Artisan Partners Asset Management Inc. (APAM): Business Model Canvas

In der dynamischen Welt der Vermögensverwaltung sticht Artisan Partners Asset Management Inc. (APAM) als Vorreiter innovativer Anlagestrategien und kundenorientierter Ansätze hervor. Diese fesselnde Untersuchung ihres Business Model Canvas enthüllt einen ausgeklügelten Entwurf, der komplexes Finanzwissen in greifbaren Wert für institutionelle Anleger, vermögende Privatpersonen und globale Investmentnetzwerke umwandelt. Durch die meisterhafte Kombination modernster Forschung, personalisierter Kundenbeziehungen und strategischer Anlagemethoden hat sich APAM eine markante Nische im Wettbewerbsumfeld der Vermögensverwaltung und Anlagelösungen geschaffen.

Artisan Partners Asset Management Inc. (APAM) – Geschäftsmodell: Wichtige Partnerschaften

Anlageberater und Forschungsunternehmen

Artisan Partners arbeitet mit mehreren Investment-Research-Unternehmen zusammen, um Anlagestrategien zu verbessern.

Forschungspartner	Art der Zusammenarbeit	Fokusbereich
Morgenstern	Investmentforschung	Leistungsanalyse
Bloomberg	Marktdaten	Finanzielle Intelligenz

Institutionelle Anleger und Pensionsfonds

Zu den wichtigsten institutionellen Partnerschaften gehören:

• Ruhestandssystem für öffentliche Angestellte in Kalifornien (CalPERS)
• Ruhestandssystem für Lehrer des Staates New York
• Washington State Investment Board

Institutioneller Investor	Verwaltetes Vermögen	Anlagestrategie
CalPERS	440,8 Milliarden US-Dollar	Diversifiziertes Portfolio

Finanztechnologieplattformen

Technologiepartnerschaften für betriebliche Effizienz:

• BlackRock Aladdin-Plattform
• FactSet-Forschungssysteme
• Charles River Investment Management-Lösung

Vertriebspartner und Broker-Dealer

Makler-Händler	Vertriebsreichweite	Partnerschaftstyp
Charles Schwab	Nationale Plattform	Vertrieb von Investmentfonds
Fidelity Investments	Bundesweites Netzwerk	Zugang zu Anlageprodukten

Globale Investmentnetzwerke

Das internationale Partnerschaftsnetzwerk umfasst:

• CFA-Institut
• Globale Investment-Performance-Standards (GIPS)
• Institut für Investmentgesellschaften

Globales Netzwerk	Mitgliedschaft	Fokus auf Zusammenarbeit
CFA-Institut	190.000 Mitglieder	Professionelle Standards

Artisan Partners Asset Management Inc. (APAM) – Geschäftsmodell: Hauptaktivitäten

Anlageportfoliomanagement

Im vierten Quartal 2023 verwaltete Artisan Partners ein Vermögen von rund 147,7 Milliarden US-Dollar über verschiedene Anlagestrategien hinweg. Das Unternehmen arbeitet mit 7 Investmentteams spezialisiert auf verschiedene Anlageansätze.

Anlagestrategie	Verwaltetes Vermögen
Globales Eigenkapital	62,3 Milliarden US-Dollar
US-Wert	38,5 Milliarden US-Dollar
Internationales Eigenkapital	46,9 Milliarden US-Dollar

Aktive Anlagestrategieentwicklung

Artisan Partners konzentriert sich auf die Entwicklung ausgeprägte Anlagestrategien über mehrere Anlageklassen hinweg.

• Anzahl unterschiedlicher Anlagestrategien: 12
• Durchschnittliche Strategiedauer: 15 Jahre
• Anlageexperten: 186

Investmentforschung und -analyse

Das Unternehmen führt umfassende Forschung auf globalen Märkten durch und verfügt über erhebliche Ressourcen für analytische Prozesse.

