
Net impact to financial condition			0	0
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	(10)	(532)	1,922	(696)
Noncontrolling Interests - Artisan Partners Holdings
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	24	592	(1,878)	773
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	$ (14)	$ (60)	$ (44)	$ (77)

Stockholders' Equity - Authorized and Outstanding Equity (Details)	Sep. 30, 2024 vote $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)	80,361,139	80,014,764
Restricted Stock
Class of Stock [Line Items]
Unvested - Number of awards (in shares)	5,276,480	5,351,492
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, outstanding (in shares)	70,069,120	68,554,078
Common stock votes per share \| vote	1
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares, outstanding (in shares)	1,579,068	2,435,739
Common stock votes per share \| vote	1
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares, outstanding (in shares)	8,712,951	9,024,947
Common stock votes per share \| vote	1
Holdings GP Units \| Restricted Stock
Class of Stock [Line Items]
Unvested - Number of awards (in shares)	5,166,152

Stockholders' Equity - Dividends Declared (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividends Declared [Line Items]
Dividends paid (in dollars per share)	$ 0.71	$ 0.61	$ 2.34	$ 2.01
Quarterly
Dividends Declared [Line Items]
Dividends declared (in dollars per share)			2.00
Dividends paid (in dollars per share)			2.00
Quarterly
Dividends Declared [Line Items]
Dividends declared (in dollars per share)		0.61
Dividends paid (in dollars per share)		0.61
Special Annual
Dividends Declared [Line Items]
Dividends declared (in dollars per share)	0
Dividends paid (in dollars per share)	0
Special Annual
Dividends Declared [Line Items]
Dividends declared (in dollars per share)		0
Dividends paid (in dollars per share)		$ 0
S 2024 YTD Dividends
Dividends Declared [Line Items]
Dividends declared (in dollars per share)			0.34
Dividends paid (in dollars per share)			$ 0.34
S 2023 YTD Dividends
Dividends Declared [Line Items]
Dividends declared (in dollars per share)				0.35
Dividends paid (in dollars per share)				0.35
O 2023 YTD Dividends
Dividends Declared [Line Items]
Dividends declared (in dollars per share)				1.66
Dividends paid (in dollars per share)				$ 1.66
O 2024 Q3 Dividends
Dividends Declared [Line Items]
Dividends declared (in dollars per share)	0.71
Dividends paid (in dollars per share)	$ 0.71

Stockholders' Equity - Share Activity by Class of Stock (Details) - shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	80,014,764
Shares issued (in shares)	(28,795)
Restricted share award net share settlement (in shares)	(161,650)
Holdings Common Unit Exchanges (in shares)	36,022
Ending balance (in shares)	80,361,139
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	68,554,078
Holdings common unit exchanges (in shares)	(1,168,667)
Shares issued (in shares)	(28,795)
Restricted share award net share settlement (in shares)	(149,172)
Holdings Common Unit Exchanges (in shares)	36,022
Ending balance (in shares)	70,069,120
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	2,435,739
Holdings common unit exchanges (in shares)	(753,667)
Shares issued (in shares)	0
Restricted share award net share settlement (in shares)	0
Holdings Common Unit Exchanges (in shares)	103,004
Ending balance (in shares)	1,579,068
Class C Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	9,024,947
Holdings common unit exchanges (in shares)	(415,000)
Shares issued (in shares)	0
Restricted share award net share settlement (in shares)	0
Holdings Common Unit Exchanges (in shares)	103,004
Ending balance (in shares)	8,712,951
Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(502,774)
Restricted share award net share settlement (in shares)	(149,172)
Unvested - Number of awards (in shares)	5,276,480	5,351,492
Restricted Stock \| Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(502,774)
Restricted Stock \| Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0
Restricted Stock \| Class C Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0
Restricted Stock Units RSUs
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock units outstanding (in shares)	395,965	361,215
Restricted Stock Units RSUs \| Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(28,795)
Performance Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock units outstanding (in shares)		216,170
Unvested - Number of awards (in shares)	176,192	216,170
Performance Shares \| Potential Performance Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unvested - Number of awards (in shares)	224,162
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Holdings common unit exchanges (in shares)	0