Forschungsschwerpunktbereich	Engagierte Analysten
Globale Aktien	48 Analysten
Festverzinsliche Wertpapiere	22 Analysten
Schwellenländer	16 Analysten

Kundenbeziehungsmanagement

Artisan Partners unterhält über mehrere Kanäle Beziehungen zu institutionellen und individuellen Anlegern.

• Gesamtzahl der Kundenkonten: 1.200+
• Geografische Verteilung:
  • Vereinigte Staaten: 75 %
  • International: 25 %
• Kundenbindungsrate: 92 %

Leistungsberichte und -überwachung

Das Unternehmen bietet eine detaillierte Leistungsverfolgung und transparente Berichtsmechanismen.

Häufigkeit der Berichterstattung	Verfolgte Leistungsmetriken
Monatlich	Renditen, risikoadjustierte Performance
Vierteljährlich	Benchmark-Vergleiche, Attributionsanalyse
Jährlich	Umfassende Leistungsüberprüfung

Artisan Partners Asset Management Inc. (APAM) – Geschäftsmodell: Schlüsselressourcen

Expertise im Investmentmanagement

Im vierten Quartal 2023 verwaltete Artisan Partners ein verwaltetes Gesamtvermögen (AUM) von 158,9 Milliarden US-Dollar. Das Unternehmen beschäftigt insgesamt 383 Mitarbeiter, davon 181 Anlageexperten, die sich spezialisierten Anlagestrategien widmen.

Anlagestrategie	AUM ($B)	Anzahl der Investmentprofis
Globales Eigenkapital	62.4	54
US-Aktien	45.7	42
Internationales Eigenkapital	33.2	35
Globaler Small Cap	17.6	25

Spezialisierte Investment-Research-Teams

Artisan Partners unterhält hochspezialisierte Research-Teams für verschiedene Anlagestrategien:

• Global Equity Research Team: 15 engagierte Analysten
• US-Aktien-Research-Team: 12 engagierte Analysten
• Internationales Aktien-Research-Team: 10 engagierte Analysten
• Fixed-Income-Research-Team: 8 engagierte Fachleute

Erweiterte Finanzanalyseplattformen

Das Unternehmen investiert erheblich in die technologische Infrastruktur:

• Jährliche Technologieinvestition: 12,3 Millionen US-Dollar
• Proprietäres Forschungsmanagementsystem
• Fortschrittliche Risikoanalyseplattformen
• Tools zur Investitionsanalyse, die auf maschinellem Lernen basieren

Starker Markenruf

Markenkennzahlen ab 2023:

Rangliste	Kategorie	Leistung
Morgenstern	Bewertung der Fondsleistung	4.2/5
Lipper	Fund Excellence Award	3 Strategien anerkannt

Erfahrene Investmentprofis

Berufserfahrung profile:

• Durchschnittliche Berufserfahrung im Investmentbereich: 12,7 Jahre
• Durchschnittliche Branchenerfahrung in der Führungsebene: 22 Jahre
• Fluktuationsrate des Investmentteams: 4,3 %

Artisan Partners Asset Management Inc. (APAM) – Geschäftsmodell: Wertversprechen

Aktive Anlageverwaltungsstrategien

Im vierten Quartal 2023 verwaltete Artisan Partners ein verwaltetes Vermögen (AUM) in Höhe von 147,4 Milliarden US-Dollar. Die Firma bietet aktive Anlagestrategien über mehrere Anlagestile und Anlageklassen hinweg.

Anlagestrategie	AUM ($B)	Leistungskennzahlen
Globales Eigenkapital	62.3	12,5 % 3-Jahres-Rendite
US-Aktien	45.7	11,2 % 3-Jahres-Rendite
Internationales Eigenkapital	39.4	10,8 % 3-Jahres-Rendite

Spezialisierte Anlageansätze

Artisan Partners bietet spezialisierte Anlageansätze für mehrere Anlageklassen:

• Globale Chancenstrategie
• Small-Cap-Value-Strategie
• Mid-Cap-Strategie
• Strategie für Schwellenländer
• Fixed-Income-Strategie

Leistungsstarke Anlageportfolios

Die Anlageportfolios des Unternehmens zeigten im Jahr 2023 eine starke Performance:

Portfoliotyp	Jährliche Rendite	Benchmark-Vergleich
Wachstumsportfolio	15.6%	+3,2 % gegenüber S&P 500
Wertportfolio	12.4%	+2,1 % gegenüber Russell 1000

Maßgeschneiderte Anlagelösungen

Aufschlüsselung der institutionellen Kundenlösungen ab 2023:

• Pensionsfonds: 42,6 Milliarden US-Dollar
• Stiftungen: 23,1 Milliarden US-Dollar
• Staatsfonds: 18,5 Milliarden US-Dollar
• Stiftungen: 12,3 Milliarden US-Dollar

Transparente und disziplinierte Anlageprozesse

Kennzahlen zum Anlageprozess für 2023:

Transparenzmetrik	Leistung
Vierteljährliche Berichtshäufigkeit	100%
Häufigkeit der Kundenkommunikation	4-6 mal jährlich
Offenlegung der Anlagestrategie	Umfangreiche Detailberichte

Artisan Partners Asset Management Inc. (APAM) – Geschäftsmodell: Kundenbeziehungen

Personalisierter Kundenservice

Artisan Partners betreut im dritten Quartal 2023 149 institutionelle Kunden und 39 Investmentfonds. Das Unternehmen verwaltet ein Gesamtvermögen von 145,7 Milliarden US-Dollar.

Clienttyp	Anzahl der Kunden
Institutionelle Kunden	149
Investmentfonds	39

Regelmäßige Leistungsberichte

Vierteljährliche Leistungsberichterstattung Bereitstellung detaillierter Anlageanalysen und Portfoliokennzahlen für Kunden.

Beratung zur Anlagestrategie

• Direktinvestitionsstrategietreffen
• Maßgeschneiderte Beratung zum Anlageansatz
• Maßgeschneiderte Portfoliomanagement-Gespräche

Dediziertes Beziehungsmanagement

Zugewiesene Kundenbetreuer für institutionelle Kunden mit einer durchschnittlichen Kontogröße von 42,3 Millionen US-Dollar.

Digitale Kommunikationsplattformen

Digitale Plattform	Funktionen
Kundenportal	Portfolioverfolgung in Echtzeit
Sicheres Meldesystem	Verschlüsselte Leistungsberichte

Artisan Partners Asset Management Inc. (APAM) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Im vierten Quartal 2023 beschäftigte Artisan Partners insgesamt 186 Investmentexperten in seinen Vertriebs- und Kundendienstteams. Das Direktvertriebsteam konzentriert sich auf institutionelle und vermögende Privatanleger.

Vertriebsteam-Segment	Anzahl der Fachkräfte
Institutioneller Vertrieb	98
Einzelhandels-/Einzelanlegerverkäufe	88

Online-Investitionsplattformen

Artisan Partners nutzt mehrere digitale Kanäle für den Zugang zu Investitionen:

• Charles-Schwab-Plattform
• Fidelity Investments-Plattform
• TD Ameritrade-Plattform
• Unternehmenswebsite-Investitionsportal

Finanzberaternetzwerke

Im Jahr 2023 unterhielt Artisan Partners Beziehungen zu 3.742 registrierte Finanzberatungsunternehmen.

Netzwerktyp	Anzahl der Partnerschaften
Unabhängige RIA-Netzwerke	1,856
Wirehouse-Netzwerke	1,223
Regionale Broker-Dealer	663

Institutionelle Investmentkonferenzen

Artisan Partners nahm im Jahr 2023 an 47 institutionellen Investmentkonferenzen teil und erreichte ca 1.284 institutionelle Anleger.

Digitales Marketing und Kommunikation

Kennzahlen zu digitalen Kanälen für 2023:

• Website-Traffic: 642.000 einzelne Besucher
• LinkedIn-Follower: 78.342
• Aufrufe von YouTube-Investmentinhalten: 213.000
• E-Mail-Newsletter-Abonnenten: 56.780

Artisan Partners Asset Management Inc. (APAM) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 betreut Artisan Partners institutionelle Anleger mit einem verwalteten Vermögen (AUM) von 132,5 Milliarden US-Dollar.