Stockholders' Equity - Distributions (Details) - Artisan Partners Holdings LP - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Partnership Distributions
Holdings Partnership Distributions to Limited Partners	$ 13,244	$ 12,883	$ 33,445	$ 30,341
Holdings Partnership Distributions to APAM	84,370	72,419	208,401	169,102
Total Holdings Partnership Distributions	$ 97,614	$ 85,302	$ 241,846	$ 199,443

Revenue From Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	$ 279,582	$ 248,722	$ 814,751	$ 726,134
Total receivables from contracts with customers	101,128		101,128		$ 94,739
Non-customer receivables	8,848		8,848		6,430
Accounts receivable	109,976		109,976		101,169
Contract with customer, liability	0		0		0
Artisan Funds
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	9,037		9,037		8,251
Artisan Global Funds
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	6,151		6,151		5,047
Separate accounts and other
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	85,940		85,940		$ 81,441
Management fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	279,546	248,691	814,665	725,980
Management fees \| Artisan Funds
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	161,433	145,269	471,637	420,244
Management fees \| Artisan Global Funds
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	13,287	11,220	38,755	32,388
Management fees \| Separate accounts and other
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	104,826	92,202	304,273	273,348
Performance fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	36	31	86	154
Performance fees \| Separate accounts and other
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	$ 36	$ 31	$ 86	$ 154

Compensation and Benefits - Components of expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Salaries, incentive compensation and benefits	$ 128,604	$ 118,271	$ 387,067	$ 350,147
Restricted share-based award compensation expense	7,489	7,752	23,549	24,477
Long-term incentive compensation expense	20,430	12,377	58,637	42,446
Compensation and benefits	149,034	130,648	$ 445,704	392,593
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Requisite Service Period, Retirement Acceleration			18 months
Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term cash incentive compensation expense	$ 12,941	$ 4,625	$ 35,088	$ 17,969

Compensation and Benefits - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		5,933,801
PSU outstanding subject only to qualified retirement (in shares)		35,252
Shares paid for tax withholding for share based compensation (in shares)		161,650
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation		$ 6,831	$ 6,758
Potential Class A Shares associated with 2020 PSU grant performance criteria		75,233
PSU outstanding subject only to qualified retirement		80,252		45,000
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Requisite Service Period, Retirement Acceleration		18 months
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares delivered		39,981
Shares paid for tax withholding for share based compensation (in shares)		149,172
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period (in years)		5 years
Granted - Number of awards (in shares)		504,055
Unvested - Number of awards (in shares)		5,276,480		5,351,492
Unrecognized compensation expense		$ 59,300
Recognition period (in years)		2 years 9 months 18 days
Shares paid for tax withholding for share based compensation (in shares)		149,172
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period (in years)		3 years
Granted - Number of awards (in shares)	75,230	0
Unvested - Number of awards (in shares)		176,192		216,170
Unrecognized compensation expense		$ 1,600
Recognition period (in years)		1 year 4 months 24 days
Adjustment for performance results achieved (in shares)		3
Performance Shares \| Potential Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested - Number of awards (in shares)		224,162
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - Number of awards (in shares)		502,774
Restricted Stock Units RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - Number of awards (in shares)		1,281
Long-Term Cash Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Franchise capital award liability		$ 52,300		$ 33,000
Long-Term Cash Awards \| Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period (in years)		5 years
Awards granted, amount		$ 38,400
Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 102,000
Recognition period (in years)		2 years 10 months 24 days