Anlegertyp	AUM	Prozentsatz des Gesamtportfolios
Große institutionelle Anleger	87,3 Milliarden US-Dollar	65.9%
Mittelständische institutionelle Anleger	45,2 Milliarden US-Dollar	34.1%

Vermögende Privatpersonen

Artisan Partners verwaltet im Jahr 2023 24,6 Milliarden US-Dollar für vermögende Privatkunden.

• Durchschnittliche Kontogröße: 3,2 Millionen US-Dollar
• Gesamtzahl der Konten vermögender Kunden: 7.685
• Geografische Konzentration: 68 % nordamerikanische Kunden

Pensionskassen

Die Investitionen der Pensionsfonds beliefen sich im Jahr 2023 auf insgesamt 41,3 Milliarden US-Dollar.

Art der Pensionskasse	AUM	Anlagestrategie
Öffentliche Pensionsfonds	28,7 Milliarden US-Dollar	Diversifiziertes Eigenkapital
Betriebliche Pensionskassen	12,6 Milliarden US-Dollar	Gemischte Strategie

Stiftungen und Stiftungen

Gesamtes verwaltetes Vermögen für Stiftungen und Stiftungen: 19,4 Milliarden US-Dollar im Jahr 2023.

• Bildungsstiftungen: 14,2 Milliarden US-Dollar
• Private Stiftungsinvestitionen: 5,2 Milliarden US-Dollar

Vermögensverwaltungsfirmen

Partnerschaften mit Vermögensverwaltungsunternehmen repräsentieren im Jahr 2023 ein verwaltetes Vermögen von 37,8 Milliarden US-Dollar.

Firmenkategorie	AUM	Durchschnittliche Kundenzuteilung
Große Vermögensverwaltungsunternehmen	26,5 Milliarden US-Dollar	3.5%
Regionale Vermögensverwaltungsunternehmen	11,3 Milliarden US-Dollar	2.1%

Artisan Partners Asset Management Inc. (APAM) – Geschäftsmodell: Kostenstruktur

Vergütung und Zusatzleistungen für Mitarbeiter

Für das Geschäftsjahr 2022 meldete Artisan Partners einen Gesamtaufwand für Vergütungen und Sozialleistungen in Höhe von 326,3 Millionen US-Dollar.

Ausgabenkategorie	Betrag (in Millionen)
Grundgehälter	$168.5
Leistungsprämien	$112.7
Leistungen und andere Vergütungen	$45.1

Technologie- und Forschungsinfrastruktur

Die Kosten für Technologie- und Forschungsinfrastruktur beliefen sich im Jahr 2022 auf insgesamt 47,2 Millionen US-Dollar.

• IT-Systeme und Software: 22,5 Millionen US-Dollar
• Forschungstechnologieplattformen: 15,7 Millionen US-Dollar
• Investitionen in Cybersicherheit: 9,0 Millionen US-Dollar

Marketing und Geschäftsentwicklung

Die Marketing- und Geschäftsentwicklungskosten beliefen sich im Jahr 2022 auf 24,6 Millionen US-Dollar.

Kategorie der Marketingausgaben	Betrag (in Millionen)
Kundenbindungsveranstaltungen	$8.3
Digitales Marketing	$6.9
Vertrieb und Geschäftsentwicklung	$9.4

Compliance- und Regulierungskosten

Die Compliance- und Regulierungskosten für 2022 beliefen sich auf 18,5 Millionen US-Dollar.

• Kosten für die behördliche Einreichung: 6,2 Millionen US-Dollar
• Compliance-Technologie: 5,7 Millionen US-Dollar
• Rechts- und Beratungsdienstleistungen: 6,6 Millionen US-Dollar

Betriebsaufwand

Die gesamten Betriebsgemeinkosten für 2022 beliefen sich auf 42,1 Millionen US-Dollar.

Gemeinkostenkategorie	Betrag (in Millionen)
Büromiete und -ausstattung	$18.3
Professionelle Dienstleistungen	$12.4
Verwaltungskosten	$11.4

Artisan Partners Asset Management Inc. (APAM) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren

Im dritten Quartal 2023 meldete Artisan Partners Gesamtverwaltungsgebühren in Höhe von 279,5 Millionen US-Dollar. Die Struktur der Verwaltungsgebühren variiert je nach Anlagestrategie und Anlageklasse.

Anlagestrategie	Bereich der Verwaltungsgebühren
Globales Eigenkapital	0.85% - 1.10%
US-Aktien	0.75% - 0.95%
Internationales Eigenkapital	0.90% - 1.20%

Leistungsabhängige Gebühren

Im Jahr 2022 generierte Artisan Partners 43,2 Millionen US-Dollar an Leistungsgebühren, die 6,8 % des Gesamtumsatzes ausmachen.

Anlageberatungsdienste

Anlageberatungsleistungen erwirtschafteten ca 52,6 Millionen US-Dollar im Jahresumsatz für das Geschäftsjahr 2022.

Provisionen für die Vermögensverwaltung

Die gesamten Vermögensverwaltungsprovisionen für 2022 betrugen 37,4 Millionen US-Dollar.

Angebote für Anlageprodukte

Artisan Partners bietet mehrere Anlageprodukte mit unterschiedlicher Umsatzgenerierung:

• Investmentfonds
• Separate Kontostrategien
• Private Investmentfonds

Produkttyp	Gesamtes verwaltetes Vermögen (AUM)	Umsatzbeitrag
Investmentfonds	68,3 Milliarden US-Dollar	42%
Separate Konten	45,6 Milliarden US-Dollar	33%
Private Fonds	22,1 Milliarden US-Dollar	25%

Artisan Partners Asset Management Inc. (APAM) - Canvas Business Model: Value Propositions

You're looking at what Artisan Partners Asset Management Inc. actually delivers to its clients-the core reasons they entrust the firm with their capital. It's not just about managing money; it's about delivering specific, measurable outcomes through specialized processes.

Long-term outperformance (alpha) over benchmarks, net of fees

The primary value proposition is the pursuit of long-term outperformance, or alpha, after all fees are taken out. This isn't a short-term trading promise; it's about consistent, cycle-tested results. For instance, the International Value Group's flagship fund has delivered annualized returns of 10.78% since its 2002 inception, beating its benchmark by 418 basis points annually. That's real, net-of-fee value creation. Similarly, the Developing World strategy has generated an average annual return of 10.33% net of fees over nearly ten years, outperforming its MSCI Emerging Markets Index by 660 basis points annually. Even the newer Global Unconstrained strategy achieved an average annual return of 9.87% net of fees with a Sharpe Ratio of 2.1 over its first three years. This focus on alpha generation is central to retaining sophisticated clients.

Specialized expertise across diverse strategies (e.g., International Value)

Artisan Partners offers a platform built around specialized, autonomous investment teams, which allows for deep focus within specific mandates. As of October 31, 2025, the firm managed total assets of $182.6 billion, spread across 24 distinct investment strategies. This diversity is key to serving varied client needs. The International Value strategy remains a cornerstone, holding $52,454 million in AUM as of that date. The structure supports this specialization, with the firm maintaining a weighted average management fee of 68 basis points in Q2 2025, reflecting the perceived value of this specialized skill.

Here's a snapshot of where the largest concentrations of assets were held as of October 31, 2025:

Strategy Group/Team	Strategy Name	AUM (Millions USD)
International Value Group	International Value	52,454
Global Value Team	Global Value	34,498
Growth Team	Global Opportunities	19,747
Credit Team	High Income	13,038

The firm's overall AUM mix shows a heavy reliance on equity expertise, with 89% of AUM allocated to equity strategies as of Q2 2025.