Compensation and Benefits - Restricted Share Activity (Details) - $ / shares	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2024
Restricted Stock
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)		$ 38.84
Granted (in dollars per share)		41.97
Forfeited (in dollars per share)		40.26
Vested (in dollars per share)		37.56
Ending balance (in dollars per share)		$ 39.26
Restricted Stock Awards and Restricted Stock Units
Beginning balance (in shares)		5,351,492
Granted (in shares)		504,055
Forfeited (in shares)		(36,022)
Vested (in shares)		(543,045)
Ending balance (in shares)		5,276,480
Performance Shares
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)		$ 54.89
Granted (in dollars per share)		0
Forfeited (in dollars per share)		0
Adjustment for performance results achieved (in dollars per share)		45.72
Vested (in dollars per share)		50.52
Ending balance (in dollars per share)		$ 37.86
Restricted Stock Awards and Restricted Stock Units
Beginning balance (in shares)		216,170
Granted (in shares)	75,230	0
Forfeited (in shares)		0
Adjustment for performance results achieved (in shares)		3
Vested (in shares)		(39,981)
Ending balance (in shares)		176,192

Compensation and Benefits - Change in Value of Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Variable Interest Entity, Primary Beneficiary
Schedule of Investments [Line Items]
Net investment gain (loss) of nonconsolidated investment products	$ 23,165	$ 9,787	$ 45,636	$ 38,189
Long-Term Cash Awards \| Compensation and benefits
Schedule of Investments [Line Items]
Compensation and benefits	4,596	(1,230)	9,187	1,216
Long-Term Cash Awards \| Net investment gain (loss) of nonconsolidated investment products
Schedule of Investments [Line Items]
Net investment gain (loss) of nonconsolidated investment products	8,800	(4,454)	17,828	6,127
Long-Term Cash Awards \| Net investment gain (loss) of nonconsolidated investment products \| Variable Interest Entity, Primary Beneficiary
Schedule of Investments [Line Items]
Net investment gain (loss) of nonconsolidated investment products	$ 848	$ 148	$ 1,970	$ 711

Income Taxes and Related Payments - Additional information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) TRA	Sep. 30, 2023	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Statutory tax rate	21.00%
Approximate percentage of earnings not subject to income taxes	14.00%
Effective tax rate	19.90%	19.10%
Number of tax receivable agreements (TRAs) \| TRA	2
TRA percent of savings to be paid to shareholders	85.00%
Tax receivable agreement percentage to be retained by entity	15.00%
Tax receivable agreement payment period	125 days
Unrecognized tax benefits	$ 1,800		$ 200
Unrecognized tax benefits, income tax penalties accrued	$ 200		$ 100

Income Taxes and Related Payments - Components of provision for income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Current:
Federal	$ 9,658	$ 4,240	$ 23,398	$ 14,546
State and local	3,457	950	7,458	4,128
Foreign	(40)	337	459	703
Total	13,075	5,527	31,315	19,377
Deferred:
Federal	9,758	7,687	28,856	27,448
State and local	1,771	1,356	5,136	4,838
Total	11,529	9,043	33,992	32,286
Income tax expense (benefit)	$ 24,604	$ 14,570	$ 65,307	$ 51,663

Income Taxes and Related Payments - Changes in Deferred Tax Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Deferred Tax Asset - Amortizable Basis
Deferred tax assets, beginning			$ 384,423
2024 Holdings Common Unit Exchanges			15,891
Amortization			(34,121)
Change in estimate			(5)
Deferred tax assets, ending	$ 366,188		366,188
Amounts Payable Under TRAs
Amounts payable under tax receivable, beginning agreements			364,048
Establishment of amounts payable under tax receivable agreements			14,011	$ 828
Payments under the tax receivable agreements			(36,659)	(35,757)
Net (gain) loss on the tax receivable agreements	504	$ (505)	504	$ (505)
Amounts payable under tax receivable, ending agreements	$ 341,400		341,400
Capital Unit
Amounts Payable Under TRAs
Establishment of amounts payable under tax receivable agreements			$ 13,507

Income Taxes and Related Payments - Components of deferred tax assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred tax assets:
Amortizable basis	$ 366,188	$ 384,423
Other	53,277	52,106
Total deferred tax assets	419,465	436,529
Less: valuation allowance	0	0
Deferred tax assets	$ 419,465	$ 436,529