Access to high-value-added strategies for sophisticated clients

Artisan Partners positions itself as a provider of high value-added investment strategies for sophisticated clients globally. This means offering access to differentiated approaches that aren't easily replicated. For instance, the firm launched two new strategies in Q1 2025: the highly concentrated Artisan Franchise strategy and the Global Special Situations strategy, which is credit-focused. This commitment to evolving the offering ensures clients have access to emerging opportunities. Client relationships are balanced, with 26% of AUM coming from non-U.S. clients as of Q2 2025, indicating a global reach for these specialized products.

Stability and consistency from a multi-boutique platform

The multi-boutique model is designed to deliver consistency by empowering autonomous teams while providing the stability of a larger platform. This structure helps manage the inherent volatility of asset management earnings. As of June 30, 2025, the firm reported total AUM of $175.5 billion, showing resilience despite experiencing net client cash outflows of $1.9 billion in Q2 2025. The platform's operational strength is reflected in its Q2 2025 Adjusted Operating Margin of 31.7%. Furthermore, the platform supports a consistent return of capital to shareholders; the declared variable quarterly dividend for the June 2025 quarter was $0.73 per share. This model aims to keep the investment process disciplined and predictable through market cycles, which is a key differentiator for institutional and wealth clients alike.

You can see the platform's scale in its AUM breakdown as of October 31, 2025:

• Total Firm Assets Under Management: $182.6 billion.
• Artisan Funds and Artisan Global Funds: $88.5 billion.
• Separate accounts and other AUM: $94.1 billion.

Finance: draft 13-week cash view by Friday.

Artisan Partners Asset Management Inc. (APAM) - Canvas Business Model: Customer Relationships

Artisan Partners Asset Management Inc. serves sophisticated clients globally, a base built on specialized, high-conviction investment strategies.

Dedicated, high-touch relationship management for institutional clients is evident in the structure of their assets. As of October 31, 2025, $\text{\$94.1}$ billion of the total $\text{\$182.6}$ billion in Assets Under Management (AUM) was held in separate accounts and other AUM, which typically represents direct institutional mandates requiring bespoke service levels. The firm manages assets for pension and profit-sharing plans, trusts, endowments, foundations, and government entities.

Intermediated relationships via third-party platforms and advisors form a substantial part of the client base. Data from mid-2025 indicated that intermediated wealth channels represented $\text{60\%}$ of AUM, a segment that has shown a Compound Annual Growth Rate (CAGR) of $\text{13\%}$ over the preceding five years. This contrasts with institutional channels, which accounted for $\text{51\%}$ of AUM in that same period, showing the firm balances direct and channel-based distribution.

The focus remains intensely long-term, emphasizing trust and alignment of interests, which is supported by the performance of their core strategies. For instance, the International Value strategy, a key driver of client commitment, managed $\text{\$52.454}$ billion as of October 31, 2025. The firm's culture of talent retention, with many portfolio managers having long tenures, is intended to reinforce this long-term alignment.

Direct communication via investor relations and fund reporting keeps clients informed of strategy evolution and performance. The firm provides detailed AUM breakdowns monthly, such as the preliminary report showing total AUM of $\text{\$182.6}$ billion as of October 31, 2025. For direct inquiries, the Investor Relations contact number is $\text{866.632.1770}$.

Here are key figures illustrating the client base composition and reporting structure as of late 2025:

Metric	Value/Amount (as of late 2025)	Date/Context
Total Preliminary AUM	$\text{\$182.6}$ billion	October 31, 2025
Separate Accounts and Other AUM	$\text{\$94.1}$ billion	October 31, 2025
Artisan Funds and Artisan Global Funds AUM	$\text{\$88.5}$ billion	October 31, 2025
AUM in International Value Strategy	$\text{\$52.454}$ billion	October 31, 2025
Intermediated Wealth Channel Share (mid-2025)	$\text{60\%}$	Q2 2025 Data

Client relationships are segmented across various investment vehicles and mandates, supported by a platform spanning 24 distinct investment strategies.

• Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.
• The firm manages assets across multiple asset classes, including equity, fixed income, and alternatives.
• Client communication is supported by a dedicated Investor Relations line.
• Performance transparency is maintained through regular, detailed AUM reporting.

Artisan Partners Asset Management Inc. (APAM) - Canvas Business Model: Channels

You're looking at how Artisan Partners Asset Management Inc. gets its investment products in front of clients. It's a mix of direct relationships and working through established networks. The latest figures from the end of October 2025 show the scale of assets managed through these avenues.

The total preliminary Assets Under Management (AUM) for Artisan Partners Asset Management Inc. as of October 31, 2025, stood at $182.6 billion. This capital base is distributed across the firm's primary vehicle types, which directly relate to the channels used for distribution.

Here is the breakdown of the AUM by vehicle type as of October 31, 2025:

Vehicle Type	AUM as of October 31, 2025
Separate accounts and other AUM	$94.1 billion
Artisan Funds and Artisan Global Funds (Pooled Vehicles)	$88.5 billion
Total Preliminary AUM	$182.6 billion

The firm services clients through several distinct channels, which feed into the separate account and pooled vehicle structures. Based on data from the second quarter of 2025, the composition of AUM across the main client types shows a clear strategic focus:

• Direct sales to large institutional clients (pensions, endowments) are a key component of the institutional mandates, which represented 51% of AUM in Q2 2025.
• Intermediated wealth platforms (wirehouses, RIAs, family offices) are a growing source of capital, with these channels representing 60% of AUM in Q2 2025.

The growth trajectory for these channels leading up to mid-2025 showed a marked difference in momentum. The intermediated wealth channels demonstrated a compound annual growth rate (CAGR) of 13% over the preceding five years. In contrast, the institutional channels saw a CAGR of only 2% over the same period. This suggests a significant, ongoing shift in where new capital is being sourced for Artisan Partners Asset Management Inc.

The pooled vehicles, Artisan Funds and Artisan Global Funds, are the mechanism for reaching a broader set of investors, including those accessing strategies through the intermediated platforms. The separate accounts and other AUM, totaling $94.1 billion in October 2025, are typically the direct mandates from large institutions or sophisticated investors, often serviced via direct sales efforts.

Artisan Partners Asset Management Inc. (APAM) - Canvas Business Model: Customer Segments

You're looking at the core client base for Artisan Partners Asset Management Inc. as of late 2025. This firm focuses on providing high value-added investment strategies to what they term sophisticated clients around the world.

The total preliminary Assets Under Management (AUM) as of October 31, 2025, stood at $182.6 billion. This capital base is channeled through different structures that cater to the specific needs of these client types. Honestly, the split between their funds and separate accounts gives you a good proxy for how different client mandates are structured.

The client base is served through two primary AUM structures:

• Artisan Funds and Artisan Global Funds: $88.5 billion as of October 31, 2025.
• Separate accounts and other AUM: $94.1 billion as of October 31, 2025.

The customer segments Artisan Partners Asset Management Inc. targets include:

• Institutional investors, such as pension funds, foundations, and sovereign wealth funds.
• Intermediated wealth clients, working through private banks, Registered Investment Advisors (RIAs), and family offices.
• High-net-worth individuals (HNW) accessing offerings via fund and separate account structures.

Artisan Partners Asset Management Inc. operates as a global multi-asset investment platform, indicating a broad international reach for all these segments.

Here's a quick look at the AUM distribution by vehicle type, which strongly correlates with how these customer segments invest:

AUM Component	Amount as of October 31, 2025 (in Billions USD)	Percentage of Total AUM
Total Firm AUM	$182.6	100.0%
Artisan Funds and Artisan Global Funds	$88.5	48.5%
Separate Accounts and Other AUM	$94.1	51.5%

What this estimate hides is the precise allocation of the $94.1 billion in separate accounts between the institutional, intermediated, and HNW categories-that detail isn't public in the preliminary reports. Still, the substantial separate account base suggests a deep relationship with large institutional mandates.