Earnings Per Share - Computation of basic and diluted net income per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to APAM	$ 72,990	$ 53,155	$ 190,045	$ 157,533
Less: Allocation to participating securities	6,176	4,691	16,068	13,799
Net income available to common stockholders	$ 66,814	$ 48,464	$ 173,977	$ 143,734
Basic weighted average shares outstanding (in shares)	65,123,054	63,520,402	64,802,431	63,419,587
Dilutive effect of nonparticipating share-based awards (in shares)	39,844	42,642	37,625	30,217
Diluted weighted average shares outstanding (in shares)	65,162,898	63,563,044	64,840,056	63,449,804
Earnings per share - Basic (in dollars per share)	$ 1.03	$ 0.76	$ 2.68	$ 2.27
Earnings per share - Diluted (in dollars per share)	$ 1.03	$ 0.76	$ 2.68	$ 2.27

Earnings Per Share - Antidilutive securities excluded from the computation of net income per share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	15,813,621	17,073,581	16,058,410	17,089,806
Holdings limited partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	10,353,310	11,487,400	10,574,160	11,517,987
Unvested restricted share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	5,460,311	5,586,181	5,484,250	5,571,819

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Non-customer receivables	$ 8,848		$ 8,848		$ 6,430
Revenue from contract with customers	$ 279,582	$ 248,722	$ 814,751	$ 726,134
Artisan Funds \| Minimum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets			0.60%
Annualized operating expenses maximum percentage of average daily net assets			0.83%
Artisan Funds \| Maximum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets			1.05%
Annualized operating expenses maximum percentage of average daily net assets			1.50%
Artisan Global Funds \| Minimum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets			0.50%
Management fee threshold for reimbursement, percentage average daily net assets			0.10%
Artisan Global Funds \| Maximum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets			1.85%
Management fee threshold for reimbursement, percentage average daily net assets			0.20%
Artisan Private Funds \| Minimum
Related Party Transaction [Line Items]
Management fee threshold for reimbursement, percentage average daily net assets			0.10%
Artisan Private Funds \| Maximum
Related Party Transaction [Line Items]
Management fee threshold for reimbursement, percentage average daily net assets			1.00%

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Non-customer receivables	$ 8,848		$ 8,848		$ 6,430
Revenue from contract with customers	279,582	$ 248,722	814,751	$ 726,134
Artisan Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	162,174	145,671	473,175	421,194
Artisan Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	741	402	1,538	950
Artisan Global Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	13,313	11,208	38,814	32,376
Artisan Global Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	26	(12)	59	(12)
Artisan Private Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	1,988	2,470	5,883	8,468
Artisan Private Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	47	47	145	112
Related Party
Related Party Transaction [Line Items]
Non-customer receivables	2,900		2,900		$ 200
Consolidation, Eliminations \| Artisan Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	0	(67)	0	(265)
Consolidation, Eliminations \| Artisan Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	0	(115)	0	(450)
Consolidation, Eliminations \| Artisan Global Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	(117)	(123)	(335)	(287)
Consolidation, Eliminations \| Artisan Global Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	(206)	(139)	(504)	(320)
Consolidation, Eliminations \| Artisan Private Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	(399)	(311)	(1,137)	(702)
Consolidation, Eliminations \| Artisan Private Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	(20)	(35)	(60)	(82)
Subsidiaries \| Artisan Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	162,174	145,738	473,175	421,459
Subsidiaries \| Artisan Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Fee waiver / expense reimbursement	741	517	1,538	1,400
Subsidiaries \| Artisan Global Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	13,430	11,331	39,149	32,663
Subsidiaries \| Artisan Global Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	232	127	563	308
Subsidiaries \| Artisan Private Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	2,387	2,781	7,020	9,170
Subsidiaries \| Artisan Private Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	$ 67	$ 82	$ 205	$ 194

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Oct. 29, 2024	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Payments under the tax receivable agreements		$ 36,659	$ 35,757
Subsequent Event
Subsequent Event [Line Items]
Distribution made to partners, Cash distributions declared	$ 24,600
Quarterly \| Class A Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.82

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