Artisan Partners Asset Management Inc. (APAM) - Canvas Business Model: Cost Structure

The cost structure for Artisan Partners Asset Management Inc. is heavily weighted toward compensation and benefits, reflecting its talent-centric model. This component is primarily variable compensation and benefits, tied to revenue/AUM.

For the second quarter of 2025, GAAP operating expenses were $203.0 million. This represented an increase of $12.4 million, or 7%, from the $190.6 million reported in the March 2025 quarter.

A significant driver of this increase was high incentive compensation. Specifically, there was a Q2 2025 increase of $8.2 million for long-term awards, which included an additional expense of $7.4 million as a result of market valuation changes. Furthermore, there was a $3.1 million increase in incentive compensation driven by higher revenues in the quarter.

Looking at the structure guiding future costs, the near-term outlook suggests that variable compensation is 55% tied to revenue. Conversely, the firm aims to keep fixed operating expenses to a mid-single-digit growth rate.

The remaining costs fall under the category of General and administrative costs (G&A) for corporate infrastructure, which is part of the total operating expense base. For instance, year-to-date 2025 adjusted operating expenses increased 4% from 2024, driven by incentive compensation and the impact of January 2025 long-term incentive award grants.

Here's a look at the key operating expense and compensation figures from the Q2 2025 period:

Expense/Compensation Component	Amount/Rate	Period
GAAP Operating Expenses	$203.0 million	Q2 2025
Increase in Long-Term Incentive Compensation Expense	$8.2 million	Q2 2025
Increase in Incentive Compensation due to Higher Revenues	$3.1 million	Q2 2025
Variable Compensation Tie to Revenue	55%	Outlook
Fixed Operating Expense Growth Target	Mid-single-digit	Near-term Outlook
Adjusted Operating Expenses Year-to-Date Growth	4%	YTD 2025 vs. YTD 2024

You can see how the variable component directly scales with revenue performance, which is why those incentive compensation numbers jump around. Finance: draft 13-week cash view by Friday.

Artisan Partners Asset Management Inc. (APAM) - Canvas Business Model: Revenue Streams

Artisan Partners Asset Management Inc.'s revenue streams are primarily anchored in asset-based fees derived from its substantial Assets Under Management (AUM).

The core recurring revenue component is management fees, calculated as a percentage of AUM. For the second quarter of 2025, the firm maintained a weighted average recurring fee rate of exactly 68 basis points.

Total revenues for the second quarter of 2025 reached $282.8 million. This revenue generation was directly influenced by the average AUM for the period, which stood at $166.8 billion.

The firm also generates revenue from less predictable sources:

• Performance fees (variable and episodic) from certain strategies/mandates.
• Investment gains on seed capital and sponsored products.

To give you a snapshot of the key revenue drivers for Q2 2025:

Revenue Component Metric	Value/Amount
Q2 2025 Total Revenue	$282.8 million
Q2 2025 Average AUM	$166.8 billion
Weighted Average Recurring Fee Rate (Q2 2025)	68 basis points
Share of Investment Gains in Sponsored Products (Q2 2025)	$26.1 million

Performance fees are noted to account for only around 1% of total revenue, indicating they are a minor, though potentially episodic, contributor. The investment gains component, which is excluded from adjusted net income metrics, was significant in the quarter, with Artisan Partners' share of total investment gains in the June 2025 quarter being a gain of $26.1 million, specifically from sponsored products. This contrasts with the first quarter of 2025, where the firm fully redeemed seed investments in the Credit Opportunities Fund.

The reliance on management fees is clear; the 68 basis points recurring fee rate is what monetizes the firm's ending AUM of $175.5 billion as of June 30, 2025.

Here are the key revenue-related statistics from the period:

• Q2 2025 Revenues: $282.8 million.
• Q2 2025 GAAP EPS benefited from investment gains of $26.1 million.
• In Q1 2025, the firm held $138 million of seed capital in its investment products.

Finance: draft 13-week cash view by Friday.